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Cloud communications startup Twilio wants to be the next tech IPO of 2016

The company that connects Uber riders to drivers will be the second offering of the year.

Via Twilio

The second tech IPO process of 2016 got under way today as Twilio, a cloud-based software system to add calling and texting features to mobile apps, filed to sell shares on the New York Stock Exchange under the trading symbol TWLO.

Twilio said it plans to offer $100 million worth of shares, but that figure is likely a placeholder that will change as the process unfolds. The company had raised nearly $234 million in venture capital investments from firms including Bessemer Venture Partners and Union Square Ventures.

The filing with the U.S. Securities and Exchange Commission shows that Twilio finished 2015 with a $35.5 million loss on revenue of $167 million. For the year, it listed research and development costs of $42.6 million and a combined $85.3 million in operating expenses.

Revenue in the quarter ended March 31 was $59.3 million, with a net loss of $6.4 million.

The company said in the filing that as of March it had 28,654 active accounts. Its customers include Uber, which uses Twilio's capabilities to connect riders and drivers with calls and text messages within the ride-hailing app, and Airbnb, which similarly connects hosts with renters. Other customers named in the filing include retailer Nordstrom, cloud marketing company HubSpot and Zendesk, the cloud-based customer support service.

Bessemer, whose investments were led by Byron Deeter, is Twilio's largest shareholder, owning 28.5 percent of its shares. CEO Jeff Lawson owns about 12 percent. Redpoint Ventures owns a little more than 4 percent.

Tech IPOs paused in the early months of the year as markets briefly swooned and valuations of publicly held cloud software companies like Salesforce.com, Workday and others fell by considerable margins. The first tech offering of the year was for Secureworks, the Dell-owned security company, which listed a 20 percent stake on the Nasdaq exchange. Since pricing at $14 a share last month, it has so far traded below that level.

This article originally appeared on Recode.net.

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