The IPOs keep coming.
Elastic, the creator of a data search software that companies buy in order to scan massive documents, data sets and visualizations, has confidentially filed to go public in what will be an initial public offering at a multi-billion dollar valuation, according to people familiar with the matter.
The deal is interesting in part because it is another success for some notable venture capital firms: Benchmark, New Enterprise Associates and Index Ventures, which has had an especially good run over the last year. Elastic has raised relatively little money — only about $100 million total — and it hasn’t accepted new capital since 2014, when it was valued at only $700 million.
But it also matters because it is yet another IPO during a time in Silicon Valley when investors, CEOs and bankers are eager to get as many companies onto public markets as possible. After some languid years, tech companies are racing to go public — including high-profile, $10 billion-plus firms such as Spotify and Dropbox.
Elastic is expected to aim for a valuation between about $1.5 billion and $3 billion once it hits Wall Street, which will likely be in the late summer or early fall. The company declined to comment.
Founded by Israeli-born Shay Banon, the Amsterdam-headquartered company sells a flagship software, called Elasticsearch, that clients use to comb through and index huge data sets for analysis. So a car company might use it to examine all times that a vehicle in its fleet applies its brakes, or a security company to determine how quickly its software reacts to the thousands of incidents it records on any given day.
Elastic competes most seriously with another analytics company called Splunk, which went public in 2012.
Goldman Sachs is the lead underwriter of the IPO, followed by JPMorgan Chase. The banks had no comment.
This article originally appeared on Recode.net.