Nimble Storage plans IPO later this year: sources

Reuters News
Posted: Aug 15, 2013 3:04 PM

By Olivia Oran and Nadia Damouni

(Reuters) - Data storage company Nimble Storage intends to go public later this year and has selected Goldman Sachs Group Inc to lead an IPO, according to two sources familiar with the matter.

Nimble Storage and Goldman Sachs declined to comment.

Nimble Storage, based in San Jose, California, makes storage devices that combine hard disks and flash drives. The company's run rate exceeds $100 million, it said in press release.

Nimble Storage's investors include Sequoia Capital, Accel Partners, Lightspeed Venture Partners and Artis Ventures. It raised $40 million in its most recent venture round in September 2012.

The company competes with larger rivals including NetApp Inc and EMC Corp. Founded in 2008, it has over 1,500 customers.

Flash memory storage companies have been an attractive area for investment as well as acquisitions as they are typically much faster than storage devices that run on hard disk drives.

Mountain View, California-based Pure Storage has raised over $95 million in venture funding while Violin Memory, also in Mountain View, is on an IPO track.

(Reporting by Olivia Oran and Nadia Damouni in New York; Additional reporting by Nicola Leske; Editing by Chris Reese)