April 2, 2013
Time for Tableau is now: Part 2 – IPO
Posted by Andrei Pandre under BI News
Tableau Software filed for IPO, on the New York Stock Exchange under the symbol “DATA”. In sharp contrast to other business-software makers that have gone public in the past year, Tableau is profitable, despite hiring huge number of new employees. For the years ended December 31, 2010, 2011 and 2012, Tableau’s total revenue were $34.2 million, $62.4 million and $127.7 million for 2012. Number of full-time employees increased from 188 as of December 31, 2010 to 749 as of December 31, 2012.
Tableau’s biggest shareholder is venture capital firm New Enterprise Associates, with a 38 percent stake. Founder Pat Hanrahan owns 18 percent, while co-founders Christopher Stolte and Christian Chabot, who is also chief executive officer, each own more than 15 percent. Meritech Capital Partners controls 6.4 percent. Tableau recognized three categories of Primary Competitors:
large suppliers of traditional business intelligence products, like IBM, Microsoft, Oracle and SAP AG;
spreadsheet software providers, such as Microsoft Corporation
business analytics software companies: Qlik Technologies Inc. and TIBCO Spotfire.
Update 4/29/13: This news maybe related to Tableau IPO: I understand that Microstrategy’s growth cannot be compared with growth of Tableau or even Qliktech. But to go below of the average “BI market” growth? Or even 6% or 24% decrease? What is going on (?) here : “First quarter 2013 revenues were $130.2 million versus $138.3 million for the first quarter of 2012, a 6% decrease. Product licenses revenues for the first quarter of 2013 were $28.4 million versus $37.5 million for the first quarter of 2012, a 24% decrease.”
Update 5/6/13: Tableau Software Inc. will sell 5 million shares, while shareholders will sell 2.2 million shares, Tableau said in an amended filing with the U.S. Securities and Exchange Commission. The underwriters have the option to purchase up to an additional 1,080,000 shares. It means total can be 8+ millions of shares for sale.
The company expects its initial public offer to raise up to $215.3 million at a price of $23 to $26 per share. If this happened, that will create public company with large capitalization, so Qliktech and Spotfire will have an additional problem to worry about. This is how QLIK (blue line), TIBX (red) and MSTR (orange line) stock behaved during last 6 weeks after release of Tableau 8 and official Tableau IPO announcement:
Update 5/16/13: According to this article at Seeking Alpha (also see S-1 Form) Tableau Software Inc. (symbol “DATA”) is scheduled a $176 million IPO with a market capitalization of $1.4 billion for Friday, May 17, 2013. Tableau’s March Quarter sales were up 60% from the March ’12 quarter. Qliktech’s sales were up only 23% on a similar comparative basis.
According to other article, Tableau raised it IPO price and it may reach capitalization of $2B by end of Friday, 5/17/13. That is almost comparable with capitalization of Qliktech…
Update 5/17/13: Tableau’s IPO offer price was $31 per share, but it started today
with price $47 and finished day with $50.75 (raising $400M in one day) with estimated Market Cap around $3B (or more?). It is hard to understand the market: Tableau Stock (symbol: DATA) finished its first day above $50 with Market Capitalization higher than QLIK, which today has Cap = $2.7B but Qliktech has almost 3 times more of sales then Tableau!
For comparison MSTR today has Cap = $1.08B and TIBX today has Cap = $3.59B. While I like Tableau, today proved that most investors are crazy, if you compare numbers in this simple table:
||Market Cap, $B, as of 5/17/13
||Revenue, $M, as of 3/31/13 (trailing 12 months)
||FTE (Full Time Employees)
||between $2B and $3B?
See interview with Co-Founder of Tableau Software Christian Chabot – he discusses taking the company’s IPO with Emily Chang on Bloomberg Television’s “Bloomberg West.” However it makes me sad when Tableau’s CEO is implying that Tableau is ready for big data, which is not true.
Initial public offering gave to Tableau $254 million (preliminary estimate)