SAS Is Aiming To Go Public By 2024

Share post:

Data analytics giant SAS Institute Inc announced on Thursday it was preparing for an initial public offering by 2024.

The move to go public came from the need to give employees stock options to attract tech talent, as well as succession planning to position the company for long-term growth, co-founder and CEO Jim Goodnight said in an interview.

The process will take three years to meet accounting standards set by the U.S. Securities and Exchange Commission (SEC).

The move came weeks after a report that chip and software company Broadcom Inc was in talks to acquire the company for $15 billion.

Cary, North Carolina-based SAS reported $3 billion in revenue in 2020, half of which came from overseas, and said it had been profitable for a long time and had not raised outside funding to date.

Although annual revenue growth has stagnated in recent years, the company is now forecasting 15% annual growth, while maintaining profitability by investing in robust sectors such as the pharmaceutical industry and doubling hybrid cloud solutions.

Founded in 1976, SAS provides data and analytics services to customers in 147 countries worldwide in key industries such as banking, healthcare, retail and manufacturing.

The TSAS Institute’s software is used by about 83,000 companies, governments and university sites, according to the company’s website.

For more information, you may view the original story from Reuters.

For more information, read the original story in Reuters.


Related articles

Apple faces backlash over recent ads

Apple is currently facing significant public backlash due to a controversial advertisement featuring a hydraulic press crushing various...

 Google executives face employee concerns amid profitsurge

At a recent all-hands meeting, Google employees voiced significant concerns regarding morale, cost-cutting measures, and the impact of...

Spotify CEO confesses to “rough times after layoffs” – stock price rises

In December, Spotify CEO Daniel Ek announced the largest round of layoffs in the company's history, cutting 1,500...

Zuckerberg shares his vision with investors and Meta stock tanks

In an era where instant gratification is often the norm, Meta CEO Mark Zuckerberg’s strategic pivot towards long-term,...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways