NEW YORK (TheStreet) -- Big data analytics have been important throughout 2014, so it's no surprise that New Relic (NEWR) - Get Report went public on Friday. "We're ready" CEO Lew Cirne said of the company's decision to stage its initial public offering.
The stock opened just north of $30, but quickly shot up to nearly $35 per share. That's well above of the company's IPO price of $23.
New Relic NEWR Price data by YCharts
The company is a leader in software analytics, he explained, adding that it collects trillion of real-time events from live software. That data is used to help make its customers' software better.
When the company was private, New Relic generated triple-digit annual sales growth. While Cirne wouldn't disclose whether that will be the case in 2015, he did say the company plans to deliver more software into production than ever before.
While the Street has high expectations for corporate IT spending in 2015, Cirne elaborated a bit more on the situation. There's defensive spending, which comes in the form cost-cutting and saving money. Then there's offensive spending, which is used to deliver new innovation to the end customer in order to drive top-line sales growth.
New Relic continues to demonstrate that it has consistent growth, an amazing team and large market opportunities. Going public only aids in its potential to capture those opportunities, Cirne reasoned.
The IPO proceeds will be used to fuel future growth, he added.
-- Written by Bret Kenwell