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Sumo Logic Files IPO Prospectus

The cloud software company plans to go public, joining a robust 2020 IPO market.
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Cloud software company Sumo Logic filed for an initial public offering with the Securities and Exchange Commission Monday with a plan to list on the Nasdaq under the ticker "SUMO."

The company calls itself the pioneer of "Continuous Intelligence," a new category of software that allows for the analysis of internet of things data that will allow it to leverage artificial intelligence and machine learning capabilities. 

The company says it plans to raise up to $100 million through the offering, though that number could be lower after adding in filing fees. 

The company has grown its client base to 2,131 as of April 30, 2020 from 1,626 on January 31, 2018. The number of clients that generated an average revenue greater than $100,000 grew to 329 from 187 over the same time period, and clients that generated average revenue of more than $1 million grew to 27 from 17. 

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The company is led by Ramin Sayar, president and CEO, and features five non-employee directors. Sayer has served as the company's CEO and a member of its board of directors since 2014.

Sayer is also the company's largest shareholder, with 4.13 million shares owned, representing 4.7% of the company before the public offering.

It has been a busy year for tech IPO's in 2020, with most finding some success following their debuts. 

Last week, Airbnb filed the paperwork to go public with the expectation that it will debut on the market sometime this year

Two weeks ago, Duck Creek Technologies DCT jumped in its debut with an opening trade of $42 per share that was well above the $27 debut it priced at.