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Nimble Storage to set an IPO later this year - sources

August 16
2:50 AM 2013

Nimble Storage, a data storage corporation, would go public later this year. Going public is defined as a process of selling stocks that were formerly privately held in an open market. Two sources with knowledge of the matter said Nimble Storage chose Goldman Sachs Group Inc to lead the company's initial public offering.

The San Jose, California-based company makes storage devices by combining hard disks and flash drives. Nimble Storage said in a press release that its run rate exceeded USD100 million. Accel Partners, Artis Ventures, Lightspeed Venture Partners and Sequoia Capital were some of Nimble Storage's venture capitalists. In September last year, Nimble Storage was able to raise USD40 million in the company's venture round.

Nimble Storage was founded in 2008. It currently has 1,500 customers and compete against larger rivals like NetApp Inc and EMC Corp. Analysts said flash memory storage firms have been an excellent area for investment since their products were faster than storage devices operating on hard disk drives.

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