Cloudflare is going public - here is where the web infrastructure company is planning growth
Chances are you're already a satisfied Cloudflare ($CLOUDFLARE) user, and chances are you weren't even aware of it.
Cloudflare runs servers that allow webpages to load with better security and more quickly - every time you use the product, chances are, you're not really aware of it, or thankful for it. The company filed for its initial public offering on Thursday August 15 and a review of its alternative data highlights a trajectory of steady growth - and ongoing hiring for roles that will be critical to the success of the organization post-IPO.
"[H]eadcount grew from 540 employees as of December 31, 2017, to 865 employees as of December 31, 2018, to 1,069 employees as of June 30, 2019," Cloudflare's S-1 states - which is also evident in LinkedIn ($NASDAQ:MSFT) Employee Count, tracked in our first chart. As of mid-August, headcount has risen to a little over 1,100.
Overall job postings are on a solid trend up - gaining a little more than 15% in 2019 and maintaining a solid trajectory, with the exception of an early 2018 downturn in postings.
After the successful IPO of web security firm Crowdstrike, investors have been waiting for months to see an offering from Cloudflare - at one point, when the company raised early 2019 funding, some market watchers began tossing water on the notion that the market could expect a near-term market debut. By the charts above, and below, we can tell the company is adding staff in Engineering, as well as Infosec. Other areas marking job posting growth include Accounting and Finance and Information Technology.
For the San Francisco-based web startup, previous investors include financial and strategic partners like Fidelity, Google's ($NASDAQ:GOOG) investment arm, Microsoft, and Franklin Templeton. The company has reportedly reeled in more than $300 million on the way to its New York Stock Exchange debut.
No date has been set for an IPO yet - but it will likely come in the fall, barring any major market recalibrations.
About the Data:
Thinknum tracks companies using information they post online - jobs, social and web traffic, product sales and app ratings - and creates data sets that measure factors like hiring, revenue and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.