By Carl O'Donnell and Liana B. Baker
(Reuters) - DataStax Inc, a data management platform, is gearing up for an initial public offering (IPO) this year that could value the company at more than $1 billion, people familiar with the matter said.
Santa Clara, California-based DataStax has hired investment banks including Morgan Stanley (NYSE:MS) and JP Morgan Chase (NYSE:JPM) & Co as underwriters, the people said, asking not to be named because the preparations are private.
DataStax's plans are not final and could still change, the people cautioned.
DataStax, Morgan Stanley and JP Morgan declined to comment.
Founded in 2010, DataStax provides a data management platform for clients including McDonalds Corp, Delta Airlines (NYSE:DAL) Inc, eBay Inc (NASDAQ:EBAY) and more.
It competes in the enterprise data management space with incumbents like Oracle Corp (NYSE:ORCL) as well as other smaller players such as MongoDB.
Like many of its peers, DataStax has been benefiting from a broad-based transition away from hosting enterprise software on internal servers and toward the so-called cloud, which provides software and other business tools over the Internet.
DataStax has annual sales of around $150 million and is growing at around 30 percent per year, one of the people said.
DataStax will be joining a group of enterprise software companies preparing for 2019 IPOs, including Ping Identity, Cloudflare Inc, Zoom Video Communications Inc, Reuters previously reported.
The company has so far received nearly $200 million in funding through a series of venture rounds. Its investors include Kleiner Perkins Caufield & Byers, Lightspeed Venture Partners, Comcast (NASDAQ:CMCSA) Ventures, Scale Venture Partners and more.