Ford Leads Pivotal’s Series C, Potentially Pushing Out IPO Plans by PitchBook
Pivotal, a cloud and Big Data company that helps large enterprises build and implement software solutions at scale, expects to soon close a $253 million Series C round at a reported valuation of $2.8 billion. Ford (NYSE: F) led the financing, contributing $182.2 million of the total amount. Along with the investment, Ford and Pivotal will jointly open labs in the U.S. and Europe where their engineers will work side by side.
The firm joins the long list of companies that have recently raised a large, late-stage $1 billion+ valuation financing—oft referred to as a “Private IPO”. And although this type of news has become somewhat common over the past year or so, this round is a bit more notable as rumors swirled late last year that the companywas seriously considering a public offering. This round serves as yet another sign of the dismal market for tech stocks as of late. Companies, even ones that have been recently considering an IPO, would rather stay private and wait for a warmer reception than brave the chilly environment we see today.
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