CommVault Files for IPO

CommVault Systems, long considered a candidate for an initial public offering, made it official late Friday when it filed its S-1 registration statement with the SEC.

The unified data protection and management software company expects to raise as much as $150 million in the IPO, with much of the proceeds targeted toward repaying existing shareholders.

Credit Suisse and Goldman Sachs are the lead underwriters for the offering. The company will trade under the Nasdaq symbol “CVLT” when the offering is complete.

The filing provided the first glimpse into the financial performance of CommVault, long considered one of the top private storage companies.

The company turned profitable in the final three quarters of 2005, earning $4.8 million on sales of $80.7 million. Sales were up 37% from the final three quarters of 2004. $47.3 million of those revenues came from the company’s QiNetix data protection and management software, while $33.4 million were from services, a growing part of the company’s business. CommVault spent $14 million on R&D during that period. 28% of sales came from outside the U.S., and 10% were to the U.S. government.

The company had $43.3 million in cash and $21.6 million in working capital at year’s end. Dell and Hitachi Data Systems account for about 18% of CommVault’s revenues.

CommVault began life in 1988 as an internal Bell Labs backup, archiving and recovery development unit. The firm left Lucent Technologies in a 1996 management-led buyout, and in 2000, began releasing products based on a new architectural platform aimed at managing networked storage, technology the company has been building on since.

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