Data firm Hortonworks filed for a $100 million initial public offering today, a move that has been expected since the Palo Alto, Calif.-based company had a valuation of $1 billion earlier this year.
Hortonworks, which makes Hadoop software, held a funding round in March led by BlackRock and Passport Capital that brought in $100 million.
The $100 million offering size is a "placeholder amount" that is expected to change, according to the Wall Street Journal.
Hadoop, free software to let people manage huge amounts of data in an efficient, low-cost manner, is used in product development by two other companies.
Cloudera Inc., direct competitor to Hortonworks, is working toward its own $1 billion valuation and has raised hundreds of millions of dollars in capital.
"Our mission is to establish Hadoop as the foundational technology of the modern enterprise data architecture," Hortonworks wrote in a statement quoted by Bloomberg News.
The company earned $10.9 million in total support subscription and professional services revenue for the year ending April 30, 2013. Hortonworks brought in $1.6 million during the same period the previous year.
In the first three quarters of this year, the company has more than doubled its year-over-year take, reporting $33.4 million in revenue. Sales for the 12 months ending in September 2014 totaled $41.5 million.
Hadoop started at Yahoo as an open source project, and Hortonworks was founded by the team that first developed the software, a Forbes contributor reported.
The Forbes report noted that Hortonworks has seen some substantial losses within the last two years along with its growth in profit. In 2013, the company earned around $11 million in revenue but posted a net loss of around $36.6 million, while its losses increased to $86.7 million in the first six months of 2014.
Yahoo is still Hortonworks' biggest shareholder, maintaining nearly 20 percent of total equity.
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