Data analytics giant SAS Institute Inc announced on Thursday it was preparing for an initial public offering by 2024.
The move to go public came from the need to give employees stock options to attract tech talent, as well as succession planning to position the company for long-term growth, co-founder and CEO Jim Goodnight said in an interview.
The process will take three years to meet accounting standards set by the U.S. Securities and Exchange Commission (SEC).
The move came weeks after a report that chip and software company Broadcom Inc was in talks to acquire the company for $15 billion.
Cary, North Carolina-based SAS reported $3 billion in revenue in 2020, half of which came from overseas, and said it had been profitable for a long time and had not raised outside funding to date.
Although annual revenue growth has stagnated in recent years, the company is now forecasting 15% annual growth, while maintaining profitability by investing in robust sectors such as the pharmaceutical industry and doubling hybrid cloud solutions.
Founded in 1976, SAS provides data and analytics services to customers in 147 countries worldwide in key industries such as banking, healthcare, retail and manufacturing.
The TSAS Institute’s software is used by about 83,000 companies, governments and university sites, according to the company’s website.
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