Hortonworks nears a Hadoop IPO: Open source software company files to raise $100 million

Hortonworks, which develops and supports open source distribution of Apache Hadoop for enterprises, filed on Monday with the SEC to raise up to $100 million in an initial public offering.

Hadoop is used for distributed storage and processing of data using clusters of commodity servers. Apache's open source Hadoop software framework was developed in the 2000s with major investments from Yahoo! ( YHOO ). Hortonworks was formed in 2011 when Yahoo! spun off its Hadoop engineering team with backing from Benchmark Capital.The company notes that Microsoft ( MSFT ) is its largest customer, representing over 20% of year-to-date revenue.

The Palo Alto, CA-based company, which was founded in 2011 and booked $52 million in support and services revenue for the 12 months ended September 30, 2012, plans to list on the NASDAQ under the symbol HDP. Hortonworks initially filed confidentially on June 27, 2014. Goldman Sachs, Credit Suisse and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.

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Hortonworks nears a Hadoop IPO: Open source software company files to raise $100 million