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Software maker C3.ai files for IPO on heels of Microsoft partnership

Software maker C3.ai files for IPO on heels of Microsoft partnership

2 -min read
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2 -min read
Listen to this article

[NEW YORK] C3.ai Inc, the software maker founded by former Oracle Corp executive Tom Siebel, filed Friday for an initial public offering (IPO).

The company in its filing with the US Securities and Exchange Commission listed the size of the IPO as US$100 million, a placeholder that will likely change.

C3.ai last month formed a partnership with Microsoft and Adobe for a new customer-relationship management software seeking to combat Salesforce.com.

Mr Siebel founded Siebel Systems, which was acquired by Oracle in 2006. He then held executive roles at Oracle. Mr Siebel and the private equity firm TPG are the biggest owners of C3.ai, according to its prospectus.

C3.ai reported a net loss of US$69 million for the year ended in April 30, compared with US$33 million the previous year. It said its revenue rose about 71 per cent over the same period.

Morgan Stanley, JPMorgan Chase & Co and Bank of America are leading the offering.

C3.ai is planning to list its shares on the New York Stock Exchange under the symbol AI.

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