Cloudflare plans big IPO

Cloudflare, a provider of software to make websites load faster, is preparing for an initial public offering (IPO) that could value it at more than $3.5 billion, Reuters reported.
cloudflare-presence The San Francisco, California-based start-up company is looking to go public in the first half of next year.

The IPO will be led by investment bank Goldman Sachs Group.

CrowdStrike, a security software firm, also hired Goldman Sachs to lead an IPO that could value it at more than $3 billion.

Ride-sharing platform Lyft is also working with investment banks to explore a public offering next year.

Cloudflare shines

Founded in 2009, Cloudflare provides cloud-based Web services that help improve user experience on websites through actions such as making videos load faster. It also protects against cyber-attacks, among other services.

The company runs content delivery network that competes against services from Akamai Technologies and offerings from Alphabet’s Google and Amazon.com’s cloud computing units.

Its clients include companies such as Zendesk and Cisco Systems. It serves nearly 10 million website domains and the average Internet user touches its services around 500 times per day, according to its website.

In 2015, Cloudflare raised $110 million from investors including Fidelity, Alphabet, Microsoft, Baidu and Qualcomm.