CARY – SAS intends to go public by 2024, according to a statement from the company Thursday.
“By moving toward IPO readiness, we can open up new opportunities for SAS employees, customers, partners and our community to participate in our success, ensuring the brightest possible future for all of us,” said SAS co-founder and Chief Executive Officer Jim Goodnight. “As an organization, we are on a solid path forward, with sustainable growth that continues to build upon the trusted brand and platform we have created. We have built a strong operational and financial foundation, setting us up for an even better future. Now, it’s time to prepare for this next chapter.”
The company said it will begin begin to take steps such as refining its financial reporting structure, streamlining certain operational processes, and enhancing its focus on the segments of its platform where the company can continue to succeed and grow to the benefit of its stakeholders.
The compnay also said it will continue to invest and further develop its AI capabilities and advanced analytics software and solutions.
In 2020, SAS generated approximately $3 billion in revenue and achieved its 45th consecutive year of profitability, the company said.
“Over the years, SAS has built a reputation for innovation, a relentless focus on the customer and strong sense of corporate identity. As we chart our path toward an IPO, we will continue to invest in our brand and platform, prioritizing our core values and empowering customers to solve their most complex problems,” Goodnight added.
The company was in the news recently after The Wall Street Journal reported American semiconductor manufacturing company Broadcom Inc was in talks to acquire the company. According to WSJ and a handful of tech media outlets, the deal would have put the company’s valuation in the range of $15 billion to $20 billion.
Founded in 1976, by NC State alums John Sall and James Goodnight, the company recently pivoted from a traditional client-server software to become a subscription-based SaaS company. With more than 12,000 employees across the world, SAS sells analytics, business-intelligence and data management software. The company competes with the likes of IBM, Microsoft, Oracle, SAP, Tableau and Tibco, and has customers in 147 countries spread across several industries, including banking, healthcare, retail and manufacturing.
The company’s software is used by more than 83,000 business, government and university sites, according to its website.