San Diego Business Journal

ServiceNow Plans Public Offering

By Mike Allen Tuesday, April 3, 2012

ServiceNow, a provider of cloud-based computer networks based in San Diego, said on March 30 that it filed documents signaling that it intends to conduct an initial public offering of its common stock.

The company that was founded in 2004 appears on the most recent San Diego Business Journal List of the Fastest Growing Companies, and generated $43 million in revenue in 2010, up 55 percent from 2009.

Last year, the firm said it had about 525 employees globally including 220 in San Diego.

The price range of the stock and number of shares offered have not been determined but ServiceNow set an estimate at $150 million and will issue the stock on the New York Stock Exchange.

Morgan Stanley, Citigroup and Deutsche Bank Securities lead a consortium of investment banks acting as the underwriters. Other underwriters are Barclays Capital, Credit Suisse Securities, UBS Securities, Pacific Crest Securities and Wells Fargo Securities.

The firm received venture capital investment from JMI Equity and Sequoia Capital.