![]() ![]() “Data is the digital world’s most precious resource. ![]() Our mission is to make storing, using, and protecting that data astonishingly easy,” San Mateo, California-based Backblaze said in the preliminary IPO filing. Oct 18 (Reuters) - Cloud storage provider Backblaze Inc filed for a U.S. Almost half a million customersįounded in 2007, Backblaze has almost 500,000 customers worldwide. initial public offering (IPO) on Monday, cashing in on growing demand for cloud computing from businesses expanding their. Its Backblaze Storage Cloud service keeps over 500 billion files available on demand and is designed to store trillions more in the future. Vanguard, the suit states, “had other, readily-available ways to lower costs for retirement plans without hurting its taxable investors.It has a global physical infrastructure of nearly 200,000 hard drives and one terabit per second of network capacity, across five data centres that are interconnected by private network infrastructure. ![]() This was a gross violation of Vanguard’s fiduciary duties (among other legal duties).” But it either did not even consider these options, or did not care about hurting its smaller, taxable investors. Vanguard, the lawsuit states, “competes to get the most assets under management, while maintaining low fees.”Īs one of the largest investment companies in the world, with over $8 trillion under management, and “the largest mutual fund provider,” it is “engaged in an ongoing ‘price war’ with its competitors,” the lawsuit continues. Vanguard is also the largest TDF manager in the industry and the No. 1 “recipient of cash flowing into target-date funds,” the lawsuit continues.īecause most of the money in Vanguard’s target date funds “comes from company and institutional retirement plans,” Vanguard “is therefore incentivized to keep the managers of its retirement plans happy,” according to the complaint.īefore December 2020, “only retirement plans with $100M or more could access the Institutional Funds. Plans with under $100M were limited to the Retail Funds, with higher fees. Naturally, plans with under $100M wanted the lower fees available to the Institutional Fund investors,” the lawsuit says. Vanguard did not respond to a request for comment by press time. ![]() William Galvin, Massachusetts’ top securities regulator, launched an investigation in late January into the purchase of target date mutual funds by Massachusetts customers in taxable accounts at five broker-dealers - T. Rowe Price Investment Services, American Fund Distributors, BlackRock Investments, Fidelity Brokerage Services and Vanguard Marketing Corp. Galvin said he was particularly concerned by reports of inadequately disclosed fund changes that shifted financial burdens to small-dollar investors, resulting in large tax bills for those who held the funds in non-retirement accounts. The Massachusetts Securities Division “is looking at issues like those that recently happened with Vanguard,” a spokesperson for Galvin’s office told ThinkAdvisor then.Rivian Automotive, a leading electric vehicle manufacturer, currently has negligible revenues. Yet, the company made headlines, raising almost $12 billion with an IPO. The market cap went past $105 billion for Rivian Automotive afterward, putting it ahead of General Motors and Ford. At the other end of the spectrum, Backblaze made news with another IPO. The company revenues were $59.9 million for the year, concluding on 30th June, with Q2 sales figures increasing by 17%. They were $16.2 million for the period, according to reports. The company got $100 million in funding, with its shares rising by 24% afterward. They also increased by 12% again, taking the share price to $22.31. Backblaze has a market cap of $650 million in the micro-cap segment. 100+ tech companies have already gone public in the USA. Twenty-one companies debuting in 2021 have valuations exceeding $10 billion.īackblaze got $3 million in funding from external investors along its journey. The company began in 2007 and issued $10 million sometime earlier through convertible notes. According to the company’s CEO & co-founder, Gleb Budman, investors were always eager for a company approaching a public listing while having raised a tiny sum of money to date. ![]()
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