(Bloomberg) -- Neo4j Inc., a supplier of graph database and data science tools, is preparing to follow in customer Klarna Bank AB’s footsteps and go public in the US.
The Swedish payment firm’s IPO, expected to take place next year, is set to be one of the year’s biggest offerings and is closely monitored by other technology firms hoping for a less challenging climate than in recent years.
“Everyone is looking for these early kind of frontrunners in opening up the tech IPO window,” Neo4j’s Chief Executive Officer Emil Eifrem said in an interview, the week after Klarna filed for a listing. “I’m focused on making sure that we’re IPO-able, that we have the ability to go public when the time is right.”
Neo4j was founded in Sweden, but moved to Silicon Valley in 2011. Eifrem is based in Malmo, Sweden, and the company still keeps a lot of its activities there.
The firm just raised $50 million from investment firm Noteus Partners, at a valuation of just above $2 billion. The San Mateo, California-based company, which counts Klarna as well as 20 of the largest banks in the US among its customers, has $200 million dollar annual recurring revenue and expects to be cash flow positive next year, Eifrem said.
The firm still hasn’t selected banks, nor has it decided formally where an IPO would potentially take place, even if the US would be a “logical” choice, Eifrem said. The US exchanges offer “more analyst coverage and better liquidity,” compared with London, Amsterdam and Stockholm, he said.
Investment firm Greenbridge Holdings Sarl, now holds a stake of roughly 20% in the company. Back in February, its founder Ola Rollen said that Neo4j was preferring a US listing.
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