Analytics giant SAS this week announced its intention to be ready for an initial public offering (IPO) by 2024.
In a statement, the company says under the leadership of its co-founders, Jim Goodnight and John Sall, SAS has achieved the financial strength, brand equity and market leadership to make this move.
To become IPO-ready, SAS will 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.
With this announcement, SAS says it will continue to invest significant sums in – and further develop – its artificial intelligence (AI) capabilities and advanced analytics software and solutions, to continue to meet customer needs and extend its leadership in a growing, highly competitive and increasingly dynamic market.
“By moving towards 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,” says Goodnight, SAS co-founder and CEO.
“As an organisation, we are on a solid path forward, with sustainable growth that continues to build on 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.”
SAS provides AI and analytics solutions through its software and services for its Global 2000 customer base.
In 2020, SAS generated approximately $3 billion in revenue and achieved its 45th consecutive year of profitability.
Further, the company says it has achieved 8.4% revenue growth in the first half of 2021, demonstrating an increased need for data and analytics to respond to, and recover from, the disruptive global pandemic.
SAS expects to continue to bolster its strong financial foundation in the coming years as it prepares for a potential entry into the public markets.
Goodnight continues: “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 towards an IPO, we will continue to invest in our brand and platform, prioritising our core values and empowering customers to solve their most complex problems.”
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