March 25 Enterprise software startup Hortonworks
has raised $100 million from BlackRock and Passport Capital at a
valuation north of $1 billion, hoping to accelerate growth with
investments in its platforms and acquisitions.
The funding takes the company's total financing to $225
million. Hortonworks is still considering an initial public
offering in the first half of 2015, Chief Executive Rob Bearden
said on Tuesday.
Bearden said part of the funds would be used for strategic
and tuck-in acquisitions to expand the core of its Hadoop
business, and to grow the company internationally.
Hortonworks is not yet profitable but according to Bearden
will exit this year with a revenue run rate of about $100
The Palo Alto, California-based company is a Yahoo Inc
spin-off founded in 2011 by a team of software
engineers working on Yahoo's Apache Hadoop implementation.
Apache Hadoop is an open-source software system designed for
crunching massive amounts of data and is used by the likes of
Facebook Inc and Twitter Inc, as well as eBay
Inc and Amazon.com Inc.
Hortonworks competes with Cloudera, which said last week it
had raised $160 million from T Rowe Price and Google Ventures,
and with EMC's Pivotal.
(Reporting by Nicola Leske; Editing by Bernard Orr)