“Adapting to the here and now is probably not the best way to manage a company,” says new CFO Adam Towns.
... [+]Dataiku, a provider of data science software, is revealing its revenue for the first time and says it has no plans to reorient its growth strategy towards profitability even as Wall Street batters software stocks.
The company announced Wednesday that it has hit $150 million in annual recurring revenue and hired a new chief financial officer, the first external addition to its C-suite. The CFO, Adam Towns, helped take Mimecast to an IPO and most recently worked at analytics firm Sisense. Both pieces of news indicate for Dataiku a step towards an IPO of its own, though executives are holding cards close to their chest on exact timing.
Dataiku, which launched in Paris in 2013 and is now headquartered in New York, offers a software suite for users to transform and prepare their data to be deployed for machine learning models. Douetteau says the company employs more than 1,000 people, nearly half of which joined in the past year. It last raised $400 million at a $4.6 billion valuation in a round led by Tiger Global in August.
The United States is the largest business segment, but makes up less than half of revenue, Douetteau says; Europe, the initial base, and Asia are fast-growing segments and the company grew 60% overall in year-over-year revenue. Its business may be best compared to other data science companies DataRobot, another VC-backed firm which last said in late 2020 that its revenue had exceeded $100 million, and Alteryx, which is trading on the public market at a roughly 8x revenue multiple .
Based on the most recently known valuation, Dataiku’s revenue multiple is more than 30x, in line with other premier venture-backed tech companies that capitalized during the peak fundraising climate of 2021. The company is not currently profitable, according to Douetteau. But he and new CFO Towns both say Dataiku will continue to make growth-oriented bets, including product investments that will aim to make its all-in-on approach a long-term winner.
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