"The danger that Backblaze faces is in maintaining relevance in what's become a cloud-first world," McDowell said. Backblaze's success, however, will depend on its ability to continue to differentiate itself and compete with bigger vendors. Still, the company has carved out a niche in the cloud storage market thanks to its early presence and growth over the past decade, said Steve McDowell, a principal analyst at Moor Insights & Strategy. "Backblaze has been more of a bootstrap company that relies on a little bit of funding and tries to keep losses down instead of taking hundreds of millions of dollars from VCs and spending lavishly to grow," Raffo said. Raffo noted that Backblaze generated $54 million in revenue last fiscal year and $31 million in revenue until June of this year, according to the filing.
"The downside is, it's also a highly competitive market, and they face some of the largest IT companies." "They're in a rapidly growing market and have a chance to greatly expand their revenues and income," Raffo said. Its backup offerings compete most directly with other cloud-based backup products such as Druva, Clumio, Datto and Commvault's Metallic backup-as-a-service suite. A crowded marketīackblaze business cloud storage and services compete directly with hyperscalers such as AWS, Azure and Google Cloud Platform, along with smaller cloud storage vendors such as Wasabi.
He noted the company's prospectus indicates an expectation to raise between $89.5 million to $103.4 million. "Backblaze will probably have to grow faster to keep shareholders happy, but they're not far off where they need to be," said Dave Raffo, a senior analyst at Evaluator Group.
The company said money raised from the IPO will be invested into sales and marketing to expand its visibility, increase its total number of data centers and establish new vendor partnerships. Backblaze will probably have to grow faster to keep shareholders happy, but they're not far off where they need to be.ĭave RaffoSenior Analyst Evaluator Group
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