Benchmark-Backed Zuora Eyes IPO in 2018

Zuora, which makes billing and forecasting software for subscription software firms, is in talks to hire underwriters for an initial public offering next year, co-founder and CEO Tien Tzuo said in an interview. The move is in the latest sign that 2018 is likely to be a busier year for tech IPOs than 2017.

“We have passed the magic threshold of $100 million in revenue in the last four quarters, and we are hoping to go public in 2018,” Mr. Tzuo told The Information in an exclusive interview at Zuora headquarters in San Francisco. He declined to comment on the company’s valuation, which two years ago reportedly was over $1 billion. Benchmark Capital, best known for its large Uber stake, is the company’s biggest shareholder after an overall early investment of $15.8 million. 

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To improve its corporate governance ahead of the IPO, Zuora this year recruited Ken Goldman, Yahoo’s former CFO, and Magdalena Yesil, Salesforce.com’s first investor, as independent board members. Mr. Goldman is in charge of the company’s audit committee, while Ms. Yesil leads the governance committee.

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“At Benchmark we have a deep conviction that to build big, successful companies you have to go public.”