Elastic, a startup selling cloud-based open-source software that companies use to provide search functionality for their internal data, saw its shares rise nearly 95% to $70 in an initial public offering on Friday, according to this report from GeekWire. Elastic raised $252 million in the IPO, after raising $162 million in venture funding since its founding in 2012.
Elastic isn’t a household name, but its search and data analytics software is used in a wide range of consumer services, including Uber, Tinder, and Ticketmaster. Other notable customers include Cisco, eBay, Goldman Sachs, NASA, Microsoft and Verizon. Aside from the big-name customers, it isn’t entirely clear why investors are so enthusiastic about Elastic. Even CEO Shay Banon admitted in media reports that he was surprised by the market reception.