The “Silicon Slopes” of Utah can now claim another homegrown public tech company.
Pluralsight, a Farmington, Utah-based subscription ed tech company, began trading on the Nasdaq today after raising more than $310 million in its IPO and selling 20.7 million shares to the public. By the end of the day, the company’s stock price had jumped about 35 percent.
Founded in 2004, Pluralsight was bootstrapped until 2013, but it eventually raised more than $190 million in venture capital before going public. The company has created a cloud-based library of courses — on topics like cloud, mobile, and big data — to help IT professionals improve their skills. Pluralsight counts more than 14,000 businesses among its customers, including Adobe, AT&T, and ADP.
Among the challenges Pluralsight will face on the public market is returning to a cash-flow positive state after nearly tripling what it spent on sales and marketing between 2016 and 2017. While the increased spending helped Pluralsight increase its revenue by 23 percent year-over-year to $166.8 million in 2017, the company will need to find ways to stem growing losses.
But Pluralsight’s IPO has been considered a win for the Utah tech scene, as the company is the first in a string of highly valued enterprise software startups in the state that are expected to go public soon. Recode wrote that Domo, last valued at more than $2 billion, held an IPO kickoff meeting last month, while Qualtrics, last valued at $2.5 billion, is expected to IPO in less than 18 months.
Just before the markets closed today, Pluralsight CEO and cofounder Aaron Skonnard…