Analytics and Artificial Intelligence solutions provider SAS has announced its intention to be ready for an initial public offering (IPO) by 2024.
To become IPO-ready, SAS will begin to take steps such as refining its financial reporting structure, streamlining certain operational processes, and enhancing its focus on the segments of its platform where the company can continue to succeed and grow to the benefit of its stakeholders.
With this announcement, SAS will continue to invest significant sums in – and further develop – its AI capabilities and advanced analytics software and solutions, to continue to meet customer needs and extend its leadership in a growing, highly competitive and increasingly dynamic market.
“By moving toward IPO readiness, we can open up new opportunities for SAS employees, customers, partners and our community to participate in our success, ensuring the brightest possible future for all of us,” said SAS co-founder and Chief Executive Officer Jim Goodnight. “As an organization, we are on a solid path forward, with sustainable growth that continues to build upon the trusted brand and platform we have created. We have built a strong operational and financial foundation, setting us up for an even better future. Now, it’s time to prepare for this next chapter.”
It is worth mentioning that in 2020, SAS generated approximately $ 3 billion in revenue and achieved its 45th consecutive year of profitability. Additionally, the company has achieved 8.4 percent revenue growth in the first half of 2021, demonstrating an increased need for data and analytics to respond to, and recover from the disruptive global pandemic. SAS expects to continue to bolster its solid financial foundation in the coming years as it prepares for possible entry into the public markets.
“By moving toward IPO readiness, we can open up new opportunities for SAS employees, customers, partners and our community to participate in our success, ensuring the brightest possible future for all of us,” said SAS co-founder and Chief Executive Officer Jim Goodnight. “As an organization, we are on a solid path forward, with sustainable growth that continues to build upon the trusted brand and platform we have created. We have built a strong operational and financial foundation, setting us up for an even better future. Now, it’s time to prepare for this next chapter.”