Friday, March 23, 2018

Michael Dell's Pivotal Files For IPO

Pivotal, a Silicon Valley company owned 80 percent by Michael Dell, has filed for an IPO. Pivotal, which develops Agile development software, said in filing with the SEC on Friday that it is looking to raise up to $100M in an IPO. The company's IPO is being underwritten by Morgan Stanley, Goldman Sachs & Co., Citigroup, BofA Merrill Lynch, Barclays, Credit Suisse, RBC Capital Markets, UBS Investment Bank, Wells Fargo Securities, Keybank Capital Markets, and William Blair. Pivotal is majority owned by Michael Dell--who owns 80.8% of the firm before the IPO, including his ownership of Dell Technologies, EMC Corporation, and VMware--along with other investors, including General Electric, and Ford Motor Company.