Business – Marketing software company Marketo files for a $75M IPO

 

Marketo-logo

Marketo has filed for a $75 million IPO, the marketing automation software company announced this afternoon.

Marketo has raised $108 million in venture funding to date. The company closed its most recent round in November 2012, $50 million led by Silicon Valley firm Battery Ventures.

It will trade under “MKTO” on the Nasdaq exchange. Goldman, Sachs & Co. and Credit Suisse are listed as leading the offering.

It’s proven to be a stellar year so far for business-to-business startups. Data visualization company Tableau afternoon filed for its IPO this afternoon; Marin Software, Model N and Silver Spring all outperformed analysts expectations.

In its S1 filing, the company revealed that its business is dependent on a strong relationship with Salesforce.com. “We rely on the fact that Salesforce.com continues to allow us access to its APIs to enable these customer integrations,” the document reads. Future investors should also note that competitor Eloqua was recently bought by Oracle, which may prove to be harmful in the long-term.

The release states that from 2010 to 2012, Marketo’s revenue grew from $14 million to $58.4 million. The company experienced net losses of $11.8 million, $22.6 million and $34.4 million, respectively, between 2010-2012. As of December 31, 2012, Marketo accumulated a deficit of $82.2 million.

The company spends heavily on its sales and marketing efforts. Currently it boasts about 2,000 customers, including CenturyLink, Citrix, Gannett, General Electric, Medtronic, Moody’s and Panasonic.

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