Adaptive Insights customers continue to thrive in today’s hot IPO market and are among today’s fastest-growing, most successful companies in their industries. The latest evidence is MobileIron, the mobile management security provider for employee smartphones, which hit the open market on June 12 and raised roughly $100 million during Day 1 of trading. The company’s stock price jumped by more than 20% during its first trading day alone.
MobileIron joins Zendesk, Arista Networks, and Aerohive Networks on the list of hot Adaptive Insights customers to issue an IPO during the first half of 2014. These companies’ IPO successes come on the heels of a record 2013 during which eight Adaptive customers went public in a year when IPOs were just starting to make their comeback. See below for a breakdown of this year’s four customers to go public.
Mobile-focused networking provider Aerohive Networks (NYSE: HIVE) was the first Adaptive customer of 2014 to go public, and got things started off in a big way. The company met a wave of enthusiasm during its inaugural day of trading back on Mar. 28. Aerohive generated an impressive $75 million during its first day on Wall Street, selling 7.5 million shares of its stock in the process. The company set the stage for three more Adaptive Insights customers to follow suit with their own IPOs over the next three months.
Next came Zendesk (NYSE: ZEN), the cloud-based helpdesk software provider that saw its stock price increase by 40 percent on May 15, its first day of trading. By the end of the day, Zendesk had raised just shy of $100 million on the open market as it became the newest member of the Adaptive Insights customer IPO group. Zendesk didn’t hold that title for long. One month after the company hit Wall Street, two more would follow within a week of one another.
Network switching technology provider Arista Networks (NYSE: ANET) enjoyed a lengthy stretch of growth beyond its first day of trading on June 6. Debuting its stock at $43 per share, the company jumped as high as 40% above that initial price to $59.72 per share during Day 1, even as the rest of the market showed a slight downdraft on the very same day. Arista Networks was still on the rise nearly a week after the company went public, with its price per share growing well above $60 to $63.50 a piece.
MobileIron (NYSE: MOBL) enjoyed a more than 20% increase in its stock share price when it went public early last week. The company’s June 12 IPO success is a sign of the transitional period in the mobile device management (MDM) sector, where the steady increase in employees bringing their personal mobile devices into the workplace has spurred a demand for mobile management security solutions like MobileIron’s platform.
More than 250 Adaptive Insights customers have gone public overall, including these four most recent offerings in 2014. All signs point to many more on the horizon. The rate of Adaptive customer IPOs has accelerated since April 2012, with over 30 customers going public since then.
Congratulations again to MobileIron, Arista Networks, Zendesk, Aerohive Networks and all of our IPO customers on their growth and success!