, two business software companies that held blockbuster IPOs this year, and you hear rave reviews about how great the offerings have been for them.
Zoom, which makes a popular videoconferencing service, more than quadrupled its cash and marketable securities position to over $730 million after its IPO in April. So did cloud security vendor CrowdStrike, to more than $825 million. Yes, both companies left potentially hundreds of millions of dollars on the table after theirmore than 70%, but they're still in much stronger financial positions than ever and they've received a huge bump in exposure that helped bring in new customers.
Zoom CFO Kelly Steckelberg said in an email to CNBC that Zoom "got the most added attention in the financial community," and even picked up business from several of its IPO banks who she said are "trialing or have standardized on Zoom now."last month, Zoom said its number of customers with at least 10 employees was up to 66,300, rising 78% from a year earlier and 31% from just before the IPO. That's a lot of recurring revenue.
As for direct listings, Steckelberg said the process "hasn't been proven yet," while Kurtz said, "we thought this model worked for us and we were happy with the outcome.
"I have zero doubt that someone that just did the biggest transaction and most important financial event of their life is going to answer that way," Gurley said in a text message response. He added, "I don't think being short term oriented is the right way to think about financial markets.
Gurley should focus on having these companies actually make money
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