DigitalOcean held an initial public offering on the New York Stock Exchange (NYSE) on March 24 under the symbol DOCN. DigitalOcean’s revenue in 2020 was $ 318 million, up 25% from 2019. Now the company becomes the only publicly traded cloud service provider, which has a share of the revenue of cloud services above 90%.
The funds raised are going to be used to capture the markets of startups, small and medium-sized businesses. According to the company’s calculations, the market will be in the active growth stage for another 5–10 years.
“Today, the company has over 570,000 customers and this is still just the beginning as there are more than 100 million small and medium enterprises worldwide,” said CEO Yancy Spruill
In the coming years, the company also plans to focus on security. On March 11, the company announced it had received SOC 2 Type II Service Organization Control certification. SOC 2 is an industry standard that helps implement a set of security management practices. And in 2020, DigitalOcean also received Level 1 security status from the Cloud Security Alliance (CSA STAR), which reviews the security measures of cloud service providers.
DigitalOcean — The New York-based startup was founded by brothers Ben and Moses Uretsky in 2012. The startup has raised $ 455 million in venture capital over the past 10 years and is an alternative to the Big Three from Amazon, Microsoft and Google cloud services.