Oct. 18 (Reuters) – Cloud storage provider Backblaze Inc filed for a US Initial Public Offering (IPO) on Monday to capitalize on growing demand for cloud computing from companies that stop their digital offerings during COVID-19. Expand pandemic.

Reuters reported in November that Backblaze was planning to hire investment banks to go public in 2021 that could be valued at around $ 1 billion.

Backblaze, based in San Mateo, Calif., Under the direction of co-founder Gleb Budman, began selling backup software to consumers and businesses in 2007. It has since expanded to cloud storage, with over half a million total customers in more than 175 countries.

When it comes to cloud storage, it competes with products like Amazon.com Inc. (AMZN.O) Amazon Web Services, although Backblaze targets smaller businesses.

According to a report Research and Markets expects the global cloud computing services market to reach a revised size of $ 937.5 billion by 2027 and grow at an average annual rate of 17% compared to the …

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