In the ?you knew this was coming? category, Bazaarvoice filed for an Initial Public Offering (IPO) of it?s stock today. The news is being covered by TechCrunch and The Statesman. The company is one of the fastest growing in Austin, going from 70 employees in April 2007 to over 600 today. In conversations with company co-founder and CEO Brett Hurt, he has always characterized the company?s financial condition by saying that they could stop growing and be a profitable company any time they wanted to. But as long as the market for their software continues to be strong, the company will invest in losses.
I think this IPO will be really good for Austin's economy, and in particular the startup ecosystem.? Austinites have been saying for years that we needed a few wins under our belt, to keep the virtuous cycle of capital formation and talent development going.? With wins like HomeAway and hopefully now Bazaarvoice (not to mention a few other IPOs over the last year), and the respectable fundraising for new startups - it feels like we're setting up Austin for the next 5-10 years of startup ecosystem.
Congratulations to our friends over at Bazaarvoice, and good luck in the public stock market!