Open-source database software maker MariaDB announces plans to list on NYSE via SPAC
Finland MariaDB closed a $104 million Series D private placement round and announced its intention to become a publicly traded entity on the New York Stock Exchange through a merger with Angel Pond Fund, a method better known as SPAC. As is usually the case with this type of listing, ultimately the merged companies will be known as MariaDB plc and led by the current CEO of MariaDB. Michael Howard.
Expected to be completed in the second half of fiscal 2022 and subject to customary closing conditions, which include the approval of the United States Securities and Exchange Commission (the “SEC”) and the New York Stock Exchange, a Once the operation is concluded, the new company will have an approximate capital valuation of 672 million dollars.
MariaDB could be the textbook case of how open source methodology can not only serve the greater good and a much wider audience than traditional routes, but also be successfully monetized.
Existing investors include Capital Intel, Alibaba Group, European Investment Bank, Runa Capital, Tesi, GP Bullhound, open ocean, California technology companies, Spintop Ventures, Smartfin, ServiceNowand OnBody.
“MariaDB is the data backbone of services used by millions of people every day. Our mission is to build the database for everyone, delivering the perfect balance of simplicity and raw power, including transactional and analytical processing unified solution for everyday applications,” commented Howard. “Whether customers are moving to open source or to the cloud, with MariaDB they are saving up to 90% of their total database cost. a base of public investors and better access to capital allow us to accelerate the bringing to market of our technology which has already been battle tested and proven its suitability for the market.
About the merger, Dr. Wang commented, “Some of the world’s largest blue chip customers trust MariaDB to run their mission-critical applications. With a stronger balance sheet and proven technology, MariaDB is well positioned to capitalize on the world’s explosive data growth and cloud migration.