Acquia: Revenue to Near $70M, but No Rush for IPO [Sept. 17, 2013]
By Kyle Alspach
Burlington-based Acquia expects major revenue growth again for 2013 but there is "nothing imminent" planned in terms of taking the company public, CEO Tom Erickson said in an interview.
Acquia provides enterprises with cloud hosting and related tools and services for websites created using Drupal, an open-source content management and site development platform. Acquia co-founder Dries Buytaert is the original creator of Drupal and serves as the firm's CTO.
The company has grown steadily in recent years amid growing adoption of Drupal among large enterprises. Acquia reported more than $45 million in revenue last year, more than doubling its top line from the previous year.
Erickson said Acquia expects about 50 percent revenue growth for 2013, which would equal about $68 million in revenue.
That would put the firm within the revenue range during which many venture-backed tech firms consider going public. And Erickson said Acquia does have a strong opportunity for an IPO.