Business Wire IndiaSAS, the global leader in analytics and AI, today announced its intention to be ready for an initial public offering (IPO) by 2024. Under the leadership of its co-founders, Jim Goodnight and John Sall, SAS has achieved the financial strength, brand equity and market leadership to make this move.
To become IPO-ready, SAS will begin to take steps such as refining its financial reporting structure, streamlining certain operational processes, and enhancing its focus on the segments of its platform where the company can continue to succeed and grow to the benefit of its stakeholders. With this announcement, SAS will continue to invest significant sums in – and further develop – its AI capabilities and advanced analytics software and solutions, to continue to meet customer needs and extend its leadership in a growing, highly competitive and increasingly dynamic market.
"By moving toward IPO readiness, we can open up new opportunities for SAS employees, customers, partners and our community to participate in our success, ensuring the brightest possible future for all of us," said SAS co-founder and Chief Executive Officer Jim Goodnight. "As an organization, we are on a solid path forward, with sustainable growth that continues to build upon the trusted brand and platform we have created. We have built a strong operational and financial foundation, setting us up for an even better future. Now, it's time to prepare for this next chapter."
SAS provides best-in-breed AI and analytics solutions through its software and services for a loyal Global 2000 customer base. The company's long-standing market presence, leading analytics platform and solutions and trusted brand have made it the vendor of choice in many industries, particularly financial services, professional services, government and healthcare. SAS has thrived and executed in varying market landscapes, positioning itself as the clear leader in advanced analytics and AI. SAS is the only vendor to be named a leader in Gartner's Magic Quadrant for Data Science and Machine Learning Platforms every year since the report was first published eight years ago.
In 2020, SAS generated approximately $3 billion in revenue and achieved its 45th consecutive year of profitability. Further, the company has achieved 8.4 percent revenue growth in the first half of 2021, demonstrating an increased need for data and analytics to respond to, and recover from, the disruptive global pandemic. SAS expects to continue to bolster its strong financial foundation in the coming years as it prepares for a potential entry into the public markets.
SAS has long been at the forefront of corporate citizenship and social innovation, helping customers reach decisions that make the world a better place with a more sustainable future. By supporting clean energy and the United Nations' Sustainable Development Goals, while also using its software to address economic, social, and environmental issues, SAS pairs technology with advocacy to guide its business and climate strategy. Through partnerships with customers, industry groups, nonprofits, government agencies and global organizations, SAS puts its analytics to work on the world's most pressing needs, from preserving and protecting the environment to strengthening education to reducing human suffering and building a more just society.
The company is continually recognized globally as a best workplace and pioneer of workplace culture for its meaningful sense of corporate community building and commitment to employees.
Dr. Goodnight continued, "Over the years, SAS has built a reputation for innovation, a relentless focus on the customer and strong sense of corporate identity. As we chart our path toward an IPO, we will continue to invest in our brand and platform, prioritizing our core values and empowering customers to solve their most complex problems."
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