Presidio Inc. (PSDO) will launch its IPO (initial public offering) today (Friday, March 10) at $14.00 per share, the company said late Thursday. Watch for shares in the MSP and hybrid IT services provider to trade on the NASDAQ Global Select Stock Market. The offering is expected to close on or about March 15, 2017, subject to customary closing conditions, the company said.
As ChannelE2E has previously reported, Presidio’s IPO could be a key inflection point for VARs and MSPs that are pursuing hybrid cloud services. Presidio itself has rapidly evolved from traditional IT product sales and consulting towards managed and cloud services — both on- and off-premises.
The company, led by CEO Bob Cagnazzi, has also successfully targeted midmarket customers — largely avoiding commodity SMB sales and direct vendor competition in global 2000 accounts. Presidio’s revenues grew from $1.76 billion in fiscal 2012 to $2.71 billion in fiscal 2016, an 11 percent compound annual growth rate (CAGR), according to a prospectus viewed by ChannelE2E.
Key Presidio partners include Cisco Systems, Dell EMC and VMware, among others.