2 top execs at $967 million billion data management company DataStax are leaving amid a reorganization, as it heads for a potential IPO
- Two top executives at $1 billion data management startup DataStax are leaving the company.
- Steve Rowland, DataStax's president, and Martin Van Ryswyk, executive vice president of product management and engineering at DataStax, will be leaving the company.
- DataStax is reportedly gearing up for an imminent IPO, which could value the company at as much as $1 billion.
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Two top executives are leaving DataStax, a $1 billion data management startup that is gearing up to go public this year.
Steve Rowland, the company's president, and Martin Van Ryswyk, executive vice president of product management and engineering, are both transitioning out of DataStax, the company confirmed to Business Insider.
In a statement, Eric Brown, vice president of corporate marketing and communications at DataStax, told Business Insider that CEO Billy Bosworth is assembling a new executive team amid a corporate reorganization, and that the company plans to announce a new "product vision and strategy" at its DataStax Accelerate event.
Here's Brown's full statement:
"We have reorganized the company to move faster around our hybrid and multi-cloud offerings, accelerate innovation and delivery around our as-a-service products, and deliver even more enterprise value around Apache Cassandra as well as graph. We are also rallying around a new product vision and strategy which we will launch at DataStax Accelerate. Steve Rowland and Martin Van Ryswyk are transitioning out of DataStax as Billy ramps his new executive team."
Reuters previously reported that DataStax has hired investment banks including Morgan Stanley and JP Morgan Chase & Co as underwriters for a planned IPO that could value the company at as much as $1 billion.
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In total, DataStax has raised $190.79 million from investors like Scale Venture Partners, Crosslink Capital, and Lightspeed Venture Partners. It was valued at $967.29 million in 2014, which was the last time it sought venture funding, according to Pitchbook data.
The company is built around Apache Cassandra, a popular open-source database management system that was originally created at Facebook.
In April, Google Cloud expanded partnerships with seven open source companies, including DataStax, to make their products more tightly integrated with its platform.