Editor’s note: Glenn Solomon is a partner with GGV Capital. Some of his recent investments include Pandora, Successfactors, Isilon, Domo, Square, Zendesk, Quinstreet, and Nimble Storage. He blogs regularly at www.goinglongblog.com, where the focus is on growth stage entrepreneurs who are thinking big. Follow him on Twitter @glennsolomon.
Stanford-born and Seattle-based Tableau Software (DATA) enjoyed a tremendous debut on the public markets on Friday, closing on its first day of trading at over $50/share, up over 60 percent from its $31/share IPO price. The company raised over $250 million through the sale of approximately 14 percent of the company, and its enterprise value now sits at approximately $2.5 billion.
For the pundits who’ve been arguing that the tech IPO landscape is in crisis, deals like Tableau serve as a powerful reminder that the public market is eager for certain tech companies. In fact, over the past year or so, there have been several other high-profile tech IPO winners, such as Workday, Splunk, Palo Alto Networks and ServiceNow.