Open-source database software maker MariaDB announces intentions to list on NYSE via SPAC

Open-source database software maker MariaDB announces intentions to list on NYSE via SPAC

Finland’s MariaDB has closed a $104 million Series D private placement round and announced its intention to become a publicly-traded entity on the New York Stock Exchange via a merger with Angel Pond Holdings, a method more commonly known as a SPAC. As is typical with this type of listing, when all is said and done, the merged companies will be known as MariaDB plc and headed by MariaDB’s current CEO Michael Howard.

Expected to finalise in H2 of FY2022 and subject to customary closing conditions, which includes approval from the U.S. Securities and Exchange Commission (the “SEC”) and the New York Stock Exchange, upon completion of the deal, the new company will have an approximate valuation of $672 million.

MariaDB could possibly be the textbook case of just how the open-source methodology can not only serve the greater good and a much wider audience than traditional routes, but also be successfully monetised.

Existing investors include Intel Capital, Alibaba Group, European Investment Bank, Runa Capital, Tesi, GP Bullhound, OpenOcean, California Technology Ventures, Spintop Ventures, Smartfin, ServiceNow, and OnCorps.

“MariaDB is the data backbone of services used by millions of people every day. Our mission is to build the database for all, providing a perfect balance of simplicity and raw power, including unified transactional and analytical processing for everyday applications,” commented Howard. “Whether customers move to open source or into the cloud, with MariaDB they are saving up to 90% of their total cost for databases. I am excited that a public investor base and enhanced capital access will allow us to accelerate the go-to-market for our technology that has already been battle-tested and proven its market fit.”

The Angel Pond SPAC vehicle was co-founded by former Goldman Sachs partner Dr. Theodore T. Wang and Alibaba Group co-founder Mr. Shihuang “Simon” Xie.

On the merger, Dr. Wang commented, “MariaDB is trusted by some of the largest blue-chip customers in the world to run their mission-critical applications. With a stronger balance sheet and proven technology, MariaDB is well-positioned to capitalize on explosive growth in data worldwide and on the migration to the cloud.”

Follow the developments in the technology world. What would you like us to deliver to you?
Your subscription registration has been successfully created.