(Reuters) – Enterprise software startup Hortonworks has raised $100 million from BlackRock and Passport Capital at a valuation north of $1 billion, hoping to accelerate growth with investments in its platforms and acquisitions.
The funding takes the company’s total financing to $225 million. Hortonworks is still considering an initial public offering in the first half of 2015, Chief Executive Rob Bearden said on Tuesday.
Bearden said part of the funds would be used for strategic and tuck-in acquisitions to expand the core of its Hadoop business, and to grow the company internationally.
Hortonworks is not yet profitable but according to Bearden will exit this year with a revenue run rate of about $100 million.
The Palo Alto, California-based company is a Yahoo Inc spin-off founded in 2011 by a team of software engineers working on Yahoo’s Apache Hadoop implementation.
Apache Hadoop is an open-source software system designed for crunching massive amounts of data and is used by the likes of Facebook Inc and Twitter Inc, as well as eBay Inc and Amazon.com Inc.
Hortonworks competes with Cloudera, which said last week it had raised $160 million from T Rowe Price and Google Ventures, and with EMC’s Pivotal