Tiger Global Files 13G on Pure Storage ~ market folly

Tuesday, October 20, 2015

Tiger Global Files 13G on Pure Storage

Chase Coleman's hedge fund Tiger Global has filed a 13G with the SEC regarding its position in Pure Storage (PSTG).  Per the filing, Tiger Global now owns 17.9% of the company with over 5.24 million shares (represented by 1 million shares of Class A stock and 4.24 million shares of Class B stock which may be converted into Class A stock at 1:1 ratio at the option of Tiger.)

The filing was required due to activity on October 7th.  The company recently went public, however Tiger Global had already invested in the company when it was still private.  Tiger participated in a $225 million Series F round at a pre-money valuation of over $3 billion back in 2014, per the company's website but was also an investor prior to that round too.

Per Google Finance, Pure Storage is "a United States-based flash enterprise storage array company. The Company enables the deployment of flash in the data center. The Pure Storage FlashArray is ideal for high performance workloads, including server virtualization, desktop virtualization (VDI), database (OLTP, real-time analytics), and cloud computing. Its application includes VMware, Virtual Desktop Infrastructure (VDI), Oracle Database and structured query language (SQL) Server. Its vSphere Web Client plugin enables complete management of storage within VMware: automatically create, expand or shrink datastores, see array-side capacity and performance of each datastore, and understand real storage usage through deduplication."

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