Continuing a spree of tech-heavy IPO activity this month, cloud-based software company Sumo Logic, Inc. ($SUMO) made its debut on the Nasdaq Thursday at $22 per share.
The Silicon Valley-based company offered 14.8 million shares for a total potential market cap of $356 million. Shares jumped 21 percent as trading began before scaling back throughout the afternoon.
Sumo Logic is a leader in the burgeoning data operations space, which aims to help companies collect, analyze, and develop tools around their cloud-based data sets. With more and more companies migrating onto the cloud, the company is positioning itself as a needed service for those who want to optimize their data.
"Because of digital transformation, what we see that's happening is the need for companies to innovate in their digital services or else get left behind," Ramin Sayar, president and CEO of Sumo Logic, told Cheddar. "We refer to that as 'get lapped.'"
The executive describes Sumo's product as a "cloud-native analytics platform" that helps companies collect and analyze data across different teams and organizations to "ultimately deliver better digital experiences."
"More importantly, if you look at the volume of data that's being generated today, it's a tsunami of information coming at you," he said.
While the transition into cloud computing is still in the "early innings," Sayar said he's confident data operations such as Sumo will become essential in the near future.
Share prices were up 22 percent at the close of markets.
Dena Jalbert, Head of M&A at Align Advisory, discusses the state of mergers and acquisitions in 2025 and beyond, highlighting key trends and opportunities.
Kim Perell, author and entrepreneur, shares actionable tips and tricks to help current and aspiring entrepreneurs kick off 2026 with confidence and momentum.
Emera CEO Scott Balfour discusses soaring energy demand, AI-driven grid challenges, clean-power investments, and how the company is building a resilient future.
JB Mackenzie discusses Robinhood’s new entertainment prediction markets, letting users engage with pop culture, award shows, and more through low-stakes bets.
Rhett Power shares his startup journey, lessons from his early years and insights from his book on overcoming negative self-talk to lead with confidence.
Despite inflation, Americans aren’t giving up the gym. Crunch Fitness CEO Jim Rowley discusses strong growth, value-driven expansion and what the future holds.
Home prices far outpacing incomes, low inventory, and higher living costs are reshaping the market. WSJ’s Veronica Dagher breaks down the challenges ahead.
As commercial options tighten, more travelers are turning to private aviation. Wheels Up CEO George Mattson breaks down capacity and demand challenges.
Layoffs, hiring slowdowns, and shifting skill demands dominate this year’s job talk. LinkedIn’s Kory Kantenga explains what workers should watch for next.
