Sumo Logic has filed a preliminary S-1 with the Securities and Exchange Commission (SEC) in preparation for its initial public offering (IPO). The company plans to trade on the Nasdaq (NASDAQ:NDAQ) stock exchange using the ticker symbol "SUMO." Since this is the company's initial regulatory filing, Sumo Logic has said it hopes to raise $100 million, which is typically a placeholder to be updated later. It hasn't yet disclosed when it will begin trading or how many shares it will offer. 

The company competes with the likes of Datadog (NASDAQ:DDOG), Dynatrace (NYSE:DT), and Splunk (NASDAQ:SPLK) in the business-intelligence space and markets itself as a "continuous intelligence platform," pouring over data to provide its customers with more actionable information.

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Over the past fiscal year (ended Jan. 31), Sumo Logic reported revenue of $155 million, up 50% year over year, after generating 53% growth in the prior year. At the same time, the company's losses nearly doubled to $92 million. Sumo Logic kept up the pace during the three months ended April 30, with revenue of $47 million, up 45%, while its losses of nearly $24 million worsened by 55%. 

Sumo Logic boasts 2,131 customers worldwide, with 125,000 users. Customers who contribute annual recurring revenue (ARR) of more than $100,000 grew to 323, up 38% over the past fiscal year, after 25% growth in the prior year. At the same time, customers with ARR over $1 million grew to 25 last year, up 47%, on top of 142% growth in the prior year. In the most recent quarter, those customers grew to 329 and 27, respectively. 

The company's dollar-based retention rate, which measures year-over-year spending by current customers, has been over 120% for each of the past nine quarters. 

Management estimates Sumo Logic's total addressable market at more than $49 billion.

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