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 (NDAQ 1.09%) 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 (DDOG 1.20%), Dynatrace (DT -1.35%), and Splunk (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.