January 18, 2013 / 4:30 PM / 7 years ago

Software maker Tableau picks banks for summer IPO - sources

Jan 18 (Reuters) - Data analysis software company Tableau Software has hired banks for an initial public offering that could come in the third quarter of this year, according to three sources familiar with the matter.

The Seattle-based company, one of the most highly-anticipated technology offerings of the year, has hired Goldman Sachs, Morgan Stanley, Credit Suisse and JP Morgan to lead the offering, which could raise around $200 million in proceeds, the sources said.

Morgan Stanley, Credit Suisse and JP Morgan declined to comment. Tableau and Goldman Sachs could not be reached for comment.

Tableau’s products turn complicated data into graphics and charts for clients like Barclays PLC, Charles Schwab Corp, Kimberly-Clark Corp and Exxon Mobil .

Tableau is hoping to tap into a market for business analytics software that is expected to reach $50.7 billion globally by 2016, according to market research firm IDC.

Tableau’s investors include venture capital investors New Enterprise Associates and Meritech Capital Partners.

Business software is a bright spot within the technology sector, which has seen consumer-facing Internet companies like Zynga Inc, Groupon Inc and Facebook Inc struggle in the public markets.

Meanwhile, companies like Eloqua Inc and Workday Inc, which went public last year, are among the best performing IPOs of the 2012. Eloqua shares have more than doubled, and Workday’s are up 80 percent, since their debuts.

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