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Elastic founder doubles wealth in 60 days to become billionaire

Credit - Bloomberg

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Elastic NV co-founder Steven Schuurman more than doubled his fortune in two months to become a billionaire as the software company’s stock skyrocketed.

Tuesday 04, December 2018

(Bloomberg)--Shares of Elastic climbed 15 per cent to $82 at the close in New York, leaving them up 128 per cent since the initial public offering on 4 October. The firm, which supplies search and data software to companies including Credit Suisse Group AG, Accenture Plc and Uber Technologies Inc., is scheduled to report second-quarter results after US markets close Tuesday.

Schuurman co-founded Elastic in 2012 in Amsterdam along with Shay Banon, Uri Boness and Simon Willnauer. He previously co-founded SpringSource, a maker of open-source software development tools that was acquired by VMware Inc. in 2009 for $362 million.

Schuurman is Elastic’s biggest shareholder with a 19 per cent stake valued at $1.1 billion, according to the Bloomberg Billionaires Index. Banon, the chief executive officer, owns 12 per cent of the Mountain View, California-based company.

Elastic declined to comment on the founders’ wealth.

TAGS : Elastic NV, Steven Schuurman, initial public offering, Credit Suisse Group AG, Accenture Plc, Uber Technologies Inc., SpringSource, Bloomberg Billionaires Index

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