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Software will reshape our world in the next decade


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How many government demands for user data has Zoom received? We won’t know until “later this year,” an updated Zoom blog post now says. The video conferencing giant previously said it would release the number of government demands it has received by June 30. But the company said it’s missed that target and has given […]n”,”protected”:false,”author”:133574210,”featured_media”:1968318,”comment_status”:”open”,”ping_status”:”closed”,”sticky”:false,”template”:””,”format”:”standard”,”meta”:”outcome”:””,”status”:””,”crunchbase_tag”:0,”amp_status”:””,”relegenceEntities”:[],”relegenceSubjects”:[],”carmot_uuid”:”7bf90910-8b87-3938-9a0f-e8c0c2e78407″,”categories”:[449557102,426637499,21587494],”tags”:[651,179,449557076,33083,398,115666,42842131,241060,24605],”crunchbase_tag”:[],”tc_stories_tax”:[],”tc_event”:[],”jetpack_featured_media_url”:”https://techcrunch.com/wp-content/uploads/2020/03/zoom-privacy.jpg”,”shortlink”:”https://tcrn.ch/2ZugqFs”,”rapidData”:”pt”:””,”pct”:””,”featured”:false,”subtitle”:””,”fundingRound”:false,”seoTitle”:”Zoom misses its own deadline to publish its first transparency report”,”seoDescription”:”The company said it would publish a transparency report after Chinese authorities demanded it take action against U.S.-based Zoom users.”,”premiumContent”:false,”premiumCutoffPercent”:1,”tc_cb_mapping”:[“slug”:”zoom”,”cb_name”:”Zoom”,”cb_slug”:”zoom-video-communications-organization”,”cb_link”:”https://crunchbase.com/organization/zoom-video-communications”],”associatedEvent”:null,”event”:null,”authors”:[133574210],”hideFeaturedImage”:false,”_links”:”self”:[“href”:”https://techcrunch.com/wp-json/wp/v2/posts/2010878″],”collection”:[“href”:”https://techcrunch.com/wp-json/wp/v2/posts”],”about”:[“href”:”https://techcrunch.com/wp-json/wp/v2/types/post”],”replies”:[“embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/comments?post=2010878″],”version-history”:[“count”:8,”href”:”https://techcrunch.com/wp-json/wp/v2/posts/2010878/revisions”],”predecessor-version”:[“id”:2011156,”href”:”https://techcrunch.com/wp-json/wp/v2/posts/2010878/revisions/2011156″],”authors”:[“embeddable”:true,”href”:”https://techcrunch.com/wp-json/tc/v1/users/133574210″],”https://techcrunch.com/edit”:[“href”:”https://techcrunch.com/wp-admin/post.php?post=2010878&action=edit”],”author”:[“embeddable”:true,”href”:”https://techcrunch.com/wp-json/tc/v1/users/133574210″],”wp:featuredmedia”:[“embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/media/1968318″],”wp:attachment”:[“href”:”https://techcrunch.com/wp-json/wp/v2/media?parent=2010878″],”wp:term”:[“taxonomy”:”category”,”embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/categories?post=2010878″,”taxonomy”:”post_tag”,”embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/tags?post=2010878″,”taxonomy”:”_tc_cb_tag_taxonomy”,”embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/crunchbase_tag?post=2010878″,”taxonomy”:”tc_stories_tax”,”embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/tc_stories_tax?post=2010878″,”taxonomy”:”tc_event”,”embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/tc_event?post=2010878″],”curies”:[“name”:”wp”,”href”:”https://api.w.org/rel”,”templated”:true],”_embedded”:{“authors”:[“id”:133574210,”name”:”Zack Whittaker”,”url”:””,”description”:”Zack Whittaker writes about cybersecurity for TechCrunch. You can send tips securely via Signal and WhatsApp to +1 646-755-8849, and his PGP fingerprint for email is: 4D0E 92F2 E36A EC51 DAAE 5D97 CB8C 15FA EB6C EEA5.rnrnHe can also be reached by email: zack.whittaker@techcrunch.com.”,”link”:”https://techcrunch.com/author/zack-whittaker/”,”slug”:”zack-whittaker”,”avatar_urls”:”24″:”https://secure.gravatar.com/avatar/9c6f2f007a1fadfcf4f9da867130c493?s=24&d=identicon&r=g”,”48″:”https://secure.gravatar.com/avatar/9c6f2f007a1fadfcf4f9da867130c493?s=48&d=identicon&r=g”,”96″:”https://secure.gravatar.com/avatar/9c6f2f007a1fadfcf4f9da867130c493?s=96&d=identicon&r=g”,”links”:”homepage”:”https://techcrunch.com/author/zack-whittaker/”,”facebook”:”https://www.facebook.com/zackwhittaker”,”twitter”:”https://twitter.com/zackwhittaker”,”linkedin”:”https://www.linkedin.com/in/zackwhittaker/”,”crunchbase”:”https://www.crunchbase.com/person/zack-whittaker”,”position”:”Security Editor”,”cbDescription”:”

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If you’d predicted in late March and early April that Q3 would kick off with a wide-open IPO market and receptive investors, I doubt anyone would have believed you. If you suggested that valuations would look pretty good as well, you might even have been laughed at.n

And yet, here we are.n


n

The Exchange is a daily look at startups and the private markets for Extra Crunch subscribers; use code EXCHANGE to get full access and take 25% off your subscription.n


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Yesterday Lemonade and Accolade priced above their expected ranges, with Lemonade pricing above itsu00a0raised range and Accolade selling more shares than expected. It’s hard to read the moves as anything other than the market demanding growth-oriented equities and not worrying too much about profitability.n

""Or more precisely: it’s the golden moment to go public for unprofitable unicorns seeking liquidity but worried about defending their private-market valuations. This sentiment is backed up by Agora’s solid pricing and explosive debut in recent days.n

How long this public market moment will last is not clear. With the United States recording 50,000 new COVID-19 cases in a single day yesterdayu00a0and the national economy beginning to slow once again, perhaps the window is short. Perhaps not — we were wrong before about the IPO market in 2020, so let’s not get too hasty to make more predictions — but it is clear that Q4 2019 wasn’t the only time when unicorns might have been able to attract the prices they wanted.n

This morning let’s briefly go over the final pricing for Lemonade and Accolade, and give them new revenue multiples ahead of their first days as trading entities. We need to start their public life knowing how they were valued ahead of their debut so that we can better understand the next set of companies that are bold enough to get off their backside and go public.n

Roll out the welcome matn

We’ve abused every possible IPO metaphor in recent weeks. Open windows. Warm waters. But without clichu00e9, we can state that IPOs are performing very well in recent weeks, with IPO Boutique reporting this morning that 17 of the last 27 IPOs have priced above the range that they first set.



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