Datto Holding, which sells a hybrid IT infrastructure platform to managed service providers, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $400 million.

Datto is the leading provider of cloud-based software and technology solutions purpose-built for delivery through the managed service provider (MSP) channel to small and medium businesses. The company’s platform currently serves 17,000 MSP partners.

The Norwalk, CT-based company was founded in 2007 and booked $493 million in sales for the 12 months ended June 30, 2020. It plans to list on the NYSE under the symbol MSP. Morgan Stanley, BofA Securities, Barclays, Credit Suisse, Citi, Jefferies, RBC Capital Markets, Evercore ISI, BMO Capital Markets, and Macquarie Capital are the joint bookrunners on the deal. No pricing terms were disclosed.

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