Steven Schuurman’s worth towered $910M after Elastic shares soared 94% on first-day trading

Steven Schuurman’s worth towered $910M after Elastic shares soared 94% on first-day trading

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Steven Schuurman is most popularly known as the co-founder and former CEO of Elastic. However, behind all the success, he also co-founded and led other successful companies.

Lately, the Internet has become the main source of information for a majority of the users. In fact, a significant amount of information is searched through a software system called ‘search engine’. With search engines, users can search any form of a query by using a keyword or phrase upon which the relevant information is returned to the user.

At present, Google sits as a synonym for the search engine, however, there are other search engines available based on their working. One such company to hit the headline recently for the good is Dutch super search engine Elastic.

Founded in Amsterdam, Netherlands, Elastic ended its first day as a public company at $70.50 per share from $36, valuing it at whopping $4.9 billion. Moreover, Elastic has recently raised $252 million in IPO with the total valuation of $2.5 billion.

Steven Schuurman, one of the four founders of the startup has a 21 percent stake in the company, accounting for more than $13 million shares. With Elastic booming Schuurman’s interest is worth $910 million or €790 million. The search technology company joins the likes of and Adyen to be listed on the New York Stock Exchange (NYSE).

Further, Steven Schuurman is widely known as the co-founder and former CEO of the Dutch super search engine, Elastic. However, not many know that he was also the former CEO of Orange11 and co-founded one of the most successful open-source companies in history, Springsource.

History With Orange11

Founded in 2002, Orange11 is a company based in Amsterdam that develops and publishes custom-built software applications. They provide end-to-end project delivery services including business analysis, design, development, testing and support.

It is unclear how many years Schuurman held the position as CEO. However, in July of 2012, Schuurman announced via Twitter that Orange11 was acquired by Trifork an innovative software development company founded in 1996 and based in Copenhagen focusing on Mobile, Agile and Cloud. It was reported that the total purchase price agreed was €6.25 million.

History With Springsource

Another company that Schuurman co-founded is Springsource which is now known as Spring. They build Java infrastructure software which eliminates the complexity of enterprise Java.

Founded in 2004, the company was created by the founders of Spring Framework (a programming model for enterprise Java applications) and was first named as Interface 21 before changing it to Springsource in 2008. The following year, it was purchased by VMware, a subsidiary of Dell Technologies that provides cloud computing and platform virtualization software and services.

Founding Elastic

With the money Schuurman earned after selling Orange11 and Springsource, instead of choosing to sit at the swimming pool every day, he used that money to co-found Elastic in 2012. There, he held the CEO position for the first 5 years before stepping down. The company has a distributed workforce of around 900 employees in 30 countries. It’s worth mentioning that it has around 5,000 customers over 80 countries.

The company is the world’s leading software provider for making structured and unstructured data usable in real time. They offers services like Elasticsearch, Beats, Logstash, Stack Features (formerly known as X-Pack), security, alerting, monitory, graph, reporting, machine learning, Elasticsearch-Hadoop, and Elastics Cloud Enterprise.

Elastic is used by thousands of organizations including Cisco, eBay, Goldman Sachs, NASA, Microsoft, Mayo Clinic. Elastic has raised a total of $162 million in funding over 4 rounds.

Stay tuned to Silicon Canals for more updates in the tech startup world.

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