Live data from Hacker News

Backblaze IPO

sec.gov

121–130 of 300 posts

Re: Backblaze IPO

#121
post #38

I find this part interesting - of the ~500,000 customers, 70,000 are B2 customers and 430,000 are "backup" customers ... which are flat-rate "unlimited" users. These flat-rate users are very fickle and price-sensitive. If you peruse subreddits related to cloud storage or online backup, etc., they are filled with very picky users who expect the product to be free - or close to free. It's a fools errand to pursue this…

I think this is an incorrect assessment of that 430K customer base and the target market for that specific BackBlaze product.

The product is really aimed at people are either vaguely aware or fully aware that they need a backup product but don't know where to turn and want something simple.

It's aimed at people like me who need to recommend a backup product to friends, family members, etc. that I can simply direct them to install (or install for them) and requires next to no configuration to get up and running. It's minimally configured and just runs reliably in the background, rarely to be thought of again. All for a small, consistent monthly fee.

It is not targeted at backup enthusiasts, and DEFINITELY not the DataHoarder crowd, though I know some in that community do find ways to somehow use the service.

To that end, BackBlaze has made strategic choices to increase the chances that they are unlikely to be an attractive option to the DataHoarder or backup enthusiast or 20TB homelab folks:

1) As I said, the client offers little configuration compared to more powerful and flexible backup options. When you backup using their backup client, it is all done under their storage and retrieval preferences and paradigm. (In my experience, these communities tend to want more ability to configure, not less)

2) They don't offer a Linux client

3) They don't allow you to backup network shares. Nor do they allow you to back up a drive and then disconnect it. (After BackBlaze can no longer see the file, it will only retain it for 30 days)

I would imagine that these strategic choices have worked, because from what I see, the BackBlaze Unlimited service does not seem to be all that popular within the DataHoarder or "I need to store 100TB for $5/mo. and retrieve it all every few weeks" communities.

Re: Backblaze IPO

#123
post #61
post #15

Fidelity is handling the IPO and if you have been a customer of BackBlaze for a while apparently you will get to buy before public, up to 1,000 shares between $15-17 per share. That is my understanding.

I also see their IPO showing up in Robinhood's IPO Access list (i.e. available for purchase at the IPO price)

Yes RH appears willing to take my money now for shares that I may or may not receive when the symbol goes live ~20.64

Re: Backblaze IPO

#124
post #8

> We have a history of cumulative losses, and we do not expect to be profitable for the foreseeable future. Fundamentals seem solid, gotta get me some of those shares!

If you're confident, short it. Make some money.

For shorting, being too early is equivalent to being wrong - it's not sufficient to predict that the shares will eventually fall in value, you have to be quite good at predicting when it will happen or you'll just lose money.

Re: Backblaze IPO

#125
I don't understand how Backblaze doesn't charge for PutObject B2 calls. I'm not complaining, I just don't understand it.

At work, we have a use case where we store tens of millions of small files and mostly forget about them, never to read them again. (We later read maybe one out of a thousand, but we don't know what we'll need to read ahead of time, and the value of the files is substantial).

Amazon charges us something like $5,000/month, almost entirely due to PutObject calls. (I'm sure there are ways we could better architect this, but it is what it is).

If we moved this to Backblaze, we'd essentially only be charged for the storage, which is maybe 1TB at most. We're going to bombard the service with tens of millions of requests for like $5/month in storage costs.

How can this work for them?

Re: Backblaze IPO

#126
post #79

Earlier quoted context omitted.

How were you contacted? Been a customer for some time. Looking at my billing history looks like 2013. Must not be long enough :(

Not who you replied to but I got an email October 22nd "Pre-Registration for Potential IPO Directed Share Program " telling me to express interest, did, then October 28th got an email from Fidelity "Backblaze Directed Share Program - Account Opening Invitation" giving me until the 9th to open a Fidelity brokerage account.

Customer since 2010. No email :(

Re: Backblaze IPO

#127
Apropos of nothing, I'll share one of the reasons why I've been a loyal customer since 2010. In 2013 I booted up a dormant 2006 Macbook to prep for lending to a friend. Shortly thereafter I received the following email:

===

Hi Robbie (first name guessed from email address)-

This is NOT an automated email, I'm typing this live. You have the very very last computer on earth running an ancient version of Backblaze (version 1.5.2.390) that NO LONGER WORKS (too old, needs updating).

You are paying for a service you are not using. You have two choices:

1) Upgrade your Mac OS X 10.5 computer called "rlmmbp" to the latest Backblaze. Just visit our homepage and download it and install right over the top of what you have already, here is a URL: https://secure.backblaze.com/update.htm (Will take less than 5 seconds, totally free, you are already paying!)

2) Do nothing -> in 7 more days I will delete that machine's backup and all of the files in the backup, and you will be paying for an unused license. (I can provide instructions on how to cancel your billing if you need them.)

If you have any questions, feel free to contact me at the email address below:

- Brian Wilson CTO, Backblaze brianw@backblaze.com

Re: Backblaze IPO

#129
Congratulations! Been using them for backup for years (still on the free tier though :-P) and I'm a happy customer.

Re: Backblaze IPO

#130
post #51
post #25

I have paid for Backblaze for 4 years, after signing up for two 2 year subscriptions a few years apart. I have never got it to backup my files ever. Their settings dialog integrates with macOS preferences and freezes while it scans for files to backup without giving me any status update. It uploads so damn slowly it’s pretty useless. If I was to move/rename things around it would take weeks more to reupload. Every ti…

> I have paid for Backblaze for 4 years, after signing up for two 2 year subscriptions a few years apart. > I have never got it to backup my files ever. Why are you signing up for a two-year plan twice if you can't get it to work? They offer a free trial, so it's not like they're forcing you to pay before figuring out if it works.

Not to mention with a paid plan you can write to support and expect a fairly quick response. I also had some initial issues backing up with tons of files (during the trial) and support sorted me out after a couple back-and-forths over several days.

I also bet if they couldn't figure out the issue, a refund wouldn't have been out of the question.

Post reply on HN