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New Enterprise Associates sees huge payday from Tableau Software IPO

05/17/2013

Chevy Chase-based New Enterprise Associates stands to reap a fortune fromTableau Software Inc.'s newly public stock, which is up about 60 percent in its first day of trading on the New York Stock Exchange Friday.

NEA is the single biggest venture backer of the Seattle-based data analytics company (NYSE: DATA). The firm sold 1 million shares of Tableau stock in the offering, and is holding on to another 18.5 million shares, or about 37 percent of the company. With Friday's pop, that stake is valued at more than $900 million.

New Enterprise, it should be noted, has a tendency to hold on to IPO stock for quite a while, long past when the traditional lock-up period ends. So whatever Tableau is worth today, tomorrow or the day after tomorrow is an almost purely academic discussion, as far as NEA is concerned.

In any event, this is a big win for the venture giant. NEA funded Tableau over several rounds, beginning with a $5 million investment in 2004. In 2008, it doubled down on the company with a $10 million Series B round, and snapped up 2.4 million shares more in a tender offer two years later, at a price of $14.2 million, according to documents filed with the SEC.

Tableau raised $254 million in the IPO.

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