CARY – SAS, which has been a privately held company since its launch in 1976, is making moves to go public with a stock offering in 2024.

The news, announced by the company owned by billionaires Jim Goodnight and John Sall, comes just weeks after reported talks with international giant Broadcom about a possible purchase of SAS were broken off.

How much stock would be offered was not specified.

Goodnight told employees in an email two weeks ago that the company was not for sale.

SAS, a global leader in analytics and other software and services, says the intention is to be ready for an IPO by 2024.

“By moving toward IPO readiness we can open up new opportunities for SAS employees, customers, partners and our community to participate in our success ensuring the brightest possible future for all of us,” Goodnight, the CEO and majority shareholder, said in the announcement.

“As an organization we are on a solid path forward with sustainable growth that continues to build upon the trusted brand and platform we have created. We have built a strong operational and financial foundation setting us up for an even better future. Now it’s time to prepare the next chapter.”

Employees could be a big beneficiary of an IPO by SAS through stock options

This is not the first time SAS has considered an initial public offering of stock. In 2000, Goodnight explored an IPO then dropped the idea. At that time the company explored offering up to a 15% share in ownership of stock.

“I can confirm that SAS did consider going public at that time,” SAS spokeperson Shannon Heath told WRAL TechWire on Thursday. “The market quickly changed, and we reconsidered. It wasn’t the right time for SAS employees or customers.”

At that time, Goodnight said: “One main reason companies go public is they need the money. And we just plain don’t need the money.”

Goodnight says SAS not for sale; Broadcom talks over, says report

Years later, Goodnight said he would sell the company if someone offered him $20 billion. A deal with Broadcom would have met or come close to that targeted amount, the company being estimated worth that much.

SAS has no debt. Goodnight and Sall own all shares.

Next steps

In the statement today, SAS said the company “has achieved the financial strength brand equity and market leadership to make this move.”

The company also has remained profitable for 45 years, dating back to its founding during the days of Goodnight and Sall as educators at North Carolina State University.

A recently launched marketing campaign has rekindled forward sales momentum as well as a recently announced partnership with Microsoft, according to company officials.

“I’m always thinking about the future of SAS, what’s possible with our software and where we go together,” Goodnight said in his announcement. “Even after 45 years at SAS, I still wake up every day excited about what we can accomplish.”

SAS said it would make several changes in order to “become IPO ready:”

  • Refining financial reporting structure
  • Streamlining certain operational processes
  • Enhancing its focus on the segments of its platform where the company can continue to succeed and grow to the benefit of stakeholders