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Hortonworks Inc. filed to sell shares in an initial public offering, betting on growth in demand for products and services based on Hadoop free software for storing, analyzing and managing large amounts of data.

The Palo Alto, California-based company filed for a $100 million IPO with the U.S. Securities and Exchange Commission today. The figure is a placeholder used to calculate fees and may change. Goldman Sachs Group Inc., Credit Suisse Group AG and RBC Capital Markets LLC will manage the sale.

Hortonworks, founded in 2011, is the first company focused on Hadoop, a free suite of software that lets people manage reams of data cheaply and efficiently, to file for an IPO. Its timing puts it ahead of older competitors Cloudera Inc. and MapR Technologies Inc. The global market for Hadoop products, software and services is projected to reach $50.2 billion in 2020, up from $1.5 billion in 2012, according to a March report from Allied Market Research.

Hortonworks sales in the year that ended in April 2013 rose to $11 million from $1.6 million a year earlier, while its net loss widened to $36.6 million from $11.5 million, according to the filing. For the 12 months that ended in September 2014, revenue was $41.5 million and the loss was $101.5 million.

Our mission is to establish Hadoop as the foundational technology of the modern enterprise data architecture, the company wrote.

Chief Executive Officer Rob Bearden has experience minting sales out of open-source software, having previously sold JBoss Inc. to Red Hat Inc. in 2006 and SpringSource Inc. to VMware Inc. in 2009. He has also worked at Oracle Corp.

Hortonworks was spun out of Web portal Yahoo! Inc., where Hadoop was developed. It employs more than 500 people and has taken in $225 million of funding, including a $100 million round in March led by BlackRock Inc. Its rivals are equally well funded: Cloudera, founded in 2008, gained $740 million in funding from Intel Corp. at a valuation of $4.1 billion in March. MapR, started in 2009, in June closed a $110 million round of financing led by Google Capital.

If they have a successful public offering, that means we will continue to have a very successful business, Cloudera CEO Tom Reilly said in an interview. I dont think this is a race about who is the first public company.

Hadoop is named after a yellow stuffed toy elephant that belonged to the son of Doug Cutting, the creator of the software. Cutting now works at Cloudera.

Hortonworks makes money by selling support and professional services for Hadoop. All of the companys software is available for free, while Cloudera and MapR develop proprietary programs that customers can pay for along with free Hadoop software.

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Hortonworks Files to Sell Shares in IPO of Hadoop Company

15 hours ago by Eerke Boiten If Spock would not think it illogical, its probably good code. Credit: Alexandre Buisse, CC BY-SA

Legendary Dutch computer scientist Edsger W Dijkstra famously remarked that "testing shows the presence, not the absence of bugs". In fact the only definitive way to establish that software is correct and bug-free is through mathematics.

It has long been known that software is hard to get right. Since Friedrich L Bauer organised the very first conference on "software engineering" in 1968, computer scientists have devised methodologies to structure and guide software development. One of these, sometimes called strong software engineering or more usually formal methods, uses mathematics to ensure error-free programming.

As the economy becomes ever more computerised and entwined with the internet, flaws and bugs in software increasingly lead to economic costs from fraud and loss. But despite having heard expert evidence that echoed Dijkstra's words and emphasises the need for the correct, verified software that formal methods can achieve, the UK government seems not to have got the message.

Formal software engineering

The UK has always been big in formal methods. Two British computer scientists, Tony Hoare (Oxford 1977-, Microsoft Research 1999-) and the late Robin Milner (Edinburgh 1973-95, Cambridge 1995-2001) were given Turing Awards the computing equivalent of the Nobel Prize for their work in formal methods.

British computer scientist Cliff B Jones was one of the inventors of the Vienna Development Method while working for IBM in Vienna, and IBM UK and Oxford University Computing Laboratory, led by Tony Hoare, won a Queen's Award for Technological Achievement for their work to formalise IBM's CICS software. In the process they further developed the Z notation which has become one of the major formal methods.

The formal method process entails describing what the program is supposed to do using logical and mathematical notation, then using logical and mathematical proofs to verify that the program indeed does what it should. For example, the following Hoare logic formula describing a program's function shows how formal methods reduce code to something as irreducibly true or false as 1 + 1 = 2.

Taught at most UK universities since the mid-1980s, formal methods have seen considerable use by industry in safety-critical systems. Recent advances have reached a point where formal methods' capacity to check and verify code can be applied at scale with powerful automated tools.

Government gets the message

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It's possible to write flaw-free software, so why don't we?

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