(Bloomberg) -- Pendo, a startup that helps companies develop better software products, has raised $150 million at a $2.6 billion valuation with an initial public offering potentially on the horizon.

B Capital, the venture capital firm started by billionaire Facebook Inc. co-founder Eduardo Saverin and backed by management adviser Boston Consulting Group, is leading the round, Pendo Chief Executive Officer Todd Olson said in an interview.

Silver Lake Waterman, a fund that focuses on investing in pre-IPO companies according to Silver Lake’s website, is joining as a new investor in Pendo, Olson said. Existing investors including Battery Ventures, General Atlantic, Tiger Global Management and Sapphire Ventures are also participating in the round.

Pendo, based in Raleigh, North Carolina, has raised $356 million to date and was valued at $1 billion in 2019 in its last funding round, Olson said.

Pendo’s platform helps developers gather data on how customers use their applications. Its clients include identity-verification software company Okta Inc. and Toast, a maker of software for restaurants, according to Pendo’s website.

Rashmi Gopinath, general partner at B Capital, said Pendo “provides almost a one-stop solution for product managers to get access to all of the insights that they need on product usage and product adoption.” She said her firm is generally optimistic about investing in the so-called future of work category.

Pendo generates $100 million in annual recurring revenue, Olson said. The company will consider an IPO “sometime next year,” he said.

One of Pendo’s competitors, Amplitude, said this month that it had filed confidentially with the U.S. Securities and Exchange Commission to go public through a direct listing.

Pendo is named after the Latin word for value. Before he started Pendo, Olson was a senior executive at Rally Software, which is now a Broadcom Inc. unit.

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