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Elastic Software Founder Doubles Wealth in 60 Days to Become Billionaire

Tom Metcalf and Ben Stupples
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Elastic Software Founder Doubles Wealth in 60 Days to Become Billionaire

(Bloomberg) -- Elastic NV co-founder Steven Schuurman more than doubled his fortune in two months to become a billionaire as the software company’s stock skyrocketed.

Shares of Elastic climbed 15 percent to $82 at the close in New York, leaving them up 128 percent since the Oct. 4 initial public offering. The firm, which supplies search and data software to companies including Credit Suisse Group AG, Accenture Plc and Uber Technologies Inc., is scheduled to report second-quarter results after U.S. markets close Tuesday.

Schuurman co-founded Elastic in 2012 in Amsterdam along with Shay Banon, Uri Boness and Simon Willnauer. He previously co-founded SpringSource, a maker of open-source software development tools that was acquired by VMware Inc. in 2009 for $362 million.

Schuurman is Elastic’s biggest shareholder with a 19 percent stake valued at $1.1 billion, according to the Bloomberg Billionaires Index. Banon, the chief executive officer, owns 12 percent of the Mountain View, California-based company.

Elastic declined to comment on the founders’ wealth.

To contact the reporters on this story: Tom Metcalf in New York at tmetcalf7@bloomberg.net;Ben Stupples in London at bstupples@bloomberg.net

To contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, Peter Eichenbaum, Steven Crabill

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