Tom Siebel Does it Again with C3.ai

Posted on 12/13/2020


Thomas (Tom) M. Siebel did it again. Tom Siebel was the founder of Siebel Systems, which was later acquired by Oracle in January 2006. In 2009, Siebel founded C3.ai, Inc., originally to provide enterprise software for energy management. Redwood City, California-based C3.ai went public. The initial public offering price was US$ 42.00 per share. The company is developing means to deploy AI applications.

Existing investor BlackRock and new investor Capital Research Global Investors (The Capital Group) planned to buy 20% of the shares in the IPO, while Koch Industries and Microsoft Corporation bought US$ 150 million worth of shares in a private placement. Spring Creek Capital, LLC, an affiliate of Koch Industries, Inc. bought 2,380,952 shares of C3.ai for US$ 100 million, while Microsoft bought 1,190,476 shares for US$ 50 million in the private placement.

Affiliates of TPG Capital bought 3,825,203 Series F convertible preferred stock for US$ 74,999,997.75 around January 2018 in C3.ai. Affiliates of TPG Capital bought 2,522,042 Series G convertible preferred stock for US$ 49,999,996.97 around February 2019 in C3.ai.

Baker Hughes

In June 2019, C3.ai sold 9,529,762 shares of its Class B common stock and 1,283,333 shares of its Series G convertible preferred stock to Baker Hughes Holdings LLC, or Baker Hughes, a holder of more than 5% of the company’s outstanding capital stock, at a purchase price of $4.62 per share and $19.8252 per share, respectively.

C3.ai had announced global alliances with AWS, IBM, Intel, and Microsoft to jointly market, sell, and service its combined solutions across industry verticals.

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