Backblaze Set to Join Russell 3000 and 2000 Indexes

Rhea-AI Summary

Backblaze (Nasdaq: BLZE) will join the Russell 3000® and Russell 2000® Indexes as part of the Russell U.S. Indexes annual reconstitution, effective July 1, 2024. This inclusion marks a significant growth milestone for Backblaze, highlighting its commitment to innovative cloud storage solutions for global businesses. The Russell Indexes are important benchmarks used by investment managers and institutional investors, with approximately $10.5 trillion in assets benchmarked against them as of December 2023. CEO Gleb Budman emphasized that this inclusion aligns with Backblaze's strategy to enhance shareholder value in the expansive $50 billion cloud storage market.

Positive

• Backblaze's inclusion in the Russell 3000 and Russell 2000 Indexes signifies growth and increased visibility.
• Approximately $10.5 trillion in assets are benchmarked against the Russell U.S. Indexes, potentially attracting more investors to Backblaze.
• The inclusion may boost investor confidence and shareholder value in the $50 billion cloud storage market.

Negative

• None.

SAN MATEO, Calif., June 27, 2024 (GLOBE NEWSWIRE) -- Backblaze, Inc. (Nasdaq: BLZE), the cloud storage innovator delivering a modern alternative to traditional cloud providers, is set to join the broad-market Russell 3000^® and small-cap Russell 2000^® Indexes in connection with the Russell U.S. Indexes annual reconstitution, effective Monday, July 1, 2024.

“Our inclusion in the Russell Indexes represents another milestone in the company’s growth trajectory,” said Gleb Budman, CEO of Backblaze. “We are committed to delivering innovative cloud storage for businesses around the world and increasing shareholder value in this $50 billion market.”

The Russell Indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. According to the data as of December 2023, about $10.5 trillion in assets are benchmarked against the Russell U.S. Indexes, which belong to FTSE Russell, a prominent global index provider.

About Backblaze

Backblaze is the cloud storage innovator delivering a modern alternative to traditional cloud providers. We offer high-performance, secure cloud object storage that customers use to develop applications, manage media, secure backups, build AI workflows, protect from ransomware, and more. Backblaze helps businesses break free from the walled gardens that traditional providers lock customers into, enabling customers to use their data in open cloud workflows with the providers they prefer at a fraction of the cost. Headquartered in San Mateo, CA, Backblaze (Nasdaq: BLZE) was founded in 2007 and serves over 500,000 customers in 175 countries around the world. For more information, please go to www.backblaze.com.

Investors Contact:
Mimi Kong
Senior Director, Investor Relations
ir@backblaze.com

Press Contact:
Jeanette Foster
Communications Manager
press@backblaze.com

FAQ

When will Backblaze join the Russell 3000 and 2000 Indexes?

Backblaze will join the Russell 3000 and 2000 Indexes on July 1, 2024.

Why is Backblaze joining the Russell 3000 and 2000 Indexes significant?

Joining the Russell 3000 and 2000 Indexes increases Backblaze's visibility among investors and highlights its growth in the cloud storage market.

How much in assets are benchmarked against the Russell U.S. Indexes?

Approximately $10.5 trillion in assets are benchmarked against the Russell U.S. Indexes.

What is the market size that Backblaze is targeting with its cloud storage solutions?

Backblaze is targeting the $50 billion cloud storage market with its solutions.