MongoDB made its market debut at the Nasdaq Thursday. Shares of the New York database software company jumped more than 33 percent on opening day.
The technology company was founded 10 years ago. MongoDB's Founder and Chief Technology Officer Eliot Horowitz says its tool for developers stands apart from competitors with its ability to distribute data across systems.
Horowitz says he sees a lot of MongoDB's uses within the "cloud." It has developed a solution called "MongoDB Atlas" to work across multiple platforms such as AWS, Microsoft Azure, or Google Cloud.
The company priced shares at $24 in its IPO, above the target range of $20-$22. As of Thursday's close, it's now valued at about $1.6 billion.