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Evernote has more than 14 million users, with about 500,000 users who pay $5 a month for premium access, the company said. People use Evernote to record notes, organize data, store photos and search for documents. The app is available on Android and Apple devices.
An IPO is inevitable, but the company is not in a rush to test the public markets, said Chief Executive Phil Libin.
He said the company's annualized revenue was $16 million over the past 12 months and growing quickly.
"Revenue grew 300 percent in the past year. It is growing exponentially and accelerating," Libin said.
About 70 percent of people start using the app through Apple and Google's Android powered devices, he said. The app attracts 40,000 new users each day.