Big Data

Data protection company Varonis Systems files for $100M IPO

Above: Varonis Systems filed for a $100 million IPO Tuesday

Image Credit: Varonis Systems
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Varonis Systems filed with the Securities and Exchange Commission Tuesday to raise up to $100 million in an initial public offering.

Morgan Stanley, Barclays, Jefferies, and RBC Capital Markets are the major underwriters of the IPO, with participation from co-manager Needham & Co., the company told the SEC. Varonis intends to go by symbol “VRNS” on the Nasdaq Global Select Market. Varonis filed confidentially on Aug. 21, 2013.

Varonis reported a net loss of $8.99 million on revenues of $48.93 million for the nine-month period ending Sept. 30, 2013. For that period last year, the company reported a net loss of $7.05 million on revenues of $34.85 million.

Varonis closed a $15 million funding round in Jan. 2009 led by data storage company EMC, with participation from Accel Partners, Evergreen Venture Partners, and Pitango Venture Partners. That round brought Varonis’ total funding raised to $28 million.

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Founded in early 2005 by networking and storage expects Yaki Faitelson and Ohad Korkus, the New York City-based company provides data governance solutions for around 2,000 customers, including ATB Financial, Juniper Networks, SanDisk, and EMC. Varonis competes with Symantec, which offers its own suite of data protection services.

In September, Varonis released its new data governance suite, which helps customers prevent security breaches and misconfigurations by providing alerts on monitored data in real time.

Varonis intends to use the net proceeds from the IPO for “general corporate purposes, including headcount expansion, working capital, sales and marketing activities, research and product development, general and administrative matters, and capital expenditures,” according to the filing. International expansion, particularly in Latin America and Asia, is a major focus for the company going forward in its effort to sustain long-term growth.

More about the companies and people from this article:

Varonis is the foremost innovator and provider of access, governance, and retention solutions for human-generated data, the fastest-growing and most sensitive class of digital information. Based on patented technology and a highly accu... read more »

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