ForeScout Technologies prices IoT security IPO at $22
ForeScout Technologies, the Internet of Things security company, priced its security IPO at $22, the top of its proposed range. It also enlarged the size of the IPO to 5.3 million shares, meaning the company raised about $116 million in the offering.
ForeScout helps businesses and government agencies monitor the devices connected to their networks. It also alerts them of potential intrusions.
Here’s how ForeScout describes itself in the S-1 filing. “We have pioneered an agentless approach to network security to protect organizations against the emerging threats that exploit the billions of devices connected to organizations’ networks. The traditional approach of relying on a corporate-installed software agent to secure a device has significant limitations in today’s world as devices are developed using a wide variety of platforms and operating systems that cannot support agents.”
ForeScout had $167 million in revenue last year, compared to $126 million for 2015. Losses grew to $75 million in last year, up from $27 million in 2015.
Early this year, we broke the news that ForeScout had filed confidentially. The company had taken advantage of a JOBS Act provision that allows businesses to submit filing updates without added scrutiny in the months leading up to an IPO.
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Published at Fri, 27 Oct 2017 02:38:33 +0000