Cybersecurity startup Arctic Wolf seeks to hire advisors for U.S. IPO

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Nov 22 (Reuters) – Cybersecurity startup Arctic Wolf, which not too long ago raised funding at a valuation of over $4 billion, is in search of to hire monetary advisors for a inventory market itemizing early subsequent 12 months within the United States, a high govt informed Reuters.

Arctic Wolf has began interviewing funding banks and is anticipated to finalize advisors for its preliminary public providing (IPO) within the coming months.

The firm raised $150 million from traders together with Viking Global Investors and Owl Rock in a non-public funding spherical in July that valued the startup at $4.3 billion.

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During the pandemic, Arctic Wolf benefited from larger investments in safety options, as distant working preparations compelled firms to spend extra on software program instruments that counter safety threats.

The Eden Prairie, Minnesota-based startup is aiming to go public within the second half of 2022, in accordance to Chief Executive Nick Schneider.

“The acceleration in our growth is in part due to the impact of COVID on businesses and that’s both around digital transformation…and people starting to work from anywhere who need protections on their internal network,” stated Schneider.

Schneider, who took over as CEO in August, has been spearheading Arctic Wolf’s efforts to develop internationally, because it makes an attempt to put a governance construction in place earlier than it goes public.

Founded in 2012, Arctic Wolf supplies safety software program instruments and companies to detect and assist firms recuperate from cybersecurity threats. Its companies are utilized by enterprises throughout a number of industries, together with healthcare, monetary companies and manufacturing.

Arctic Wolf generates income via a subscription mannequin, which has grown by over 100% up to now 12 months, it stated.

The firm additionally counts Lightspeed Venture Partners and Redpoint Ventures amongst its traders.

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Reporting by Krystal Hu in New York; Editing by Bernadette Baum

American flags hang from the facade of the New York Stock Exchange (NYSE) building in Manhattan in New York City, New York, January 28, 2021. REUTERS/Mike Segar

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