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Security software maker Veracode taps banks for IPO: sources
December 17, 2014 / 5:42 PM / in 3 years

Security software maker Veracode taps banks for IPO: sources

NEW YORK (Reuters) - Veracode, a cyber security company that helps companies protect Internet applications from hackers, has selected underwriters to lead a potential initial public offering that could value it between $600 million and $800 million, according to people close to the matter.

Veracode, based outside of Boston in Burlington, Massachusetts, is working with banks including J.P. Morgan (JPM.N), UBS UBSG.VX and Deutsche Bank (DBKGn.DE) on the potential offering, which could come as soon as next year, the sources said. They asked not to be identified because the matter is not public.

Representatives for Veracode, UBS, J.P. Morgan and Deutsche Bank declined to comment.

Veracode, which was founded in 2006, counts some of the biggest banks as clients. The company has raised more than $100 million to date from investors such as Wellington Management Co, which led a $40 million investment in September.

In-Q-Tel, the CIA-funded venture capital firm, is also an investor.

Veracode Chief Executive Bob Brennan, who was formerly the CEO of Iron Mountain (IRM.N), said in September that annual revenue grew 50 percent to $44 million in 2013.

Additional reporting by Jim Finkle in Boston; Editing by Grant McCool and Steve Orlofsky

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