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Security software maker Veracode taps banks for IPO -sources
December 17, 2014 / 5:41 PM / 3 years ago

Security software maker Veracode taps banks for IPO -sources

NEW YORK (Reuters) - Veracode, a cyber security company that helps companies protect their Internet applications from hackers, has selected underwriters to lead a potential initial public offering that could value it between $600 million (383 million pounds) and $800 million, according to people familiar with the matter.

Veracode, based outside of Boston in Burlington, Massachusetts, is working with banks including JP Morgan and UBS 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 and JP Morgan declined to comment.

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

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

Veracode’s chief executive Bob Brennan, who was formerly the CEO of Iron Mountain, 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

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