ForeScout Technologies unveils security IPO filing

Fundings and Exits

ForeScout Technologies has unveiled its IPO filing. This puts the network security company on track for a public debut that could happen as soon as late October.

We reported in February that ForeScout had filed confidentially. The company had taken advantage of a provision of the JOBS Act that allows businesses to prepare to go public without added scrutiny in the months leading up to an IPO.

ForeScout helps companies and government agencies monitor the devices connected to their networks and alerts them of potential intrusions.

Here’s how ForeScout describes its business in the 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 brought in $167 million in revenue last year, compared to $126 million in 2015. Losses grew to $75 million in 2016 from $27 million in 2015.

Amadeus Capital has the largest ownership stake at 19.6 percent. Accel has 15.2 percent, Pitango has 14 percent and Meritech Capital Partners has 13.4 percent. The company had raised at least $125 million, dating back to 2000.

Last year, ForeScout was said to possess a $1 billion valuation.

The company plans to list on the Nasdaq, under the ticker “FSCT.” Morgan Stanley and J.P. Morgan are underwriting the offering. Wilson Sonsini and Goodwin Procter are counsel.

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