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Varonis Systems To Hold Nasdaq IPO At $500 Million Value

The enterprise software company has filed a prospectus with the SEC and will reportedly raise $100-150 million.


Varonis Systems Ltd. has filed a prospectus with the US Securities and Exchange Commission (SEC) to hold an IPO on Nasdaq. Although the company said that the price range for the offering and the number of shares had not yet been determined, earlier this year “Globes” reported that it plans to raise $100-150 million at a company value of $500 million. It plans to list under the ticker “VRNS”. Varonis is headquartered in New York, but was founded in 2005 by Israelis, CEO Yaki Faitelson and CTO Ohad Korkus, and has operations in Herzliya. Varonis provides a software platform that allows enterprises to map, analyze, manage, and migrate unstructured data, with an emphasis on sensitive data and the prevention its unauthorized distribution.

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Varonis said that the offering will increase its flexibility and market visibility, and that it will use the proceeds for general purposes, including hiring, sales and marketing, working capital, and R&D. The prospectus states that the company has 536 employees, 42% of whom work in Israel. It had $15 million in cash at the end of September.

According to IVC, Varonis has raised $33 million. Accel Partners,  Evergreen Venture Partners, and Pitango Venture Capital participated in its last financing round.

Financial data disclosed in the prospectus state that Varonis posted $37 million revenue in January-September of 2013, 37% more than in the corresponding period of 2012, and that its GAAP-based net loss widened to $9 million from $7 million. It posted a non-GAAP net loss of $6.4 million in January-September

Morgan Stanley & Co. LLC, Barclays Capital Inc., Jefferies LLC and RBC Capital Markets LLC will serve as joint book-running managers for the offering, and Needham & Company LLC will serve as a co-manager.

Published by Globes [online], Israel business news – – on October 22, 2013



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