Saturday, August 3, 2013

FireEye files to raise up to 175m in IPO

FireEye files to raise up to $175 million in IPO



FireEye, led by CEO Dave DeWalt, filed plans to raise up to $175 million in an IPO.
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FireEye, led by CEO Dave DeWalt, filed plans to raise up to $175 million in an IPO.
Senior Technology Reporter- Silicon Valley Business Journal
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IT security software developer FireEye filed plans on Friday to raise up to $175 million in an initial public offering.
The Milpitas-based startup led by CEO David DeWalt said it plans to use the money to expand its workforce and push ahead with sales, marketing and product development.
The company said its losses have grown each of the past full fiscal three years to $35.8 million, while revenue grew sevenfold to $83.3 million. In the first six months of 2013, its losses more than quadrupled to $66.6 million while revenue more than doubled to $61.6 million.
FireEye plans to trade with the symbol of FEYE but didn't say which exchange it will list on.
DeWalt, formerly the CEO of security software maker McAfee, made it clear he planned to take the company public in 2013. (Click here to read a Businesss Journal profile of DeWalt from May.)
FireEye has raised more than $100 million in venture funding since it was founded in 2004. Backers include Sequoia Capital, Norwest Venture Partners, In-Q-Tel, Silicon Valley Bank and others.
FireEye makes flexible security software, which tests and blocks new malware threats on the fly.
Click here to read the SEC filing about FireEye's IPO plans.
Cromwell Schubarth is the Senior Technology Reporter at the Business Journal. His phone number is 408.299.1823.
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