Varonis Systems Files for Initial Public Offering

Varonis Systems, a provider data governance and protection software for enterprises, today announced that it has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) relating to a proposed initial public offering (IPO).

According to the S-1 filing, the company had revenues of $53.4 million in 2012. For 2010 and 2011 revenues were $28.9 million, $39.8 million respectively. For the nine months ended September 30, 2012 and 2013, Varonis had revenues of $34.9 million and $48.9 million, respectively, representing year-over-year growth of 40%. For the nine months ended September 30, 2012 and 2013, the company had net losses of $7.0 million and $9.0 million, respectively.

The number of shares to be offered and the price range for the offering have not been determined, though the company could raise upwards of $100 million, according to the filing. Varonis said it has selected to list with the NASDAQ Global Select Market under the ticker symbol “VRNS”.

Varonis makes software that helps enterprises to map, analyze, manage and migrate their unstructured data, and specializes in human-generated data. This human-generated unstructured data includes an enterprise files such as spreadsheets, word processing documents, presentations, audio files, video files, emails, text messages and any other data created by employees.

The company began operating in 2005, and as of September 30, 2013, had more than 2,100 customers.

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.