Sophos IPO: Cyber security firm to raise $100m in £1 bn London float

Sophos IPO: Cyber security firm to raise $100m in £1 bn London float

 

A cyber security company founded by two Oxford graduates in 1985 has announced plans for a £1 billion stock market flotation.
Abingdon-based Sophos hopes to raise £100 million by going public, having shelved a previous attempt to join the London Stock Exchange in 2007 because of the global financial crisis.

The company is majority owned by private equity giant Apax, which paid $580 million (£380 million) for a 65% stake in the group five years ago.

Founders Jan Hruska and Peter Lammer, who reportedly made $300m from that deal, still own about 25%.

Chief executive Kris Hagerman said: “Protecting against IT security threats is a pressing and urgent global need, and nowhere is that more evident than in mid-market enterprises.

“You can’t open any publication at the moment without reading about a cyber-attack or breach — it’s the number one priority for every IT executive.”

Sophos plans to use the money raised from the listing to pay down its net debt, which stood at $318.8 million at the end of April.

Read the full article here.

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