Cybersecurity startup Arctic Wolf seeks to hire advisors for U.S. IPO

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Nov 22 (Businesshala) – Cybersecurity startup Arctic Wolf, which recently raised funding at a valuation of more than $4 billion, is seeking to hire financial advisors for stock market listings in the United States early next year. has been, a top executive told Businesshala.

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Arctic Wolf has begun interviewing investment banks and expects to finalize advisors for its initial public offering (IPO) in the coming months.

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The company raised $150 million in July in a private funding round from investors including Viking Global Investors and OwlRock, which was valued at $4.3 billion.

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During the pandemic, Arctic Wolf benefited from higher investments in security solutions, as remote working arrangements forced companies to spend more on software tools to combat security threats.

Minnesota-based startup Eden Prairie is aiming to go public in the second half of 2022, according to chief executive Nick Schneider.

“The acceleration in our growth is due to the impact of COVID on businesses and it’s around digital transformation … and people are starting to work from anywhere, who need security on their internal networks,” Schneider said.

Schneider, who took over as CEO in August, is leading Arctic Wolf’s efforts to expand internationally, as it seeks to establish a governance structure before it goes public.

Founded in 2012, Arctic Wolf provides security software tools and services to help companies overcome cybersecurity threats. Its services are used by enterprises in a range of industries, including healthcare, financial services and manufacturing.

Arctic Wolf generates revenue through a subscription model, which has grown more than 100% over the past year, it said.

The company also counts Lightspeed Venture Partners and Redpoint Ventures among its investors.

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Reporting by Crystal Hu in New York; Editing by Bernadette Baum

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