ForeScout Technologies, a US-based cybersecurity company backed by conglomerate Itochu Corporation and chipmaker Intel, has begun its search for underwriters for an initial public offering, Fortune reported yesterday.
ForeScout has spoken to a range of unnamed investment banks over the past few weeks and could be valued at up to $1bn in its IPO, the same valuation at which it closed a $76m funding round in January.
The January round was led by investment firm Wellington Management and reportedly brought the company’s total funding to approximately $121m. Itochu contributed to $10m in series D funding in 2005, according to an archived copy of ForeScout’s website.
Intel’s corporate venturing subsidiary, Intel Capital, lists ForeScout as a portfolio company. It contributed to the series D round in 2007, helping close it at $14.4m, according to deals database Pitchbook.
Founded in 2000, ForeScout’s technology detects and secures devices including computers and smartphones as soon as they connect to an enterprise network. The platform does not require manual installation of software on individual gadgets.
ForeScout’s flotation would also provide an exit to Accel Partners, Amadeus Capital, Meritech Capital Partners, Pitango Venture Capital and BCS Growth Fund. The IPO is expected to take place later this year.