US-based network security software provider ForeScout Technologies filed on Monday to raise up to $100m in an initial public offering that will give exits to chipmaker Intel and trading group Itochu.
ForeScout provides a subscription-based cybersecurity software offering to businesses that works by locating and classifying devices as they connect to a client’s network and monitoring their actions in real time.
The company made a $47.8m net loss in the first half of 2017 from $90.6m in revenue, up from a $39.6m loss the year before from $68.7m of revenue.
The offering will follow $158m of funding raised by ForeScout since 2000, including $10m from a 2005 series D round backed by Itochu. Intel’s corporate venturing unit, Intel Capital, lists ForeScout on the portfolio page of its website.
Investment manager Wellington Management Company invested $57.3m to lead ForeScout’s last round, a $76m series G in 2015 that valued it at $1bn, and which also featured venture capital firm Aspect Ventures.
VC firm Amadeus Capital had led a $30m round the year before that included Aspect Ventures, fellow VC firms Accel and Meritech Capital Partners, and VC fund Pitango, according to the IPO filing.
Neither Intel nor Itochu own stakes of 5% or higher in ForeScout. Its largest shareholder is Amadeus Capital, which owns a 19.6% share, followed by Accel (15.2%), Pitango (14%), Meritech Capital (13.4%) and Wellington Management (7.7%).
ForeScout plans to float on the Nasdaq Global Market, and Morgan Stanley, Morgan Securities and Citigroup Global Markets are lead book-running managers for the offering. BofA Merrill Lynch and UBS Securities are book-running managers while KeyBanc Capital Markets is a co-manager.