Zscaler, a US-based cybersecurity technology provider that counts as internet technology group Alphabet and computing company Dell as investors, has confidentially filed for an initial public offering, TechCrunch has reported.
The company had already hired banks to explore a potential flotation, according to a Reuters report in June this year, and Bloombger reported that it ended up selecting Morgan Stanley. The filing was revealed to TechCrunch by multiple sources.
Zscaler has built a cloud-based security platform that offers a more flexible solution for users across a range of devices and networks that can also be scaled more easily than data centre-based offerings.
Alphabet’s growth equity arm, CapitalG, invested $25m in Zscaler’s last round, a $110m series B in September 2015 that also featured EMC, the data storage technology producer subsequently acquired by Dell, as well as TPG Growth and Lightspeed Venture Partners.
The series B round, which reportedly valued Zscaler at more than $1bn, came after it raised $38m in a 2012 series A round led by an unnamed strategic investor with participation from Lightspeed.
Scott Darling, president of Dell’s corporate venturing subsidiary, Dell Technologies Capital, joined Zscaler’s board of directors in June 2017. He was president of EMC Corporate Development and Ventures at the time of its parent company’s investment in Zscaler.