Varonis Systems Files For IPO

Varonis Systems Logo
Varonis Systems is an Israel-based company that helps businesses manage unstructured data.  Varonis has filed for an IPO on Tuesday, which says that they are seeking up to $100 million.  Varonis Systems’ competitors include Quest, Symantec, and Imperva.

 

Varonis Systems reported $53 million in revenues last year, which is up 34% from the previous year.  Varonis Systems’ operating losses dropped over 50% from the previous year to $1.6 million.  Their net loss, including income taxes and financial expenses, increased 28% to $4.8 million.  Varonis’ operating losses fell over 50% from the previous year to $1.6 million.  Their net loss, including income taxes and financial expenses, jumped 28% to $4.8 million.

For the last 9 months ending September 30th, revenues grew at a rate of 40% to $48.9 million, but their operating losses almost doubled, widening from $3.9 million to $7.4 million.  Varonis Systems has 536 employees and 2,100 customers in the education, energy, utilities, financial, healthcare, and media sectors.

Varonis’ largest customer is EMC and is 9.7% of their 2012 revenues.  Investors in Varonis includes Accel Partners, Evergreen Venture Partners, and Pitango Venture Capital.  Varonis will trade with the symbol “VRNS.”

[Source: Forbes]

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