Varonis Systems Files For IPO
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.”