SecureWorks has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). No pricing details were given in the filing, but the offering is valued up to $100 million, although this number is usually just a placeholder. The company intends to list its shares on the Nasdaq Global Select Market under the symbol SCWX.
The underwriters for the offering are Merrill Lynch, Morgan Stanley, Goldman Sachs, JPMorgan, Barclays, Citigroup, Credit Suisse, RBC Capital, UBS Investments, Pacific Crest Securities, Stifel, SunTrust Robinson Humphrey and William Blair.
This is a leading global provider of intelligence-driven information security solutions exclusively focused on protecting our clients from cyber-attacks. The company has pioneered an integrated approach that delivers a broad portfolio of information security solutions to organizations of varying size and complexity. Its solutions enable organizations to fortify their cyber defenses to prevent security breaches, detect malicious activity in real time, prioritize and respond rapidly to security breaches and predict emerging threats.
As of October 30, 2015, SecureWorks served over 4,100 clients across 61 countries. Its success in serving clients has resulted in consistent recognition of the company as a market leader by industry research firms.
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In the filing, SecureWorks described its finances as follows:
We have experienced significant growth since our inception. We generate revenue from our managed security and threat intelligence solutions through subscription-based arrangements, which provide us with a highly visible and recurring revenue stream, as well as revenue from our security and risk consulting engagements through fixed-price or retainer-based contracts. Our total revenue was $262.1 million in fiscal 2015, $205.8 million in fiscal 2014 and $172.8 million in fiscal 2013, for annual growth of 27% and 19%, respectively. For the first nine months of fiscal 2016 and fiscal 2015, our total revenue was $245.4 million and $190.7 million, respectively, representing a 29% growth rate. Our subscription revenue was $207.2 million in fiscal 2015, $170.2 million in fiscal 2014 and $145.1 million in fiscal 2013, for annual growth of 22% and 17%, respectively. For the first nine months of fiscal 2016 and fiscal 2015, our subscription revenue totaled $195.6 million and $149.9 million, respectively, representing a 31% growth rate. We incurred net losses of $38.5 million in fiscal 2015, $44.5 million in fiscal 2014 and $41.5 million in fiscal 2013. For the first nine months of fiscal 2016 and fiscal 2015, we incurred net losses of $57.5 million and $29.5 million, respectively.
The company intends to use the net proceeds from this offering for working capital and general corporate purposes.
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