CEO Sanjay Beri won’t put an exact figure on Netskope’s valuation, but he did confirm that it’s over $1 billion. And while “we don’t have any specific timeline for an IPO,” an initial public offering is on the horizon, he said. Being acquired, however, is not.
The California-based company, founded in 2012, got its start as a cloud access security broker (CASB) but has since expanded its cloud security platform. While many other CASB startups have been scooped up by larger vendors, Beri has repeatedly made it clear that Netskope is not for sale.
“Our focus is to be an independent company,” he said. “You’re not going to see us go the way of many other companies that weren’t built for the long term. We are fiercely independent.”
The company will “pour money” into research and development and expand Netskope’s global security cloud and data center footprint with the latest investment, Beri said. “You innovate or your die,” he added.
Existing investor Lightspeed Venture Partners led the Series F. Existing investors Accel, Geodesic Capital, Iconiq Capital, Sapphire Ventures, and Social Capital participated, as did new investor Base Partners. This round is significant because all of the company’s existing investors participated, Beri said.
“Lightspeed has been with us since pre-product release,” he said. “When you have your existing investors basically doubling down on you it gives you a great sense of how the company is doing.”
Strong Year for Netskope
It’s been a strong year for the company, which counts more than one-quarter of the Fortune 100 as customers. It also grew its revenue 75 percent year over year, according to Beri.
In July, Netskope acquired Sift Security, a cloud infrastructure-as-a-service (IaaS) security company, for an undisclosed amount. And over the past 12 months Netskope added public cloud and web traffic protection to its cloud security platform. “Our focus is to be a security cloud and a platform, and now we have all three — SaaS, IaaS, and web — under one umbrella and cloud,” Beri said.
Also this year Netskope grew its employee headcount by 50 percent and opened a new headquarters in Santa Clara, California. It also expanded into Latin America and Asia Pacific, and hired two new executives, a vice president of corporate development, Dave Daetz, and General Counsel Jim Bushnell.
Additionally, Gartner named Netskope a leader for the second consecutive year in its CASB Magic Quadrant. And Forbes included NetSkope for the second time in its 2018 Cloud 100 list of most valuable private cloud computing companies in the world.
Big Year for Security IPOs
Other recent security startup IPOs bode well for Netskope as it eyes its own public debut.