CrowdStrike raised $612 million in its initial public offering on Tuesday, and boosted its valuation to between $6.6 billion and $6.8 billion. That’s more than double its $3 billion valuation after raising $200 million in a Series E funding round a year ago.
The endpoint security company, founded by former McAfee executives, sold 18 million shares priced at $34 each — above the original target range of $19 to $23. Last Thursday it raised the target price to between $28 and $30 per share.
“We launched CrowdStrike in 2011 to transform security to meet the needs of modern businesses in the cloud era,” said CEO and co-founder George Kurtz in an emailed statement to SDxCentral. “Our IPO is an important milestone and we couldn’t be more excited as we look forward to continuing to outwit cyber adversaries to keep our global customers safe.”
In a blog post today, Kurtz said CrowdStrike’s customers include “44 of the Fortune 100, 37 of the top 100 global companies, and nine of the top 20 major banks. The Falcon platform has truly modernized how cybersecurity is delivered and operationalized to support the needs of the contemporary, distributed enterprise.”
Amazon Web Services (AWS) is one of these customers and has deployed CrowdStrike’s Flacon security platform across “hundreds of thousands of AWS workstations and servers,” according to an earlier filing with the U.S. Securities and Exchange Commission.
The company’s $612 million IPO is one of the highest ever for a U.S. cybersecurity firm, and makes it the seventh venture-backed cybersecurity firm to be valued at more than $1 billion in its public debut.
It’s also just the second IPO in the cybersecurity space this year, following Israel’s Tufin Software Technologies public offering in April. But it follows a huge year in 2018 that saw Avast Software raise $811 million, Tenable raise $251 million, Zscaler raise $192 million, and Carbon Black raise $152 million.
Comments