Three years after coming under the ownership of private equity firm Vector Capital, security vendor SafeNet is set to go public again.
Yesterday the Maryland-based firm's holding company filed a prospectus with the US Securities and Exchange Commission (SEC), outlining its intent to make an initial public offering (IPO). The firm will offer newly issued shares, as well as some that are currently stockholder-owned.
SafeNet has not yet revealed how many shares will be offered or at what price, but the company hopes to make $300m (£199m) through the IPO.
In 2009 the vendor made a net loss of $49.7m on sales of $403.7m. There was more red ink in 2010's first quarter as SafeNet posted net losses of $7.4m on a top line of $107.8m. In the last two years, the company has acquired Aladdin Knowledge Systems, Ingrian Networks and Assured Decisions.
In its SEC prospectus, SafeNet claims market growth will help make it an attractive investment target.
"Several key trends are driving the need for high-end data protection solutions," reads the filing. "As a result of these trends, there is an increasing need to protect data throughout its life cycle, which includes establishing the identities of users, applications and machines, verifying electronic transactions, and securing the access, storage, sharing and movement of data."
The vendor's growth strategy includes plans for broadening its product portfolio and winning new custom from both the private and public sector. More "selective acquisitions" are also on the cards, as is an increase in channel activity.
"We intend to strengthen our existing channel by establishing new product reseller and distribution partnerships that will enable us to extend our customer reach and to target new verticals and geographic regions," said SafeNet.
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