Sophos boss opens up on IPO
Chief executive Kris Hagerman claims public move is 'exciting milestone' for the security vendor
Sophos has claimed its IPO – which it announced today – will be a pivotal step in the future of the security vendor.
Speaking to CRN, Kris Hagerman (pictured), Sophos chief executive, said: "The important thing to keep in mind is we view this as an exciting milestone on the way to bigger things for the company. We think becoming a public company will accelerate our mission and help take us to the next phase of growth and success.
"We have become recognised by the industry as one of the true leaders, both in our product set and increasingly for our channel approach. It is no exaggeration to say that Sophos is a channel success story. We are virtually unique among the major security vendors in our channel-first market strategy. We have 700 people in our sales team and not one of them goes direct," he said.
The Abingdon-headquartered vendor expects to raise £65m in the IPO on the London Stock Exchange (LSE), which analysts have tipped as the largest-ever software debut on the exchange.
Hagerman said he is proud of the British roots of the vendor, which now operates in 150 countries.
"We are very excited about our UK heritage and history and we think we are very well positioned to become a successful public company," he said.
Nick Bray, chief financial officer at Sophos, said the IPO will largely be used to cut the company's debt, as well as allow it to look at future acquisitions.
"[The IPO] will allow us to continue with our organic growth and also [help] with acquisitions. But the primary drive for the business is going to be organic," he said.
Bray claimed the constraints that come with being a public company would not hinder Sophos' progress.
"We are exceptionally strong; far stronger than any company of our size and we have a very experienced team. [Going public] doesn't faze us at all," he said.
He added: "We cannot comment on the valuation but I would reiterate how strong the company is. We have significant scale and significant reach."