McAfee seeking $9.5bn valuation in IPO

Security vendor set to go public for the first time since 2010, when it was acquired by Intel

McAfee has revealed plans of its impending IPO, with the security vendor looking to raise up to $814m.

A valuation of $9.5bn will be hit if shares sell at the high-end price of $22.

McAfee also opened up its books as part of the regulatory filing.

The filing revealed that McAfee was turning over $1.9bn in net revenue when it was acquired by Intel in 2011.

Sales had grown to $2.6bn in 2019, against a net loss of $236m.

McAfee also highlighted the importance of the channel in its sales strategy, with Ingram Micro, Arrow and Tech Data accounting for 15 per cent, seven per cent and six per cent of sales respectively.

It added that the majority of its mid-market customers transaction through partners, with the vendor itself targeting enterprise and US public sector customers.

McAfee has been privately held since it was spun out of Intel in 2017.

Private equity firm TPG took a majority stake, with Intel remaining a shareholder, in a deal valuing the firm at $4.2bn, including debt.

The firm now claims to count 86 companies in the Fortune 100 as customers, as well as 78 per cent of the Fortune 500.