Israeli cybersecurity startup Snyk is readying for an initial public offering (IPO) and aiming for listing as soon as mid-2022, "Bloomberg" reports, according to people familiar with the matter, who asked not to be identified because the matter is private. Snyk has been speaking to banks about the IPO but plans aren’t finalized and details could still change, "Bloomberg" added.
Snyk has raised $600 million so far this year in two financing rounds of $300 million each - the first in March at a valuation of $4.7 billion and the second in September at a valuation of $8.5 billion. "Bloomberg" reports that Snyk will be targeting a market value greater than its September valuation.
A representative for Snyk declined to comment on the "Bloomberg" report.
Snyk has developed a platform that identifies security breaches and open source licensing management issues for code and takes effective action. The company was founded in 2015 by president Guy Podjarny, who in 2012 had sold Blaze, the company he has previously founded, to Akamai. Podjarny founded Snyk with Assaf Hefetz and Danny Grander - all graduates of the Israel Defense Forces 8200 intelligence unit. In July 2019, Snyk appointed Peter McKay as CEO, an investor who has been involved with Snyk since its inception and an old friend of Podjarny.
Snyk has raised over $1 billion to date, according to PitchBook. Investors include Tiger Global Management, Coatue Management, BlackRock Inc., Alphabet’s GV, Salesforce Ventures, Canaan Partners and Boldstart Ventures.
Snyk is headquartered in Boston with its development center in Tel Aviv and offices in London, Ottawa, and Zurich.
Published by Globes, Israel business news - en.globes.co.il - on December 26, 2021.
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