Security software company Crowdstrike on Tuesday filed to go public on the Nasdaq under the ticker symbol “CRWD.”
In the year that ended on Jan. 31, Crowdstrike had a $ 140 million net loss on $ 249.8 million in revenue, according to the company’s regulatory filing. A majority of the company’s revenue comes through subscriptions, and Crowdstrike had more than 2,500 subscription customers as of Jan. 31.
Like most emerging businesses that sell to the enterprise, Crowdstrike spends heavily on its sales force. Sales and marketing costs jumped 66% last year to $ 172.7 million. The company said most of those costs are related to employee-related expenses, but it also spends on its Fal Con customer conference and other marketing events.
Competitors include antivirus companies McAfee and Symantec and other software security vendors like Cylance, Carbon Black, Palo Alto Networks and FireEye.
Public cloud market leader Amazon Web Services is a customer of Crowdstrike. “The initial deployment consisted of 13,000 endpoints. Today, our Falcon platform runs on hundreds of thousands of AWS workstations and servers,” Crowdstrike said in its filing. Meanwhile, Crowdstrike is an AWS customer and offers its services to customers through AWS.
One unnamed channel partner represented 15% of Crowdstrike’s revenue in the year that ended Jan. 31.
“We recently announced a strategic technology and go-to-market partnership with Dell Inc. that will enable Dell’s business customers to seamlessly add the Falcon platform to their purchase of Dell hardware, ” Crowdstrike said in its filing. “Dell and SecureWorks Corp. also agreed to take our Falcon platform to market as their preferred endpoint security offering through their global sales organizations. “
Warburg Pincus is the company’s biggest shareholder, with ownership of 30%, followed by Accel at 20% and Alphabet’s CapitalG investment arm at 11%. Google is also a Crowdstrike customer.
Sunnyvale, California-based Crowdstrike was founded in 2011 and launched its first endpoint-security product two years later.
The filing says Crowdstrike is looking to raise as much as $ 100 million in the initial public offering. The lead joint underwriters of the deal are Goldman Sachs, JPMorgan, Bank of America Merrill Lynch and Barclays.
CNBC’s Ari Levy contributed to this report.
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