Cloudflare is reportedly preparing for an initial public offering with a potential valuation of more than $3.5 billion. According to Reuters, the IPO would take place in the first half of 2019 and be led by Goldman Sachs.
This year is expected to be a strong one for cybersecurity stock debuts, thanks in part to increasing awareness of, and demand for, security and privacy services. Another cybersecurity startup said to be prepping for an IPO is CrowdStrike, which raised $200 million earlier this year on a valuation of $3 billion. According to Reuters, CrowdStrike’s would also be led by Goldman Sachs.
Founded by Lee Holloway, Matthew Prince, and Michelle Zatlyn, Cloudflare launched in 2010 at TechCrunch Disrupt. Since then, it has raised a total of $182.1 million from investors including NEA, Union Square Capital, Baidu, Microsoft, Qualcomm and capitalG (Alphabet’s investment fund formerly known as Google Capital), according to Crunchbase. Its last funding, a $110 million Series D, was announced in September 2015 and led by Fidelity Investments.
Cloudflare’s services help websites load faster and prevent security breaches. According to the company’s website, it now has more than 154 data centers and serves more than 10 million domains. The company claims that “the average Internet users touches us more than 500 times” each week.
Source: Tech Crunch