Apr 9, 2018

Cybersecurity company Carbon Black files for IPO

Dan Primack, author of Pro Rata

Carbon Black, a Boston-area maker of antivirus software and other endpoint security solutions, has filed for an IPO. The official offering amount is $100 million, but that's likely a placeholder.

Why it matters: Because it's finally happening. Carbon Black (originally known as Bit9, prior to a 2014 merger) did a confidential IPO filing more than 18 months ago.

  • The company plans to trade on the Nasdaq under ticker CBLK with Morgan Stanley listed as lead underwriter.
  • It reports a $56 million net loss on $162 million in revenue for 2017, compared to a $45 million net loss on $116 million in revenue for 2016. Almost all of the revenue is for subscription products, with the remainder for services.
  • Carbon Black and Bit9 raised more than $230 million in combined VC funding, from firms like Accomplice (17% pre-IPO stake), Highland Capital Partners (14.9%), Sequoia Capital (9.9%), Kleiner Perkins (8.8%), .406 Ventures (7.7%) and The Blackstone Group.

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