Varonis Systems, a provider data governance and protection software for enterprises, announced the pricing of its initial public offering of 4.8 million shares of its common stock at a price to the public of $22.00 per share.
All of the shares are being offered by Varonis, the company said.
In addition, Varonis and one of its stockholders have granted the underwriters a 30-day option to purchase up to an additional 720,000 shares of common stock to cover over-allotments, if any.
Varonis first filed for its IPO in October 2013.
The shares are expected to begin trading on the NASDAQ Global Select Market on February 28, 2014, under the ticker symbol “VRNS”.
Varonis offers a software platform that allows enterprises to map, analyze, manage and migrate their unstructured data. Varonis software is used for purposes such as data governance, data security, archiving, file synchronization, enhanced mobile data accessibility and information collaboration. As of December 31, 2013, Varonis had approximately 2,400 customers.
According to an S-1 filing, the company had revenues of $53.4 million in 2012. For 2010 and 2011 revenues were $28.9 million, $39.8 million respectively. For the nine months ended September 30, 2012 and 2013, Varonis had revenues of $34.9 million and $48.9 million, respectively, representing year-over-year growth of 40%. For the nine months ended September 30, 2012 and 2013, the company had net losses of $7.0 million and $9.0 million, respectively.
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