Proofpoint files for IPO of up to $50 mlnReuters Dec 14, 2011 Back to press
* To list on NASDAQ under symbol "PFPT"
* Names Credit Suisse and Deutsche Bank Securities as lead underwriters
Dec 14 (Reuters) - Cloud-based data security provider Proofpoint Inc filed with U.S. regulators to raise up to $50 million in an initial public offering of its common stock.
In a filing with the U.S. Securities and Exchange Commission, the Sunnyvale, California-based company said Credit Suisse and Deutsche Bank Securities would be the lead underwriters to the offering.
The company, which was founded in 2002, supplies data security solutions to around 2,400 customers, including 24 Fortune 100 companies, according to the filing.
There has been a spurt in demand for data protection services given the constantly evolving cyber threat landscape and the sensitive nature of the data.
Proofpoint, backed by MDV VII L.P. and Benchmark Capital Partners IV L.P., said it intends to list its common stock on Nasdaq under the symbol "PFPT".
The company has incurred net losses every year since inception, and recorded a net loss of $13.7 million, on revenue of $59 million for the nine months ended Sept. 30, the filing said.
The company did not disclose how many shares it planned to sell or their expected price.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.