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Colorado's Optiv files for an IPO

21 Nov 2016 4:13 PM | Anonymous

This article first appeared in the Denver Business Journal.
http://www.bizjournals.com/denver/news/2016/11/21/colorados-optiv-files-for-anipo.html

Denver-based cybersecurity company Optiv Inc. has filed with the U.S. Securities and Exchange Commission to become a publicly traded company.

The filing on Friday puts Optiv in line to be the first major IPO in Denver tech circles since Zayo Group, a Boulder-based business telecom, went public in the fall of 2014.

Optiv plans to be listed on the New York Stock Exchange with the ticker symbol “OPTV.”

The company declined to comment about the public stock offering.

Optiv’s SEC document includes no detail yet about timing of the IPO, how many shares Optiv will offer for sale, the shares’ anticipated price range, or how much the company expects the stock offering to raise.

The company employs more than 1,700 people, 244 of them in Denver, and has offices around the country.

Optiv sells consultation services as well as cybersecurity technology it creates and products from 400 partner companies to businesses seeking help securing their computer networks. It says it’s the largest company of its kind focused on solely cybersecurity.

“We believe this gives us an edge in detecting threats and protecting our clients and that our clients and vendor partners recognize our leading position and value our expertise,” Optiv’s IPO filing said.

Optiv has more than 7,500 clients in 76 countries and is five times larger in sales than its next-largest comparable competitor, the company says.

The company was created in July 2015 from the merger of Denver-based Accuvant and FishNet Security, of Kansas City.

Dan Burns, co-founder of Accuvant, is the CEO of Optiv Inc.

Optiv is 58 percent owned by Blackstone, a large private equity company. Investment firms Investcorp and Servica own 24.6 percent and 7 percent stakes in the business.

Optiv lost $5.6 million on revenue of $972.6 million in 2015, according to unaudited results in the company’s SEC filing. In 2016, through Sept. 30, the company posted $643.8 million revenue, down about 1 percent compared to the first nine months of 2015.

Optiv acquired three other companies since April, which its SEC filing says cost a combined $39 million cash plus $2 million worth of stock in the company.

The investment houses underwriting the Optiv IPO include Morgan Stanley, Goldman Sachs, Barclays, Citigroup, Blackstone Advisory Partners and Raymond James.



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