A map of threat origins, from Trustwave's free 2011 Global Security Report
(WEB HOST INDUSTRY REVIEW) — Security compliance firm Trustwave Holdings (www.trustwave.com) announced late last week that it has filed its initial registration documents with the US Securities and Exchange Commission for an initial public offering in which the company hopes to raise up to $100 million through the sale of its stock.
Trustwave is reportedly one of quite a few companies to file early IPO documents last week, part of a larger trend toward more new IPOs, after several years of inactivity and near-inactivity.
Trustwave posted revenues of $111.5 million in 2010, with an overall loss of $4.6 million.
The company did not specify in its announcement how many shares it intends to issue, or how it intends to price those shares, so the final amount raised in the IPO could be very different from the $100 million suggested in the initial filing, which is more intended for use in calculating registration fees.
As one of the key links in the compliance chain – providing the auditing and assurance around compliance with a variety of standards to firms including service providers – the company is in an interesting position to benefit from the growing tide of enterprise applications being moved onto the cloud, and the accompanying imposition of standards on service provider environments.
Trustwave is one of the more well-known providers of compliance consulting and auditing around the PCI security standards established by the credit card industry, which has widespread significance in the hosting business. The company is also a certificate authority, supplier of SSL certificates and security seals.
Morgan Stanley & Co., J.P. Morgan Securities LLC and Barclays Capital are acting jointly as book-running managers for the offering, says the company’s press release. William Blair & Company, LLC and BMO Captial Markets Corp. are acting as co-managers.
According to some reports, Trustwave is planning to use the proceeds from the IPO for general corporate purposes.
Earlier this month, we reported that Trustwave had partnered with Tucows, which will resell Trustwave SSL certificates and website seal products through its OpenSRS brand.
About Liam Eagle
Liam Eagle has worked as a contributor to the Web Host Industry Review since its inception in 2000, and as editor since 2003. He has been editor of the WHIR's print magazine since its launch. His daily involvement in the gathering and reporting of Web hosting news and his regular interaction with Web hosting leaders gives him an uncommonly broad appreciation of the issues and tends facing the business. Through his WHIR blog, Liam spots Web hosting trends and offers opinions on the industry-wide impacts of major developments and the motivation behind big announcements. Follow him on Twitter @liameagle
No related posts.
