NitroSecurity files for IPO

Tue, Aug 14, 2007

Security

SIEM / IPS vendor NitroSecurity has filed for an IPO according to this article in Mass High Tech.

It is good to see something you had a hand in be successful. I will be watching this one closely.

–Chris

Technorati Tags: NitroSecurity, IPO

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Chris Harrington - who has written 153 posts on InfoSecPodcast.com.

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4 Comments For This Post

Christofer Hoff Says:
August 14th, 2007 at 7:46 pm

Chris — you’ve got to be raising your eyebrows at this, no?

Not for nothing, but even in today’s InfoSec starved IPO market, how do you go out unprofitable (let alone -$10.4MM) and with only $2.3MM in revenues?

Did someone put the decimal in the wrong spot?

This has got to be April Fools, right!? If you want to advertise you’re for sale, this is certainly one way of doing so…

Wow.

/Hoff

Chris Harrington Says:
August 14th, 2007 at 8:02 pm

Chris,

I think their revenue numbers are quite a bit higher this year. Maybe that could have something to do with it? There is a lot on the financials of running a company that I just have not had exposure to. I’m the techie not the bean counter

Nitro has some outstanding intellectual property. Now that they have added a product to their portfolio that really takes advantage of their IP I think it is a different ball game. I guess we will have to wait and see.

Thanks for the comment.

–Chris

Christofer Hoff Says:
August 15th, 2007 at 12:45 pm

I am sure their revenue is higher this year…it better be. But there’s a baseline set of table stakes when filing and they’re based upon one critical element…predictability.

While some might suggest that the guidelines have relaxed a little (not as bad as in the boom days) the fact is that the market wants to see sustained growth that offers a smooth curve, NOT a quarter-on-quarter or YOY hockey stick.

Given the last set of published financials, even if they did 5 times the revenue, it’s just NOT a good story, IP be damned.

I hope for the best for NS and more specifically for YOU, but this is just screwy.

To me, this is just a way of saying “Hey, look over here…” I know all about the IP and the defensive strategy involved with it (read: lawsuits for enforcement) but let’s call a duck a duck.

Enough beating a dead horse.

You coming to BeanSec! tonight?

Chris Harrington Says:
August 15th, 2007 at 1:03 pm

I’ve never made it down the IPO road before. I was working for Uncle Sam during most of the boom so most of it is somewhat foreign to me. I’ll take your word for it

Damn it! I have to shmooze a client tonight. Why does that always happen??? Have fun tonight….I’ll try harder to make the next one.

–Chris

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StillSecure, After All These Years Says:
August 14th, 2007 at 9:57 pm

Killing the goose that lays the golden eggs…

Like many of you out there, I have been encouraged this past year to see the return of the IPO as a potential liquidity event for technology and even security companies. Companies like Sourcefire, Aruba Networks and Blade Logic have…

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