Gigamon Set to Go Public, Could Fetch $100M
Network visibility vendor Gigamon filed documents with the Securities and Exchange Commission on Friday indicating that the company plans an initial public offering worth as much as $100 million, though that figure could change before the IPO is made official.
In the filing, Gigamon cited positive cash flow over the past six years, as well as the increasing importance of its monitoring switches and other products in the modern business IT environment.
"Organizations increasingly require enhanced visibility and control of their networks through the efficient collection and analysis of network traffic flows without degrading network performance or reliability," the company asserted.
Gigamon also hopes to wow potential investors with its client list, which it said contains four out of the top five U.S. banks and 43 companies in the Fortune 100. Moreover, it added, three of the top five managed healthcare providers in the U.S. and four of the top 10 retailers appeared on the list.
The company reported that its revenues more than doubled -- from $31.4 million to $68.1 million -- in the 2009-2011 time period. First-quarter revenues of $10.1 million in 2011 grew to $16.7 million during the same period of 2012.
According to the SEC filing, the company will seek to use the symbol "GIMO" for public trading. Goldman Sachs, Bank of America, Credit Suisse, Barclays and Raymond James are all listed as underwriters for the IPO, which, as yet, contains few concrete details besides a possible size of $100 million.
Advanced network management and visibility tools are thought to be important to future IT deployments, as cloud computing, BYOD and other factors fuel an increase in the complexity and load size that business networks must handle.
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