CyberArk Software is looking to be Boston tech’s next initial public offering this year with the disclosure of its expected IPO terms.
The cybersecurity firm, which is looking to raise up to $80 million in the offering, has targeted this year to go public for some time now; in mid-2012, chief executive Udi Mokady told me the company was eyeing 2014 for its IPO.
CyberArk has its headquarters in Israel, where it was founded in 1999, but the firm’s US headquarters is located in Newton. The company employs 387, including 122 in the United States, and has had its US headquarters in Massachusetts since 2000.
CyberArk specializes in providing IT security from internal threats—that is, cyberattacks launched from within an organization, rather than from outside its perimeter. CyberArk’s main product is a “digital vault” that aims to prevent cyber-attackers from accessing privileged accounts.
Revenue for the company was $38.7 million for the first half of this year, compared to $29.2 million during the same period a year earlier. The company broke even during the period after earning a profit of $2.7 million during the first half of 2013.
CyberArk aims to sell 5.36 million shares for between $13 and $15 a piece. The sale of additional shares to underwriters could bring the total IPO raise to $92.5 million. CyberArk plans to list its shares on the Nasdaq Global Select Market under the symbol “CYBR.”
Top shareholders in the company include Jerusalem Venture Partners, which owns 38 percent of shares, and Goldman Sachs, which owns 19 percent of shares. Goldman Sachs led a $40 million round for CyberArk in late 2011.
CyberArk could follow Care.com and Imprivata among Boston-area tech firms to go public this year. Wayfair and HubSpot, meanwhile, have filed papers to do so this fall.
Kyle Alspach has worked in journalism in Massachusetts since 2005 and was one of the original staff writers at BetaBoston.
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