Enterprise security and compliance management specialist ArcSight is shrugging off the jittery state of the public markets, filing an S-1 with the SEC for a $75 million initial public offering.
The company said its shares would be traded on the NASDAQ with "ARST" as the proposed ticker symbol. Investment banks Morgan Stanley and Lehman Brothers are listed as the lead underwriters with Wachovia and RBC Capital Markets as co-managers.
ArcSight was founded in 2000 with venture capital funding from Kleiner Perkins, In-Q-Tel, and Sumitomo, is a security information management play with about 350 customers across multiple industries and government agencies in the United States and internationally.
The company claims it has customers in the Fortune Top 5 of the aerospace and defense, energy and utilities, financial services, healthcare, high technology and telecommunications industries, and more than 20 major U.S. government agencies.
The company is not yet profitable but a quick glance at the S-1 shows growing revenues and shrinking losses. For example, 2006 revenues came in at $39.4 million (net loss of $16 million) but, by 2007, revenue jumped to $69.8 million (net loss of $257,000).
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ArcSight is among several infosec companies looking to the public markets for an exit. Upek, a rival in the ID management and authentication space, has also filed a registration statement with the SEC for proposed IPO.
TippingPoint, Kaspersky Lab and Lumension Security (formerly PatchLink) have also gone on record with IPO plans.