Cybersecurity unicorn CrowdStrike files to go public on the Nasdaq

The startup offers a cloud-based endpoint protection solution to the enterprise.

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CrowdStrike, one cybersecurity startup among many which call Silicon Valley home, has signaled its intent to go public and become listed on the Nasdaq stock exchange.

Founded in 2011, CrowdStrike is a cybersecurity firm which specializes in endpoint protection. The startup offers the subscription-based Falcon platform to clients which is a cloud-based solution for threat detection, incident response, and five-second visibility into enterprise endpoint architecture.

CrowdStrike has previously raised $481 million through six Series A to E funding rounds. 

Previous investors include Accel, CapitalG, March Capital Partners, and Institutional Venture Partners (IVP). The last CrowdStrike funding round took place in June 2018.

A term coined in 2013, CrowdStrike is considered a startup unicorn as a privately-held firm with an estimated value of over $1 billion. The startup's current estimated value is $3.4 billion.

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As reported by Business Insider, the startup filed a public S-1 with the US Securities and Exchange Commission on Tuesday.

According to the filing, CrowdStrike intends to trade under the ticker "CRWD."

The firm says that to date, 44 of the Fortune 100 are counted among its clients and 77 percent of total revenue was generated from customers based in the United States.

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Total revenue for FY 2017 was $52.7 million and $118.8 million for the 2018 fiscal year, a growth increase of 125 percent. CrowdStrike predicts that FY 2019 revenue will be reported as roughly $249.8 million, a growth rate of 110 percent year-over-year.

However, as the startup is focusing on growth, its spending and operational expenses need to be taken into account -- reported as a net loss of $91.3 million for FY 2017 to $135.5 million for FY 2018, anticipated to increase to $140.1 million in the 2019 financial year.

The tech unicorn is not yet profitable and says that its accumulated deficit as of January 31, 2019, was $519.1 million. CrowdStrike added that "we expect to continue to incur net losses for the foreseeable future as we continue to invest in our business and our sales capabilities to address our large market opportunity."

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Class A common stock will be offered through the proposed Initial Public Offering (IPO). Goldman Sachs, J.P. Morgan, BofA Merrill Lynch, and Barclays will act as the lead book-running managers for the proposed shift to the public markets. 

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