Wednesday June 3, 01:45 AM
Sophos revenue climbs faster than bigger rivals'
BOSTON, June 2 (Reuters) - Sophos, the biggest privately held security software maker, said its full-year revenue grew faster than its two largest rivals', and the company set the foundation to go public in 2010.
Sophos Chief Executive Steve Munford said in an interview that sales were boosted by market-share gains as the company won customers away from Symantec Corp and McAfee Inc (NYSE: MFE - news) .
The company, which only releases results annually, reported that full-year operating cash flow excluding interest climbed 26 percent to $39.8 million in the year ending March 31. The year-earlier figure excluded the impact of a tax refund.
Sophos said its revenue rose 27 percent to $215 million. Revenue at Symantec (NASDAQ: SYMC - news) , the world's biggest security softwaremaker, rose 5 percent in its fiscal year ended April 3 to $6.2 billion. McAfee, No. 2, reported that revenue climbed 22 percent to $1.6 billion in the year ended Dec. 31.
Sophos Chief Financial Officer Jeff Babka told Reuters that the company's board is getting ready to take it public in the United States, most likely in the middle of next year, assuming the market for initial public offerings continues to improve.
'We are certainly seeing some encouraging signs,' Babka said.
Sophos, which has dual headquarters in the United Kingdom and the United States, could file initial paperwork with the Securities and Exchange Commission in May 2010 and list as early as June of next year, he said.
Sophos had filed to list on the London Stock Exchange (LSE: LSE.L - news) at the end of 2007, but pulled that offer in December of that year when the market for IPOs soured.
(Reporting by Jim Finkle; Editing by Gary Hill) Keywords: SOPHOS/
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