Venture capital-backed Varonis Systems eyes $100m IPO


data2_lrgVenture capital-backed data security specialist Varonis Systems has reportedly hired Morgan Stanley to lead an initial public offering.

The business, which is backed by Accel Partners, Evergreen Venture Partners, Pitango Venture Capital and EMC Corp, could be floated later this year to raise as much as $100m, said Reuters, citing two sources familiar with the matter.

Varonis’ technology helps companies manage their data such as documents and spreadsheets. The company, which is headquartered in New York, with regional offices in Europe, Asia and Latin America, has 2,000 clients including Greenhill & Co, SanDisk and Grant Thornton.

Accel invested in the business via its Accel London vehicles. The firm’s recent deals include an investment in a Series B round raised by social media management specialist HootSuite.

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