Data Security Firm Carbon Black Files $100M IPO

Carbon Black filed for an $100 million IPO. The company plans to list on the NASDAQ under the symbol 'CBLK'.

The offering is being led by Morgan Stanley and JPMorgan with help from Keybanc, William Blair, Raymond James and Cowen.

Carbon Black is a leading provider of next-generation endpoint security solutions. The company's predictive security cloud platform continuously captures, records and analyzes rich, unfiltered endpoint data. The company's solutions enable customers to predict, prevent, detect, respond to and remediate cyber attacks before they cause a damaging incident or data breach.

Carbon Black has experienced strong revenue growth, with revenue increasing from $70.6 million in 2015 to $116.2 million in 2016 and $162.0 million in 2017, representing a 51% compound annual growth rate over the same period. The company has a subscription-based revenue model that provides visibility into future revenue. Recurring revenue represented 77%, 83% and 88% of our total revenue in 2015, 2016 and 2017, respectively. Annual recurring revenue, or ARR, was $76.8 million, $124.2 million and $174.2 million as of December 31, 2015, 2016 and 2017, respectively. The company incurred net losses of $38.7 million in 2015, $44.6 million in 2016 and $55.8 million in 2017 as they continued to invest for growth to address the large market opportunity for their platform.

Link to S-1

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