Sophos plans flotation to keep up with rivals

Sophos plans flotation to keep up with rivals

London stock exchange listing will boost security vendor’s sales and position

Sophos’ resellers are confident that the security vendor’s planned initial public offering (IPO) will boost its profile and allow it to gain ground against bigger names such as McAfee and Symantec.

Sophos saw billings for the year to 31 March surge 23 per cent to $167m (£79.3m), making it the largest unlisted firm in the $13.2bn secure content and threat management market, according to research house IDC.

Steve Munford, chief executive at the Oxford-based vendor, said listing on the London stock exchange is “a natural step in our development”.

It is expected that Sophos could raise about £100m from the move, which will be used to bolster its

position in the emerging network access control market and build its sales and marketing prowess in North America.

Steve Cox, operations director at Sophos Platinum partner Utilize, said: “Sophos does not have the same high profile as Symantec and McAfee and people have always been unaware of it in the UK.

“This will raise its profile and make our life easier when we talk to customers, particularly in the City.”

Jez Turner, sales manager at Sophos Platinum partner Foursys, said: “The market is moving from generic antivirus to the more holistic approach of end-point security. Sophos’ roadmap, coupled with its plans to list, make it well placed to move up the ladder from third or fourth place in the market.”

Munford said in a statement: “Demand for our solutions continues to grow and listing will enable us to maximise our profile and take better advantage of the exciting opportunities within our market.”