"Cybersecurity company Netskope made a strong debut on the Nasdaq. The stock closed its first day of trading 18 percent higher at $22.49, after an intraday peak of $24.40. This was reported by Bloomberg. The company raised $908 million by selling 47.8 million shares at $19 each. Previously, the estimate was between $15 and $17 per share. The listing values Netskope at approximately $8.6 billion."
"It is used for secure access to business applications, network isolation, and data security. Employees log in via the Netskope One Client, which provides both connectivity and risk detection. The built-in Zero Trust Engine analyzes data traffic with AI to block suspicious activity early on. According to CEO and co-founder Sanjay Beri, who previously held leadership positions at Juniper Networks and Ingrian Networks, Netskope is responding to the need to reinvent both networks and security for the cloud and AI era."
"Netskope is growing rapidly. The company reported annual recurring revenue (ARR) of $707 million at the end of July, an increase of 33 percent over a year earlier. In the first half of this year, revenue was $328 million, up 31 percent from last year. Net loss decreased from $207 million to $170 million in the same period. Beri indicated that profitability is not the immediate focus, but that positive cash flow is the most important metric."
Netskope completed a successful Nasdaq IPO, with shares closing 18 percent higher and raising $908 million from the sale of 47.8 million shares at $19 each. The listing values the company at roughly $8.6 billion. Netskope develops the cloud-native SASE platform Netskope One, operating on bare metal servers across over 120 data centers worldwide to provide secure access, network isolation, and data security. The platform uses a client and a Zero Trust Engine with AI to detect and block suspicious activity. ARR reached $707 million, revenues grew year-over-year, and net loss narrowed while positive cash flow remains the CEO’s priority. The IPO reflects renewed activity in the US tech IPO market.
Read at Techzine Global
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