Paul Martini, the CEO of Boston-based cloud security company iboss Inc., recently said that an IPO is “definitely” down the road, providing details regarding revenue goals and expected IPO range. While cybersecurity and IPO experts agree that cybersecurity is a growth area, they were surprised to hear Martini’s proposed timeline for hiring a CFO. Martini is aiming to have a CFO just three to four months before the planned IPO.
iboss bills itself as the checkpoint of data that moves between devices and applications, securing Internet access on any device in the cloud. In October, Martini said that the company may file the regulatory documents to go public in the next 12 months, provided they hit an annual recurring revenue goal of $100 million. The capital that iboss might raise in an IPO is between $200 million and $600 million, Martini said.
“He’s implying a valuation for his company probably somewhere around $1 billion or more,” Neil Aronson, corporate and securities lawyer and partner at Needham-based Gennari Aronson, said of Martini. “It’s a little bit hard to gauge how successful he would be. He certainly doesn’t lack for confidence … That’s good in a CEO, I suppose. Although, within reason, right? You know, you can very confidently drive off the edge of a cliff.”
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