Monday, April 9, 2012

Palo Alto Networks Files For IPO

Santa Clara-based Palo Alto Networks filed for an IPO Friday, saying that it is looking to raise up to $175M on the markets. The firm develops network security and traffic monitoring products, including firewalls, intrusion detection systems, and other related technology. Palo Alto Networks is venture backed by Greylock Partners, Sequoia Partners, Globespan, and others. The firm's IPO is being underwritten by Morgan Stanley & Co., Goldman, Sachs & Co., and Citigroup Global Markets, as well as Credit Suisse, Barclays, UBS Securities, and Raymond James & Associates. The firm reported a net loss of $12.52M on revenues of $118.597M for 2011. The company said it had net income of $4.5M on revenues of $113.796M for the six months ended January 31, 2012.