BOSTON, June 5 (Reuters) – Security software maker Sophos plans to take a second shot at an initial public offering after abandoning its first attempt amid a sharp decline in technology shares late last year.
“We will go back to the markets when the market is right, but we are not going to push it,” Company Chief Executive Steve Munford said on Thursday. “We don't need the cash. We have patient investors,” he added.
Sophos has about $140 million in cash on its books, up from $90 million in November, when it first filed to go public, he said in an interview.
The company filed to go public in the United Kingdom but may seek to list in the United States on Nasdaq when it applies to go public for a second time, Munford said.
Sophos has two headquarters – one in Oxford, England and one near Boston. Rivals include Symantec Corp (SYMC.O: Quote, Profile, Research) and McAfee Inc (MFE.N: Quote, Profile, Research), the world's two largest publicly held security software makers. (Reporting by Jim Finkle; Editing by Derek Caney)
peHUB Note: Sophos shareholders include TA Associates and 3i Group.