(Bloomberg) — Cybersecurity startup Snyk Ltd. is making preparations for an initial public offering that could happen as early as next year, according to people familiar with the matter.
The Boston-based company is speaking to banks and aiming for listing as soon as mid-2022, said the people, who asked not to be identified because the matter is private.
The company is expected to target a market value greater than its last valuation of $8.6 billion from September, the people added.
Snyk’s plans aren’t finalized and details could still change.
A representative for Snyk declined to comment.
Snyk’s platform helps software developers integrate security into their existing workflows. Its ability to incorporate security features during the development process is designed to counter increasingly sophisticated attacks.
Snyk Chief Executive Officer Peter McKay said in an interview in March 2021 that the Boston-based company’s goal is to go public over the next couple years.
Cybersecurity has been a busy area of tech dealmaking this year. SentinelOne Inc. went public in June and has seen its stock rise close to 50% since then, while McAfee Corp. announced last month that it would be acquired for over $14 billion, including debt.
Snyk has raised over $1 billion in capital dating back to 2016, according to data provider PitchBook. Backers include Tiger Global Management, Coatue Management, BlackRock Inc., Alphabet’s GV, Salesforce Ventures, Canaan Partners and Boldstart Ventures.
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