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CrowdStrike, cybersecurity firm that investigated 2016 DNC hack, filed for IPO

CrowdStrike, cybersecurity firm that investigated 2016 DNC hack, filed for IPO
[Photo: Paweł Czerwiński/Unsplash; Flickr user Kyle McDonald]

The cybersecurity firm CrowdStrike, perhaps best known for its role in investigating the Russia-linked hack on the Democratic National Committee in 2016, filed Tuesday with the Securities and Exchange Commission to go public.

In addition to its investigative work, the company is also known for Falcon, its cloud-based security system used by a growing number of companies to offload many security tasks to CrowdStrike’s servers. It’s seen subscriptions more than double year-over-year to reach 2,516 as of January 31, according to the SEC filing.

“Our single lightweight agent is installed on each endpoint and provides local detection and prevention capabilities while also intelligently collecting and streaming high fidelity data to our platform for real-time decision-making,” the company said in the filing. “Our Threat Graph processes, correlates, and analyzes this data in the cloud using a combination of AI and behavioral pattern-matching techniques.”

CrowdStrike reported a loss of $140.1 million on revenue of $249.8 million for the year ending January 31. That revenue figure more than doubled compared to the previous fiscal year, when the company saw a $135.5 million loss on revenue of $118.8 million. As many rapidly growing startups do on announcing plans to go public, it warned future profits are no sure thing.

“We have experienced rapid growth in recent periods, and if we do not manage our future growth, our business and results of operations will be adversely affected,” according to the section of the filing dealing with company risks. “We have a history of losses and may not be able to achieve or sustain profitability in the future.”

CrowdStrike plans to trade on the Nasdaq exchange under the ticker symbol CRWD, according to the filing. It’s just the latest high-profile tech company to announce plans to go public, in a year that’s already seen highly anticipated IPOs from ride-hailing companies Uber and Lyft and a planned IPO from the trendy workplace chat company Slack.

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