Optiv Security LLC, the Denver-based cybersecurity company backed by Blackstone Group LP, has hired Goldman Sachs Group Inc. and Morgan Stanley to prepare for an initial public offering later this year, people with knowledge of the plans said.
The IPO could happen as early as the second half of the year, said the people, who asked not to be identified because the discussions are private.
No final decision has been made, and timing would depend on market volatility and investor appetite, they said.
Representatives for Optiv, Goldman Sachs and Blackstone declined to comment. Morgan Stanley representatives did not respond to a request to comment.
Optiv is making its move toward an IPO amid a drought for U.S. technology listings. Secureworks Corp., the cybersecurity company owned by Dell Inc., is hoping to break that streak as it plans to raise as much as $157.5 million in a listing scheduled for next week.
Optiv provides cybersecurity solutions, including identity access management, which helps ensure only the right people gain access to information and applications. The company this week completed a takeover of Advancive LLC, according to a statement that didn’t disclose financial terms of the deal.
Optiv was created out of a merger of two cybersecurity companies — Blackstone-backed Accuvant Inc. and Investcorp-backed FishNet Security Inc., which was completed last year.
Blackstone, the world’s biggest private equity firm, maintained a majority stake in the combined company, with Bahrain-based Investcorp keeping a minority interest. Together, Accuvant and Fishnet had pro forma revenues of $1.5 billion in 2014, according to Moody’s Investors Service.
