Varonis Systems soars following IPO

After pricing its 4.8M-share IPO a $22 (above a range of $18-$20), Varonis Systems (VRNS) opened at $39 and is now at $40.49, up 84.1%. The data security/migration software developer sports a market cap of $963M.

Varonis, which targets a growing market for solutions aimed at managing and analyzing unstructured data (e.g. e-mails, Office docs, PDFs), had 2013 revenue of $74.6M (+40% Y/Y), and a net loss of $7.5M. Competitors include Symantec and Dell's Quest Software unit. EMC is a major channel partner.

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