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Carbon Black Files For $100 Million U.S. IPO

Apr. 10, 2018 5:10 PM ETCarbon Black, Inc. (CBLK) StockGOOG, PANW, GEN


  • Carbon Black has filed to raise $100 million in an IPO of its common stock, although the final amount may be different.
  • The firm provides endpoint security software and services to enterprises.
  • CBLK has grown quickly in recent years but faces challenges in its financial results.

Quick Take

Carbon Black (NASDAQ:CBLK) intends to raise $100 million in a U.S. IPO, according to an S-1 registration statement. The final IPO amount may be significantly different since this is a typical placeholder figure.

The firm provides what it calls a Predictive Security Cloud that uses analytics to improve endpoint security for organizations.

CBLK is growing rapidly but faces the twin challenges of cost containment and showing a path to profitability.

I'll provide a final opinion when we learn management's pricing and valuation assumptions.

Company & Technology

Waltham, Massachusetts-based Carbon Black was founded in 2002 as Bit9, acquired Carbon Black in 2014 and changed its name to the acquired company's name.

Management is headed by CEO Patrick Morley, who has been with the firm since 2007 and was previously COO at Corel Corporation and CEO of Imprivata.

The firm has developed a robust partner program consisting of:

  • Solution Providers - Resellers and distributors
  • MSSPs - Managed security service providers
  • Incident Responders & Consultants
  • Integration Network

Investors in the firm include Atlas Venture (17.0% pre-IPO), Highland Capital Partners (14.9%), Kleiner Perkins Caufield & Byers (8.8%), Point 406 Ventures (7.7%), and Sequoia Capital (9.9%).

Carbon Black has created a platform that enables organizations wanting to improve the security of their internal networks.

The endpoints of a network's elements are the primary source of the number of cyber-attacks, and Carbon Black's system focuses on securing a heterogenous and constantly changing endpoint attack surface by analyzing large amounts of data to optimize IT security.

Below is a brief overview video of the firm:

(Source: Carbon Black)

Customer Acquisition

CBLK acquires customers primarily through a 'channel go-to-market model, which significantly extends our global market reach and ability to rapidly scale our sales efforts.'

In addition, the firm employs inside sales and field sales representatives

This article was written by

Donovan Jones profile picture

Donovan Jones is a research specialist with 15 years of experience identifying opportunities for IPOs and software companies.

He also leads the investing group

IPO Edge

which offers: actionable information on growth stocks through first look S-1 filings, previews on upcoming IPOs, an IPO calendar for tracking what’s on the horizon, a database of U.S. IPOs, and a guide to IPO investing to walk you through the entire IPO lifecycle - from filing to listing to quiet period and lockup expiration dates.

Learn more


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