Cloud Content Security Firm Egnyte Planning for 2022 IPO

(Bloomberg) -- Cloud content security firm Egnyte is planning to go public as soon as this year, according to people with knowledge of the matter.

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The Goldman Sachs Group Inc.-backed company is aiming to seek a valuation of more than $1.5 billion, the people said, asking not to be identified discussing private information. A representative for Egnyte, based in Mountain View, California, declined to comment.

Egnyte announced on Wednesday the appointment of Alexa King, a former executive vice president at FireEye Inc., as a board director.

In 2018 Egnyte raised $75 million in a Series E funding round led by Goldman Sachs, giving it a value at the time of $460 million, according to data provider PitchBook.

Egnyte provides security and governance solutions to users for their content including ransomware detection and secure file sharing for remote work, according to its website. Its products are compatible with Google’s workspace such as drive and documents, as well as Microsoft, Slack and Salesforce products.

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