iSight charts $100M fundraising plan ahead of IPO in 2016

iSight Partners, a Boston-based cyber security intelligence firm, is planning to mobilize over $100 million funds during 2015.

The company has firmed up plans for its initial public offering (IPO) in 2016. As part of its fundraising plan, the company may offer a portion of equity or debt in the fourth quarter of 2015 and will use the mobilized funds for business expansion globally.

Considering the increased demand for cyber security, iSight is upbeat on its future business expansion plans. The company does research on cyber attacks and also takes care of protecting the systems and networks from high-profile Russian and Iranian espionage campaigns.

Cyber security assumes significant importance in the wake of increasing spying or hacking into defense or banking data. Company's CEO John Watters said the mobilized funds would be used for product development. "We select IPO bankers as early as the first quarter of next year," said Watters.

While assuring that company's valuation would be above $1-billion level, Watters hopes to complete the IPO in the fourth quarter of 2016 depending upon the market conditions. 

"Company's order book and revenue growth rate will exceed 50 percent this year and this will be 40 percent higher than that in 2014. The growth rate will accelerate next year as the company has partnered with other security and technology companies for distribution of cyber intelligence," said Watters.

The company has prepared a program called 'Powered by the iSight platform' for effective distribution of its intelligence through its business partners.

Industry observers forecast the high demand for cyber security products and this will further increase in the days to come in the wake of accelerating cyber attacks on government and business firms.

Recently several corporates and government departments became targets of cyber attack. For instance, Target corp, Sony and US government's Personnel Management and Internal Revenue Service were just a few example for high-profile cyber attacks.

The company offers intelligence on the activities and capabilities of cyber criminals or hackers to government departments and business organizations. It also covers state-sponsored espionage groups, activities of hackers and other players, who intrude into the security of data. 

The list of iSight's customers includes Blackstone, the US Department of Homeland Security and Blackstone. The company denied revealing the names of its new business partners and it has already concluded some agreements and some are in progress. 

The company has head count of 310 and raised funds from venture capitalists. It has mobilized $68 million so far including $30million from Bessemer Venture Partners in January this year in the form of Series C Round.

Recently, iSight attracted the attention of global market for its key report on NATO and the other European Union officials became targets of some hackers.

The ever increasing demand for cybersecurity intelligence and products is creating more demand for cyber security products developers. Many cyber firms raised funds from the stock markets and are successful in increasing valuations.