We’ve had several companies go public or prepare to do so in the last few weeks. These include Bumble, Robinhood and Coinbase. Now Illumio, a successful cybersecurity start-up seems to be next in line to IPO in the coming future. Here’s what we know about Illumio and when we can expect the company to go public.
What Is Illumio?
Illumio came to be in 2013, thanks to Andrew Rubin and P. J. Kirner. It’s a cloud security company that helps to stop cyber threats of unauthorized communications through adaptive segmentation. Through the process of micro-segmentation, its customers have 20/20 application visibility, in addition to 24/7 control to stop lateral movement; this also helps prevent the spread of breaches on endpoints or across any data center or cloud on bare-metal, virtual machines, and containers. Some Illumio customers include known brands like Salesforce, Yamaha and MGM Resorts.
According to its website, the company was founded on the principle of Zero Trust. This approach eliminates automatic access for any internal and external sources, and assumes that internal network traffic cannot be trusted without prior authorization. In 2019, Forrester Research named Illumio as a leader in its Zero Trust Wave. Furthermore, Forrester also named the company as a leader in Zero Trust for 2020; it received high scores in three of the report’s primary categories—current offering, strategy, and market presence.
How Soon Will Illumio Go Public?
With the current cybersecurity market booming at the moment, Illumio will likely become one of several companies that will move to IPO in the coming months. The company has yet to release an official statement; however, its movement over the last few years will help make going public a sure possibility.
Last year, Deloitte recognized Illumio as one of 500 fastest-growing tech companies in North America on its 2020 Technology Fast 500™ list. Over a three year period (2016-2019), Illumio grew itself substantially in regards to revenue and business, allowing it to receive this kind of recognition. Andrew Rubin called the acknowledgement an “honor.”
“Since our founding, we’ve been on a mission to realize a future without high profile breaches,” he said. “Listening to our customers has and will continue to be a key element to our success, and it has allowed us to accelerate innovation and grow into new markets.”
Additionally, Illumio raised $332.5 million during five series of funding between 2013 and 2019. Within that period, the company also raised $65 million, which allowed it to hire hits current CFO Anup Singh. At the time, Rubin even stated that hiring a CFO would help Illumio “build a sustainable and durable company that will make it possible to, perhaps, have an IPO.”