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Archive for October, 2006

Sourcefire IPO – Like Rain in the Desert…

October 26th, 2006 No comments

SporkCongratulations to Wayne, Marty and Team @ Sourcefire as they filed their S-1 to go public. 

Sourcefire is one of Crossbeam’s top ISV partners, so it’s great to see them do well in reaching both profitabilty and leading a security IPO.  God knows we need it in this drought.

Mike Rothman did a nice job of extracting the S-1 particulars:

They hope to raise $75M or so and released the following data:

* Total revenue in 2005: $32.9 million
    * 2005 loss of $8.1 million
    * Current cash of about $25 million
    * Existing shareholders have put about $56 million into the
      company
    * Revenue ramp starting in 2002: $1.9MM, $9.4MM, $16.6MM,
      $32.9MM
    * Services currently running about 36% of total revenues
    * Last 4 quarters have been: $11.6MM, $8.5MM, $9.5MM,
      $10.8MM

    * Profitable and cash flow positive for Q3 2006
    * Over 80% of revenue from the US
    * Marty Roesch owns about 9% of the company
    * Sierra Ventures is the biggest venture investor with a 28.8% position

As Mike said, this puts SF in a very interesting place; they can either go out or set themselves up to be taken out before they finalize the deal.   Watch the sharks start to circle once again!

Interesting also that the BT/Counterpane deal also surfaced.  Makes sense given IBM/ISS.   I give HP odds of buying Verisign’s MSSP division next… ;)

It’s about time we had a security IPO — it’ll set the stage for ’07.

Making a Mountain out of a Molehill

October 25th, 2006 4 comments

Parkposter
For the 3 people who read my steaming pile of blogginess, you’ve noticed a drop-off lately.  While I am sure that apologizing for not posting is not only the first cardinal sin of blogging, I am doubly sure that it veignly implies that anyone actually gives a crap in the first place…

At any rate, the title is commensurate with my indignant yet sincerly apologetic prose; I am making a mountain out of a molehill.  Specifically, I am busy getting ready to climb one.   A mountain, that is.

In January, thanks to the kind and mid-life-crisis-driven-niceites of my friend Craig Samuel, a group of 5 of us are climbing/hiking both Mt. Meru and Mt. Kilimanjaro in Tanzania.  I have to tell you that despite the fear of suffering a high altitude cerebral edema (Kili is ~19,000 feet high) I am psyched.

Besides working 16+ hours a day at this point, I’m also walking to/from work and everywhere else I can in order to prepare for the jaunt up one of the world’s legenday seven summits.

So, there it is…the reason for my laziness.

/Chris

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