On-demand software firm Trustwave Holdings withdraws IPO

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Trustwave Holdings, which provides on-demand compliance management and security software, withdrew its plans for an initial public offering on Friday. It postponed its proposed $100 million IPO in August 2011, citing poor market conditions. The company's withdrawal arrives amid a series of lawsuits filed against it as a security vendor to Target during the November 2013 breach of customer credit card data. Since it postponed its IPO, Trustwave has supplemented its security products by acquiring M86 Security (Mar 2012), SecureConnect (Apr 2013), Applied Security (Nov 2013) and Cenzic (Mar 2014).

The Chicago, IL-based company, which was founded in 1995 and booked $128 million in sales for the fiscal year ended June 30, 2011, had planned to list on the NASDAQ under the symbol TWAV. Morgan Stanley, J.P. Morgan and Barclays were set to be the joint bookrunners on the deal.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: News Headlines , IPOs

Referenced Stocks: TWAV

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