Arctic Wolf, an Eden Prairie-based cybersecurity firm, is preparing to ride its rapid growth into an IPO next year.
Reuters reports that the company is in the process of hiring financial advisors to take the company public. Arctic Wolf is expected to finalize which investment banks it will work with in the near future, the report said.
Back in July, the company completed a $150 million Series F round of funding led by Viking Global Investors and Owl Rock, a deal that valued Arctic Wolf at $4.3 billion.
Last year, the company was valued at only $1.3 billion following a $200 million round funding.
Arctic Wolf's rapid growth stems from its ability to capitalize on companies looking to tighten up their networks as millions of employees logged in remotely from their home offices.
"The acceleration in our growth is in part due to the impact of COVID on businesses and that's both around digital transformation ... and people starting to work from anywhere who need protections on their internal network," said CEO Nick Schneider told Reuters.
As of July, Arctic Wolf had 1,000 employees working from offices in Minnesota, Utah, and Ontario, Canada, as well as a global presence in the United Kingdom and Germany.
