The company, founded in Israel, provides security solutions.
The share price of Varonis Systems Inc. (Nasdaq: VRNS) doubled, on its first day as a public company, after it held its IPO at a valuation of $524.4 million. The company sold 4.8 million shares at $22 per share. The share price closed at $44 per share on Friday.
Although the high-tech company is headquartered in New York, it was founded by Israelis, CEO Yakov Faitelson and CTO Ohad Karkus, it has many employees in Israel. Varonis provides security solutions, focusing on access authorization to an enterprise's files. The company's solution enables enterprises to manage and control access to information files, with an emphasis on sensitive information, and prevent unauthorized access.
According to the filing, Varonis's revenue rose 38% to $74.6 million revenue in 2013, from $53.4 million revenue in 2012, and net loss widened to $7.5 million from $4.8 million.
Varonis cites a study by IDC, which estimates that the amount of information created and replicated in 2012 alone exceeded 2.8 zettabytes, or trillions of gigabytes, and that this amount will grow at 39% a year through 2020, for an aggregate 50-fold increase. It also estimates that more than 90% of the data created in the next decade will be unstructured data, which include both human-generated data and machine-generated data, such as log files that servers generate. Often the most valuable and fastest growing asset a business owns is its
human-generated data that its employees spend hours creating and refining every day,