London's IPO pipeline may have picked up an unlikely American recruit, that's if emerging press reports prove out.
AlgoSec, a New Jersey-based cybersecurity company, is exploring a potential initial public offering on the London Stock Exchange, Bloomberg reported on Tuesday.
Adding an American tech company would be a rare feat for the London market, which has seen mostly one-way traffic in recent times with a series of companies exiting the bourse in recent years, either being picked off by bargain-hunting private equity funds, as a result of C-Suites opting to chase private money off-exchange.
The company is not without European roots. It operates a UK subsidiary and stages regular London-based events, giving it a footprint on this side of the Atlantic ahead of any float.
AlgoSec was founded in 2004 by Israeli entrepreneurs Yuval Baron and Avishai Wool, and currently counts 2,300 enterprise clients worldwide including blue-chip names like AT&T, Chevron, Morgan Stanley and Renault.
The cybersecurity firm reportedly saw a 37% year-over-year increase in new business last year.
According to the Bloomberg report, no final decisions have been made, and the potential plans for the float, in including the preferred venue, are not locked in.
