Good Files For IPO
May 14, 2014
REUTERS (Excerpts) – Good Technology Corp, a provider of software security solutions, filed with U.S. regulators on Wednesday to raise up to $100 million in an initial public offering of common stock.
Morgan Stanley, Barclays, BofA Merrill Lynch and Citigroup were lead underwriters of the IPO, the Sunnyvale, California-based company told the U.S. Securities and Exchange Commission in a preliminary prospectus.
Good Technology was named a leader in software security services by market research firm Gartner Inc for the past three years. The company’s customers include top banks, insurers, aerospace and defense companies and healthcare providers.
Securing data has been under greater focus in recent years with the rapid proliferation of mobile devices. A high-profile data breach at Target Corp over the holiday shopping season last year put pressure on large corporations to invest more in guarding sensitive information.
Good Technology’s security solutions, used in Apple Inc’s iOS and Google Inc’s Android mobile operating systems, protect data stored on cloud and mobile devices, and secures more than a billion messages worldwide per week.
Good Technology said it planned to use the proceeds from the IPO for working capital and general corporate purposes.