Dell has announced plans to launch an initial public offering (IPO) for its cybersecurity business SecureWorks. The company has filed a registration with the Securities and Exchange Commission on Thursday to take SecureWorks public.
Dell SecureWorks will be listed on the NASDAQ exchange under ticker name "SCWX", though the IPO filing did not say how much the offering was expected to raise or the expected share price. Sources said that the valuation could be as much as $2 billion.
According to reports, Denali Holdings, the parent company of Dell, will maintain a controlling stake but no Class A shares in the company. The news of the IPO comes as the hardware giant Dell is expected to shed business units in advance of and after its anticipated merger with storage maker EMC Corporation early next year. The Texas-based Dell reveals its plans to acquire EMC in October and just completed the shop-around period this week.
In addition, SecureWorks has also entered into agreements with Dell to continue services from the company. The company also entered into agreements with Dell around procurement of hardware, software and services from the company at a discount.
Founded as a privately-held company in 1998 by Michael Pearson and Joan Wilbanks, Dell SecureWorks is a US-based Dell subsidiary that provides cybersecurity services, SecureWorks business includes managed security, threat intelligence and incident response. SecureWorks has become part of Dell Inc. in 2011 when the company was acquired by Dell for a whopping $612 million.
Image credit: SecureWorks
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