Kaspersky Lab, the leading Russian IT security company, is shelving its IPO plans and wants to buy back the 20% stake it sold to a private equity investor a year ago, announced founder and CEO Eugene Kaspersky.
With cyber-threats today increasingly aggressive and constantly evolving, Kaspersky thinks his company “must be as flexible as possible when making serious decisions” – and therefore “stay private.” A public company is “too bureaucratic” for expeditious judgment, the company founder believes.
The firm restructured to become a London-registered holding company as it was gearing up for a planned London IPO a few years ago. “I realized then that we would lose our flexibility. And flexibility is critical for the innovation of an IT security company,” Kaspersky said.
Kaspersky Lab is “very healthy” financially, plowing back most of its revenue into new products and marketing. “We do not need any extra finance injections,” Kaspersky stated.
In 2011 Kaspersky Lab reported sales of $612 million, up 14% from the previous year. The firm has yet to announce its 2012 results, but a spokesperson predicted sustained revenue growth.
Source: Kommersant, Reuters
