Oxx congratulates ForeScout on positive first results following IPO
– First set of results since ForeScout lists on NASDAQ
LONDON and STOCKHOLM, December 11, 2017 — Oxx, the scale-up capital investment firm focussed on B2B software companies, is delighted to have seen ForeScout, the leading cybersecurity firm, release very positive maiden results after its recent listing on Nasdaq.
The firm’s shares, under the ticker FSCT, were priced at $22 and started trading on Nasdaq on 27 October. Third quarter results were strong, highlighted by revenue growth of 32% year-over-year. Operating losses also improved year-over-year, and this together with strong and efficient collections resulted in positive free cash flow in the quarter, translating to flat free cash flow for the year to date.
ForeScout was founded by Professor Hezy Yeshurun, a serial entrepreneur and former chairman of the Israeli National Committee for IT, together with a Tel Aviv-based team. The company raised gross proceeds of $133.6 million from its IPO.
Oxx’s General Partner and co-founder, Richard Anton, has been involved with ForeScout since 2005, advising and investing in the cybersecurity market leader from its early days.
ForeScout is a prime example of the type of business Oxx is looking to invest in. Oxx focuses on B2B software companies already demonstrating strong commercial traction and at the growth stage of their life cycle. ForeScout protects large global businesses and governments, and pioneers the use of agentless technology to allow these organisations to monitor continuously all devices on their network. In a world where cyber-attacks are happening every single day – for many, every hour – this fluid visibility is invaluable to protect company and consumer resources.
Richard Anton, Oxx General Partner, said: “We’ve known and invested in Hezy and his team since the early days and we are so proud to have seen the company through to its Nasdaq IPO. Also to see such a solid set of first results is testament to the hard work and expertise of everyone associated with the company. The team, headed by Hezy as Chair and Mike DeCesare as CEO, rank high amongst the most hard-working, focused, driven and inspiring entrepreneurs I have ever worked with. The whole company is and always has been committed to outsized growth and this, combined with what is a fantastic product, is not only why we invested in the first place, but why they have managed to achieve such a positive performance. For Oxx, ForeScout’s success flies the flag for how investment at the scale-up stage of a business, if managed properly, can help propel it to the next level of success.”