Markets
LifeLock IPO Highlights Keating Shift from Reverse Mergers
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The proposed initial public offering of internet security provider LifeLock Inc. reflects investment from a variety of backers, including a former reverse merger sponsor that walked away from that market at its peak several years ago and completely changed its investing strategy. The company is seeking to raise as much as $207 million, according to a regulatory filing. Tempe, Ariz.-based LifeLock has been backed or advised variously by investment bank Goldman Sachs, venture investors Bessemer Venture Partners and Kleiner Perkins, strategic investor Symantec, and one-time reverse merger specialist Tim Keating’s Keating Capital. LifeLock is profiting from support from big players in the IPO business and regulatory freedom created by the JOBS Act, which conferred emerging growth status on some fairly substantial companies. “We are an ‘emerging growth company’ as that term is used in the Jumpstart Our Business Startups Act of 2012 and, as such, have elected to comply with certain reduced public company reporting requirements,” the company said in its registration statement for the offering.
