Petaluma's Cyan seeks $75 million in IPO

PETALUMA -- Cyan, Inc., a Petaluma-based designer of telecommunications network equipment, has filed its intent to raise $75 million in an initial public stock offering.

Planned to be offered on the New York Stock Exchange under the ticker symbol "CYNI," the IPO will generate working capital and funds for possible acquisitions, according to the filing with the Securities and Exchange Commission.

The prospectus does not include the number of shares to be offered, nor the expected initial price of those shares. No date was set for the IPO.

Underwriters of Cyan's IPO are Goldman Sachs and JPMorgan plus Jeffries and Pacific Crest Securities.

Launched in Delaware as Cyan Optics in 2006 and renamed Cyan, Inc., in 2011, the company derives most of its revenue from systems that help Internet service providers and large data centers to dynamically control the way bandwidth is allocated across their networks, according to the filing. Those networks often represent a patchwork of technologies that grew over several decades, making it difficult for providers to offer multiple tiers of service to its customers, according to the prospectus.

Revenue at Cyan was $95.9 million in 2012, up from $40.4 million in 2011 and $23.5 million in 2010, according to the filing. The company had an accumulated deficit of $86.6 million at the end of 2012.

The company had 219 employees at the end of 2012, up from 29 at the end of 2008, according to the filing. Cyan plans additional hiring of marketing and engineering staff this year.

Assets totaled $70.8 million at the end of last year. Cyan's chief executive is Mark Floyd.


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