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DiggTwo new reports out from the 451 Group. The first one mulls what Cisco Systems Inc. [CSCO] will need to acquire to build a comprehensive network security offering that stretches from services to software to hardware.
While the network equipment giant has acquired 10 security firms in the past five years, including a $100 million purchase earlier this month of Securent Inc., the report cites a few areas where Cisco is likely hunting for more deals. In the anti-data leakage sector, which has seen a lot of deal activity, the company could have interest in Fidelis Security Systems or Chronicle Solutions. Potential targets in other security areas include Great Bay Software, ConSentry Networks, Nevis Networks, Mirage Networks, Sophos, Sourceire Inc. [FIRE] and eIQnetworks, among several others, the report says. It's an expansive list, so report authors Nick Selby and Paul Roberts are bound to get at least one of their picks right.
The 451 Group also released a report that details the upcoming IPO of Initiate Systems Inc., a 12-year-old maker of data management software. The company filed an S-1 on Nov. 13 to raise up to $75 million. The report notes that the company could be signaling potential buyers, noting that there's been M&A activity in this segment of the software market. Microsoft Corp. [MSFT], for instance, struck its first acquisition in the so-called master data management, or MDM, market with its purchase of Stratature in June. Either way, it seems there's an exit on the horizon for VC firm Sigma Partners, which is Initiate Systems' largest shareholder with a 29% stake, and Apex Venture Partners, which holds 12%. - Olaf de Senerpont Domis
See Nov. 15 report on Initiate Systems from the 451 Group
See Nov. 14 report on Cisco from the 451 Group
See November IPO calendar from TheDeal.com
See Nov. 1 story from TheDeal.com
See Initiate Systems' profile from Renaissance Capital's IPOhome.com
See Initiate Systems' S-1 from SEC.gov
