Eden Prairie-based Arctic Wolf Planning IPO
Arctic Wolf’s Nick Schneider Photo courtesy of Arctic Wolf

Eden Prairie-based Arctic Wolf Planning IPO

The cybersecurity firm says it is “well into the process” of preparing for an initial public offering.

Eden Prairie-based cybersecurity company Arctic Wolf may soon join the growing list of publicly traded companies in Minnesota.

A week ago, Reuters reported that the company has hired financial advisers to prepare for an initial public offering sometime in 2022. In an email, an Arctic Wolf spokesman confirmed that the company is “well into the process of preparing for an IPO.”

The company, which sells products aimed at boosting companies’ technological defenses against hackers, says the Covid-19 pandemic has led to a spike in demand for cybersecurity services.

“We are in rarified air thanks to the global demand from organizations looking to protect their environments and invest in operations as the first and last line of defense in an increasingly dangerous threat landscape,” the spokesman said.

The company is aiming to launch the IPO in the second half of 2022.

Originally founded in Sunnyvale, California, in 2012, Arctic Wolf moved its headquarters to Eden Prairie in late 2020. The company currently employs more than 300 people at its Minnesota office. The forthcoming IPO apparently won’t negatively affect Arctic Wolf’s Minnesota operations.

“We plan to continue hiring and growing in the region, and look forward to continuing to double down on local talent,” the spokesperson said.

Earlier this year, Arctic Wolf’s president and CEO Nick Schneider appeared on TCB’s annual “Tech 20” list of Minnesota innovators. The company’s first Minnesota employee, Schneider previously worked in sales for fellow Minnesota cybersecurity firm Code42.

It’s been a banner year for IPOs. At least six Minnesota companies have gone public so far in 2021, with more on the horizon. In April, two Bloomington-based companies went public a few days apart.