Cybersecurity Upstarts Snyk, Cato Prepare for IPOs

For some venture capital–backed cybersecurity startups, the slow-moving gears of initial public offerings are starting to turn.

Snyk, an Accel Partners–backed startup that sells security tools for developers, valued at $7.4 billion in 2022, has been drafting its IPO investor prospectus and could file it confidentially with regulators in the next few months, a person familiar with the matter said. Meanwhile, Cato Networks, a SoftBank-backed Israeli startup that sells network security software, plans to hire bankers by March for an …

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