IronNet closes merger, becomes public company
IronNet Cybersecurity, a company founded and led by former U.S. Cyber Command and NSA chief Keith Alexander, has completed a merger with LGL Systems Acquisition Corp., the firm said Friday.
The move, which was initially announced earlier this year, takes the Maryland-based company public and allows it to join the New York Stock Exchange and trade.
The transaction also results in gross proceeds of $136.7 million to IronNet. The firm was founded in 2014 and employs a number of former senior NSA and Cyber Command officials. It boasts clients in both the public and private sectors, including some in U.S. critical infrastructure.
“We are excited to complete this business combination, which will position IronNet to truly transform and scale cyber defense for more organizations around the world,” Alexander, IronNet’s co-CEO, said in a statement.
“As a public company, we intend to apply our increased financial resources to accelerate product innovation for our customers and expand our portfolio of offerings,” he added.
Alexander will continue to help lead the new, combined company as part of the firm’s senior management team.
“Every day we see news headlines that reinforce the need for why we started this company – to offer detection technology and sharing capabilities that turn the tide against increasingly aggressive cyber attackers,” said William Welch, IronNet’s other co-CEO. “Every day, organizations are being victimized by cyberattacks all over the world — organizations that IronNet is well positioned to bring together for a more effective defense.”
Martin Matishak is a senior cybersecurity reporter for The Record. He spent the last five years at Politico, where he covered Congress, the Pentagon and the U.S. intelligence community and was a driving force behind the publication's cybersecurity newsletter.