Cybersecurity firm Cato Networks hires banks for 2025 IPO, sources say

Israeli cybersecurity firm Cato Networks, which was valued at more than $3 billion in a private funding round last year, has hired underwriters for an initial public offering in New York, according to people familiar with the matter. Cato has tapped Goldman Sachs, JPMorgan Chase, and Barclays to lead preparations for a stock market flotation that could come by early 2025, possibly sooner if equity capital markets rebound this year, the sources said, requesting anonymity as the discussions are confidential. Cato is looking to raise more than $500 million, one of the sources said, adding that the company has yet to finalize the valuation it will target at the time of its IPO.