Appgate has become a publicly traded cybersecurity company after it finalized its combination with Newtown Lane Marketing that was first announced in February.
The combined company will operate as Appgate and will trade on the OTC Bulletin Board under the ticker symbol “NTWN” with plans to change the symbol to “APGT” and list its common stock on the New York Stock Exchange or Nasdaq in the first quarter of 2022, Appgate said Wednesday.
“The legacy methods of security, such as VPNs and firewalls, are no longer effective in keeping companies and networks secure. Today’s threat landscape is forcing executives to rethink how they secure their businesses, their data and their users,” said Appgate CEO Barry Field.
Field added that Appgate’s security platforms are built on zero trust principles designed to help federal agencies, financial institutions, commercial enterprises and other clients protect their networks from cyberattacks.
Miami-based Appgate, which was spun out of Cyxtera Technologies, in January 2020, provides software-defined perimeter, digital threat protection, risk-based authentication, threat advisory services and other secure access platforms to over 600 customers.
Magnetar Financial, which initially invested $50 million in convertible notes in Appgate in February, made another investment of $25 million in convertible notes in the cybersecurity company, bringing the latter’s valuation to $1 billion.
DBO Partners and Greenberg Traurig respectively served as financial adviser and legal counsel to Appgate. Canaccord Genuity advised Newtown on the transaction’s financial aspect, while Graubard Miller acted as Newton’s legal counsel.
ExecutiveBiz, sister site of GovCon Wire and part of the Executive Mosaic digital media umbrella, will host a virtual event about securing the supply chain on Oct. 26. Visit ExecutiveBiz.com to sign up for the “Supply Chain Cybersecurity: Revelations and Innovations” event.