Trustwave files for IPO

(Crain's) — Chicago-based credit card security company Trustwave Inc. plans to go public and raise $100 million.

The nine-year-old company — a leading maker of software that ensures merchants are in compliance with credit card companies' security standards — filed a prospectus Thursday with the U.S. Securities and Exchange Commission.

• Website:  http://invensense.com/
• HQ: Chicago, Illinois

Trustwave's revenue soared 52% last year to $115 million, but it’s still not reporting a net profit. Last year’s loss was $2 million.

The IPO is being led by Morgan Stanley, J. P. Morgan Chase & Co., Barclays Capital, William Blair & Co. and BMO Capital Markets. One of Trustwave’s early investors, Richard Kiphart, is a longtime William Blair executive.

Trustwave posted revenue of $81.7 million in 2010 and net loss attributable to common shareholders of $6.4 million. In the first six months of 2011, Trustwave generated revenue of $47.8 million and a net loss attributable to common shareholders of $1.6 million. Current shareholders with more than 5% of stock are FTV Capital, MBK Ventures, DBRC Investments, First Analysis Funds and SRBA/Hallman Management Trust.