IronNet in Talks to Go Public via Gabelli’s LGL Systems

IronNet Cybersecurity Inc., a company started by a retired four-star general of the U.S. Army, is in talks to go public through a merger with LGL Systems Acquisition Corp., according to people with knowledge of the matter.

The special purpose acquisition company is discussing raising new equity to support a transaction that’s set to value the combined entity at about $1.2 billion, said the people, who requested anonymity because the talks are private.

Representatives for IronNet and LGL didn’t immediately respond to requests for comment.

McLean, Virginia-based IronNet, was founded in 2014 by U.S. Army veteran Keith Alexander, who also held posts at the National Security Agency, Central Security Service and U.S. Cyber Command. The company employs “an extraordinarily high percentage” of former NSA cybersecurity operators with offensive and defensive cyber experience, its website shows. The company’s investors include ForgePoint Capital and Kleiner Perkins.

LGL, led by chairman and CEO Marc Gabelli, raised $172.5 million in a November 2019 initial public offering. It has said it would target businesses in the aerospace, defense and communications industries.

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