Dell to float SecureWorks

Dell logoTin box shifter Michael Dell’s cybersecurity unit SecureWorks has filed for an initial public offering with U.S. regulators.

SecureWorks said it intends to list its Class A common stock on the Nasdaq under the symbol “SCWX” which is suitably cryptic.

Dell bought the outfit in 2011 and it could be worth as much as $2 billion, though the target valuation was not finalised. The filing did not reveal how many shares were planned for sale in the IPO or their expected price. The company set a nominal fundraising target of $100 million.

However all that changed when Dell agreed to buy data storage company EMC Corp for $67 billion in October. His plan was to diversify from a stagnant consumer PC market and give it greater scale in the more profitable and faster-growing market for cloud-based data services. This meant doing something with the security company and raising a bit of cash through it.

There are no indications that he is planning to sell off any of his stake in the company once the IPO is completed, but it is a pretty good bet.

Dell is also reportedly looking for a buyer for its $5 billion outsourcing business, which it acquired in 2009 when it bought Perot Systems for $3.9 billion.