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UK software firm Sophos eyes $1 billion US IPO

British security software firm Sophos is set for a $1 billion flotation on Nasdaq next year, two years after abandoning plans to list in London because of market volatility, the Sunday Times reported.

The newspaper, without citing sources, said Sophos was being advised by Deutsche Bank.

The company is 60-percent-owned by Oxford University scientists Jan Hruska and Peter Lammer, who founded the business in 1985.

A further 20% is owned by venture capital group TA Associates, with 10% held by Investcorp and the rest by founders and management, the Sunday Times said.

Sophos could not immediately be reached for comment. (Reuters)