Miami now has another publicly traded tech company. That would be cybersecurity company Appgate, a spinoff of Cyxtera Technologies that was founded by Manny Medina. It is Medina’s second unicorn to go public this year.
Appgate, which shields over 600 private enterprises, financial institutions and government entities against cyber threats, completed its merger with Newtown Lane Marketing, a SPAC, on Tuesday.
“There is a heightened sense of urgency for organizations to modernize their security with a Zero Trust strategy given recent recommendations from the U.S. federal government and high-profile breaches of critical infrastructure and the supply chain,” said Medina, Appgate’s Executive Chairman and Founder of Medina Capital, in a statement. “Today’s announcement is the next step in Appgate’s evolution in its effort to become the go-to provider of Zero Trust solutions.”
Appgate is now quoted on the OTC BB under the ticker NTWN but the company intends to have its symbol changed to APGT as soon as possible following completion of the merger and seeks to list on the Nasdaq or the New York Stock Exchange once it satisfies applicable listing requirements. The company expects that to occur in the first quarter of next year.
Appgate also announced that Magnetar Financial made a new investment of $25 million in convertible notes, in addition to $50 million invested in February. Magnetar’s total investment values the company at $1 billion, Appgate said in its announcement.
Medina, Appgate CEO Barry Field and other members of Appgate’s senior management team and board of directors are expected to continue to lead the company post-merger.
In 2017, Medina founded and launched Cyxtera Technologies, which went public via a $3.4 billion SPAC deal in July. Before that, he founded his investment firm, Medina Capital, and in 2014, he founded eMerge Americas to help put Miam’s tech scenei on the map. Starting it all, Medina founded Terremark Worldwide, the data services company he led and sold to Verizon Communications for $1.4 billion in 2011.
Greenberg Traurig represented Appgate in the transaction.
“It’s just another example of Manny Medina’s continued ability to see opportunities for growth and position himself as an innovator and disruptor in various spheres of the technology space,” said Jaret Davis, the Greenberg Traurig Miami co-managing shareholder who has led Medina’s deals for more than a decade. “He’s on a roll once again with eMerge, Cyxtera and now Appgate.”
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