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IronNet restructures management in deal to go private

IronNet named Linda Zecher CEO as part of wider deal to restructure its top management, recapitalize the company and delist from the New York Stock Exchange. 

Zecher serves as chairman of C5 Capital, a major shareholder of IronNet and part of a joint venture with Cohen Circle under an agreement to rescue IronNet. Retired Gen. Keith Alexander, who founded the company and served as the recent CEO, will remain as chairman. 

The joint venture will fund the company up to $15.5 million based on IronNet meeting certain operational and transactional milestones, according to a filing with the Securities and Exchange Commission

After the company goes private and delists from the NYSE, the joint venture will provide up to $51 million in additional financing. IronNet agreed to take certain steps to complete the privatization and delisting process, including a stock split and recapitalization that involves issuing preferred stock to the venture and becoming current with Exchange Act reporting obligations. 

The company said it plans to resume a growth strategy both in government and private sector, expanding business with overseas organizations and seeking opportunities in the U.S. as states expand their cyber resilience efforts. 

“It’s really about expanding the footprint across all of those areas, from growing upon the contracts we already have in place and then looking at new companies and new countries,” Zecher said. 

That growth strategy will involve new hires after the company announced major layoffs in 2022. The company had 104 full time employees at the end of January, according to an annual report filed with the SEC.

Zecher is a former president and CEO of education company Houghton Mifflin Harcourt and previously served as corporate VP at Microsoft’s Worldwide Public Sector unit. 

Zecher is also a current board member at cybersecurity firm Tenable and director of the board at Hasbro.  

Cameron Pforr, the current CFO, will become the new president of IronNet. 

The company also named John O’Hara as SVP of corporate development and partnerships.

 


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