British cyber security company Sophos is going public at a £1 billion valuation

Oxfordshire-based cyber security company Sophos has announced that it will go public at a valuation of £1 billion ($1.6 billion,) making it the UK's newest tech "unicorn," The Financial Times reports.

Sophos is a cyber security company that develops and sells software and hardware designed to keep businesses and their information safe from hackers.

Products sold by Sophos include encryption tools for businesses, as well as anti-virus tools and remote support programs.

Giant publicly listed tech companies are rare in the UK. The Financial Times points out two examples, though: Chip maker ARM, and accounting software company Sage.

Sophos says that it plans to raise $125 million when it floats on the London Stock Exchange on July 1.

The company told TechCrunch that it's going to use the money "to reduce overall indebtedness and provide the company with greater financial flexibility to drive the future growth of the business."