Tony Wenzel

If you can make please take sometime to learn more about OT Cybersecurity.

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What would it take for SailPoint to go public again? Bloomberg and Michael Novinson at ISMG did some solid reporting in the past week, breaking the news that Thoma Bravo is in the early stages of taking SailPoint public again. > Already?! They've only been private for two years! I know – this seems like it's defying the odds for a normal private equity transaction. It's defying the odds of the current IPO window, too. There hasn't been a traditional IPO for a pure cybersecurity company for 1,099 days and counting. SailPoint is anything but typical, though. I'm not convinced they even needed to go private. Here's what it would take to go public again: → Profitable growth and scale SailPoint was sitting at $495.4M of revenue (TTM), $429.5M of ARR, and 31% revenue growth as of their last public earnings report in June 2022. Its net income was -$61.6M as of FY'21 year end. Roughly speaking, the current IPO expectations are $500M+ revenue scale, 20%+ growth, profitability, and a clear path to $1 billion. If we project out SailPoint's revenue since going private at 30% growth, they're likely approaching $1 billion in both ARR and total revenue. This might be generous, but they're getting close at anything over 20%. Their losses got out of control, but they're in good shape if they can get net income back to pre-2020 levels (-$10M or lower). → A good story around their ability to compete with Okta, CyberArk, and Microsoft The narrative for a SailPoint IPO is pretty good right now: there is a unique opportunity in the identity security market right now. SailPoint is well positioned to capture it. Under Thoma Bravo's ownership, they've acquired PAM and third party access companies. This matches Okta's entry into the PAM market and puts them in a position to compete with CyberArk in some market segments. I'm a little surprised they didn't try to add SSO to complete the narrative of being a full workforce identity platform (and fully compete with Okta). They were in the middle of their transition from on-premise to SaaS (which probably drove them to go private). I've heard good momentum on SaaS adoption for new implementations. This has to be part of the narrative if they're going to go public again. → No strategic buyers at a higher price than an IPO A strategic acquisition seems like a long shot. At a $6.9 billion acquisition price in 2022, a strategic acquisition might require close to $10 billion – otherwise, an IPO could be a more attractive exit. Large and mega-cap tech companies are the only buyers who can realistically absorb an acquisition of this scale. Palo Alto Networks, CrowdStrike, and the rest of the pure cybersecurity companies aren't doing this big of an acquisition. There just aren't many buyers. I don't see SailPoint wanting to move to another private equity firm, either – there's too much mutual respect between Thoma Bravo and SailPoint for that. The only option here might be to go public.

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A return to the stage!! Although my "real" picture isn't shown below, I thought it would be interesting to use an AI-generated profile picture given my talk is around how both adversaries and defenders can utilize Generative AI. Walking through different attacks and defenses at a golf course brings together everything that I love. Hope to see you all there! ISACA Orange County Chapter #cybersecurity #genai #isaca

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Check out the latest blog by Patrick Garrity 👾🛹💙 covering our release of the VulnCheck CLI tool. Whether you are a researcher, analyst or vulnerability manager, the VulnCheck CLI provides an efficient way to query through vast amounts of vulnerability data. You can work online with live API calls or offline by downloading full backups on demand and querying locally. Supported on Windows, Linux and MacOS. https://lnkd.in/gfWi3BB6

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🎂 And because it's our partnership birthday... Expel 🤝 modePUSH...two of the best in the biz are teaming up! This partnership helps modePUSH customers not only recover from data breaches, but also build a comprehensive security strategy to prevent future incidents. Learn more: #expel #LinkedInCommunity #partnerships #modepush

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Discover how ransomware targets SMBs and how to safeguard your business in 4 actionable steps. Get this infographic from eSentire. DM for help getting started.

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Access Version 2408 is causing two widespread bugs: msaccess.exe hangs around after closing Access and Error 3048, "Cannot open any more databases." #msaccess #vba #softwaredevelopment

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The 2024 Gartner® Market Guide for MDR Services provides a comprehensive overview of the evolving MDR landscape. The trusted analyst sees wide MDR adoption in the years ahead. In fact Gartner states that, "MDR mind share increased 29.14% year over year with MDR adoption growth increasing 67% from 2021 through 2022." Learn more: #EndCyberRisk

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Tenable Security Center 6.5 is here, and it’s packed with enhancements to elevate your #vulnerabilitymanagement strategy. Learn how these updates streamline workflows, enhance visibility, and help you stay ahead of evolving threats. Read the details: http://ow.ly/A9YX105R86n

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How do you feel about high impact, low effort remediation? Longbow seamlessly integrates into your workflow and tracks issues back to the root cause and owner. With Best Next Actions™, you can eliminate the most risk with the least amount of effort. Plus, remediation guidance that's ticket ready? Say goodbye to wasted time and stress and check out efficient risk management for yourself. #Longbow #ASPM

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Political-themed #smishing tactics and unwanted messages are on the rise. This U.S. election season, voters need to protect themselves against impersonation attacks. This blog shares steps to avoid risk and how Proofpoint helps protect the trust in the #mobile channel.

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Partner webinar on Okta to Entra ID migrations. We often get questions about "How To" and "Migration options". Here is your chance to talk to a partner and ask questions. https://lnkd.in/gaik9vuP

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Three New Specs Enhancing OpenID Federation and New Contributors The OpenID Connect working group recently adopted three new specifications that build upon and provide new capabilities to OpenID Federation. But I’m not only happy about these because of the engineering benefits they bring. I’m particularly happy because they bring new active contributors to the work, specifically Michael F. and Łukasz Jaromin, as well as continuing the strong work by Giuseppe De Marco, who’s become a leader in the space. They’re also supported by a few veterans: Roland Hedberg, John Bradley, and yours truly, plus now the full OpenID Connect working group. The three new specifications are: 1. OpenID Federation Extended Subordinate Listing 2. OpenID Federation Wallet Architectures 3. OpenID Connect Relying Party Metadata Choices For more about the specs, including an abstract for each of them, see my post at https://lnkd.in/g2P6TH3J.

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Understanding your SPRS score is critical for NIST 800-171 compliance, but managing it can be complex. Victor Cich, Compliance Consultant at RADICL demonstrates how our platform’s live score calculator gives you real-time updates as you assess each requirement, making compliance tracking easier for your team. Check out this clip to see how our platform simplifies compliance management. How do you ensure your team stays on top of compliance? #SPRS #ComplianceTracking #NIST800171 #CyberSecurity #RADICL #DefenseIndustry

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This is a great post that summarizes 5 key trends in the MSP space. These insights come from Jay McBain's speaking session at the Pax 8 event earlier this month. One thing that stood out was that security has become a major MSP opportunity, with 99% of MSPs deeply engaged with cybersecurity. #MSP #ChannelPartners #CybersecurityServices

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