Eilam Levin

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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In today’s complex cybersecurity landscape, silos and inefficiencies are major challenges, creating gaps, increasing risk and costs. Discover how Cyware’s Cyber Fusion Center (CFC) addresses these problems head-on by integrating resources and fostering collaboration: 🔒 Risk Reduction Through Intelligent Correlation 🤝 Operational Efficiency Through Collaboration 💡 Cost Savings Through Orchestration 🔗 Learn more - https://lnkd.in/eiguaFm6 #Cybersecurity #RiskManagement #Automation #Collaboration

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Amplify detection capabilities with Recorded Future's Validated Sigma Rules, crafted by our research team to minimize false positives. Watch to see how to easily search, implement, and configure Sigma Rules without ever leaving Splunk.

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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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Heard about our Noetic acquisition? Want to learn more about how Rapid7 is innovating in Attack Surface Management? Interested in one, if not the only, solution today available in the market that brings native internal attack surface (CAASM) and native external attack surface (EASM) capabilities together for comprehensive visibility in one product? Join the discussion at 12PM EST to find out more! https://lnkd.in/e4MfJzbN #rapid7 #attacksurface

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🎉 BIG NEWS! 🎉 We're thrilled to support U.S. Federal agencies who are ready to unlock low- to no-code Identity automation with the addition of Okta Workflows to our FedRAMP authorization package. You can read more about our ongoing commitment to streamline burdensome and time-consuming tasks for the government workforce in my blog: https://lnkd.in/gdE-cTSE

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As a Netscape alum I’ve always been a proponent of standards as a driver of innovation and a reducer of complexity. Identity standards have been the driving force for the modernization we’ve been seeing over the past few years and IPSIE takes it to the next level by providing an end-to-end standards based approach to identity. Now we all have to get on board and drive it home. Let’s go! #identitysecurity #modernidentity

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Made some words on Help Net Security about what it means to be an industry leading Enterprise DSPM. Sure, cloud is great and it's benefits are massive, but we can't ignore data on-prem and most importantly, sitting on mainframes processing transactions every day for the last 50-60 years! It's time for contextual visibility across all data domains to ensure proper security, compliance, privacy and governance. Enterprise DSPM the 1touch.io way enables teams to unlock the value of their sensitive data in a privacy-preserving way to drive new business and avoid running into the regulatory buzzsaw. https://lnkd.in/emwjfVG3

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Looking forward to seeing the impact of MITRE EMB3D on #SupplyChainSecurity

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🚨Introducing the industry’s first Runtime security solution enabling enterprises to seamlessly integrate security into every step of the development process, from writing source code to deploying binaries into production. JFrog Runtime enables Security, R&D and DevOps teams to effectively monitor Kubernetes clusters, quickly identify and remediate vulnerabilities, and ensure the integrity of images running in production. It tackles the critical challenge of securing applications in production by focusing on what matters most: real-time visibility into runtime vulnerabilities, and addressing risks that are critical, applicable, and running. Enterprises can shiftleft & right simultaneously, helping developers save time with quick threat detection and risk remediation. Learn more: https://jfrog.co/4dVFudB #Jfrog #Devops #DevSecops #Runtimesecurity #Cybersecurity #SSC

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Good to read .

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Curious about how easily RL's solutions can be integrated into your enterprise's existing platforms? We've got you covered - from #ThreatIntel to #SoftwareSupplyChainSecurity.

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Is your MapReduce system of analysis aging out? Anomali has reinvented how the world is approaching Observability and Security. Let me show you what the next decade will be like. https://lnkd.in/g3dX9HRc

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Data poisoning and backdoor attacks on LLMs used for code completion currently go undetected if malicious payloads are directly integrated into code with minimal transformation / indirection (see code examples): https://lnkd.in/gz_HyWMu

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I’m proud to share that Palo Alto Networks is collaborating with NVIDIA to deliver the first-ever reference architecture for #AI Runtime Security with #NVIDIA #NIM. This represents a #holistic approach to securing #generativeAI applications that address many of the #AI security risks defined by the Open Worldwide Application Security Project (#OWASP).   As #generative AI is transforming every #industry, NVIDIA NIM #inference microservices are foundational to quick #enterprise developments across on-premises and public #cloud infrastructure. AI Runtime Security from Palo Alto Networks combines continuous runtime #threat analysis of #AI apps, models, and datasets with AI-powered security. It is purpose-built to discover, protect, and defend against enterprise #AI and #LLM vulnerabilities, #exploits, and #attacks – to ultimately stop threat actors.   #SecuredbyPANW #WeveGotNext #precisionai   Helmut Reisinger Florian Hartwig Sergej Epp Marc Mueller Damaris Soellner Angelika Kempf Martin Zeitler Andy Weiss Wojciech Golebiowski

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Understanding the urgency of real-time cyber asset risk reporting is crucial in today's digital landscape. Find out how Forescout is leading the way in cybersecurity innovation.

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Read the customer story to learn how eSentire MDR delivered superior visibility, correlation, and protection from cloud-specific threats, 24/7 detection, and expert support that enabled Venerable to stay ahead of cyber threats. DM us to discuss how eSentire can help your organization achieve comprehensive threat response, visibility improvement and endpoint protection. @eSentire

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Read about automating your cybersecurity compliance, safeguarding customer data with ownership, and bulletproof documentation with the latest from Deadbolt Security https://lnkd.in/epVahtXD

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