Jason Garbis

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.

65

Schedule your Identity benchmarking session today and start your journey toward identity maturity now.

4

Excited to join Bob Layton and Meredith Caram next Thursday 9/12 at 1pm ET. MSPs know that the threat landscape has grown both in scale and in complexity. More attackers are targeting smaller midsized organizations that have less sophisticated cybersecurity teams. Businesses need help securing their environments and technology alone cannot fill the gap, and they are looking to trusted partners for support (a big reason 88% of MSPs are in profitable growth mode!). A blend of traditional security tools is not enough. Service providers need to level up their technology stack with partners who help them deliver complete attack surface coverage, provide response and remediation, and act as an extension of their team. Register here: https://lnkd.in/ertaN9xA

57

7 Comments

Will AI curb cyberattacks or will it give rise to more? While there are many speculations, there is no definitive answer to this question yet. But one thing is for sure, there is drastic change coming up as AI implementations widen. Most CISOs and IT Security teams are expecting technology vendors to reduce complexity and make cyberattack prevention more simple. That's easier said than done. Chuck Brooks and Chandrashekhar are joining me on our upcoming talk on SecPod Webcasts, where we're going to talk about: - AI and its current impact on vulnerability management - How to stop future cyber attacks with AI - Leveraging AI with SecPod's CVEM framework to secure IT Reserve your slot: https://lnkd.in/gxAetjFq See you soon!

40

4 Comments

Security teams need answers to tough cloud data security questions and to close exposures faster. That’s why we’re introducing data security posture management (DSPM) and AI security posture management (AI-SPM) capabilities for Tenable Cloud Security. Key benefits: ✔️ Gain complete visibility of your cloud data ✔️ Proactively identify cloud data exposure ✔️ Reduce the likelihood of a data breach 🔗 Learn more: http://ow.ly/q424105O2IL

8

🎂 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

5

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

3

1 Comment

There are many lessons to be learned from the Crowdstrike incident, and while this is not an attack, it is clearly a supply chain security risk. But the path forward here may be closer to a business continuity or disaster recovery solution than any amount of whatever C-SCRM vendors are selling you. As software consumers, it's important to know where all of your dependencies are. It's not enough to do a vendor assessment and blindly trust that they will always protect you. It's your risk, you own it. And make no mistake, this could happen to anyone. Not just Crowdstrike. So what is your plan when your core technology dependencies fail you?

40

16 Comments

Protect against phishing attacks with best practices from CMIT Boston, Newton, Waltham. Learn more: https://buff.ly/3QzPYWl #PhishingProtection #CyberSecurity #TechSupport #CMITBoston #NewtonWaltham #BostonBusiness #DataProtection #TechSolutions #ManagedIT #BusinessSecurity #ITSupport #CyberAwareness #ITCompliance #ITSecurity #NetworkSecurity #BusinessContinuity #ITManagement #BostonTech #BusinessEfficiency #TechUpgrades

4

Clearwater’s CEO, Steve Cagle, MBA, HCISPP, CHISL recently wrote an informative article on five commonly overlooked cybersecurity practices in fast-growth specialty groups. As provider groups expand rapidly through strategic acquisitions and sophisticated management practices, they often face significant cybersecurity challenges. These systems may lack foundational cybersecurity controls, leading to unknown risks and vulnerabilities. Inadequate policies, procedures, and workforce cybersecurity awareness often contribute to ransomware attacks and data breaches. It's crucial to stay ahead of the game and continuously improve your cybersecurity practices to protect your organization from potential threats. If you’re attending SCALE Healthcare's Leadership Conference in NYC on Oct. 1, catch Steve and Scott’s Cybersecurity Workshop. #Cybersecurity #RiskManagement #RansomwareAttacks #DataBreaches

13

1 Comment

Have questions about what compliance applies to your business, let us help you. We frequently hear businesses say, "compliance is expensive", my answer is always the same: "your correct but not nearly as expensive as one fine" #compliance #cybersecurity #OCCSI

2

Data loss can be a major headache, but many times, it’s caused by avoidable errors. Let’s take a closer look at the 5 most common culprits and how to prevent them: 🛠 Human Error What Happens: Accidental deletion or mismanagement of files. Prevention: Implement regular backups and train your team on data handling best practices. 💻 Hardware Failures What Happens: Hard drives or servers fail, causing data loss. Prevention: Use reliable hardware and regularly check and replace aging equipment. 📧 Phishing Attacks What Happens: Cybercriminals trick users into giving up sensitive information. Prevention: Educate your team about phishing scams and use robust email filters. 🦠 Malware and Ransomware What Happens: Malicious software encrypts or deletes your data. Prevention: Keep your antivirus software up-to-date and ensure regular system scans. ⚙️ Inadequate Backup Procedures What Happens: Backups are outdated or not properly stored. Prevention: Set up automated, regular backups and test them periodically to ensure they’re working. Take the first step in securing your business today! Follow this link to Book a FREE cybersecurity consultation with us: https://www.oramca.com/ #OramCybersecurityAdvisors #CyberAttack #SlowComputer #CyberSecurity #ComputerBreach #DataBreach

2

Email phishing attacks are getting more sophisticated, but protecting your business can be simple. Here are five tips to keep your inbox—and your business—secure: 🖱️ Think Before You Click: If an email looks suspicious, don’t click on any links or download attachments. Take a moment to verify the sender first. 🔐 Enable Multi-Factor Authentication (MFA): Adding an extra layer of security to your accounts makes it harder for hackers to gain access, even if they have your password. 🎓 Educate Your Team: Regular training on how to spot phishing emails can make all the difference. Awareness is your first line of defense. 💪🏼 Use Strong, Unique Passwords: Encourage your team to use complex passwords and update them regularly. Consider a password manager to keep things organized. 💾 Keep Software Updated: Regular updates ensure your security tools are equipped to handle the latest threats. Make it a priority to keep all software current. Taking these simple steps can go a long way in protecting your business from phishing attacks. Take the first step in securing your business today! Follow this link to Book a FREE cybersecurity consultation with us: https://www.oramca.com/ #OramCybersecurityAdvisors #CyberAttack #SlowComputer #CyberSecurity #ComputerBreach #DataBreach

10

1 Comment

#cyberinsurance claims are rising and unfortunately the big contributors are #phishing and #socialengineering. The latest and excellent #claims report and analysis by our friends at Coalition, Inc. highlights that more than half of all claims were business email compromise (BEC) or funds transfer fraud (FTF), highlighting the importance of email security as a key aspect of cyber risk management. Check out KnowBe4's blog where in our CEO Stu Sjouwerman, SACP shares his thoughts on the report and what organizations can do to stay informed and one step ahead Joshua Motta Shawn Ram Matthew Dort

51

🎥WATCH THE LATG CYBERCHAT REPLAY | IMPROVE YOUR SECURITY POSTURE! The LATG Cybersecurity Chat is designed to support organizations in developing and maintaining end-to-end cybersecurity strategies. This episode equips viewers to understand what's happening on the threat landscape and the value of LATG's Cyber Threat Assessment Program (CTAP). 🌟 Measuring the effectiveness of the security solutions in place has become increasingly difficult, and it is wise to regularly re-evaluate the effectiveness of your cyber security tools and solutions to ensure that they are working effectively and efficiently; a Cyber Threat Assessment Program (CTAP) can help you achieve this. Watch this episode to learn more: https://lnkd.in/dAjMHfD7 Ready to request a CTAP? Fill out the form on this page: https://lnkd.in/g3bEp5rj

5

Mixing, money, music, and cybersecurity works. When it comes to music, I never change the dial when certain groups are playing. Bob Seger and the Silver Bullet Band is one of them. Today, I'm channeling Ramblin' Gamblin' Man. As in, if I were Gamblin' man, I'd bet Fidelity's recent policy tightening its security protocols to prevent the use of third-party technology for accessing and managing investors’ retirement accounts is directly related to Fidelity's announcement last week that 77,000 accounts were breached. 'Cause I got to ramble (ramblin' man) Oh I got to gamble (gamblin' man) I got to ramble (ramblin' man) I was born a ramblin' gamblin' man Call me crazy. The Fidelity breach occurred in mid-August. Fidelity disclosed last week, due to a mandatory filing with the State of Maine, that Non Public Private Information for 77,000 clients was stolen including their account numbers, driver’s license info, addresses and Social Security numbers. Fidelity announced that it plans on changing all of the associated account numbers but that will take them some time. Fidelity and other custodians and banks spend billions on cybersecurity yet breaches happen. Registered Investment Advisors should take heed, take an assessment of their cybersecurity status, and take action to correct it because they may not be able to withstand a breach the way Fidelity can. DM me or contact me via CYBER CIC's web site available on my profile. #registeredinvestmentadvisors #RIA #wealthmanagement #cyber #security #moneymatters https://lnkd.in/ezQfa82s

7

2 Comments

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.

1