Cybersecurity Giant SailPoint Aims for the Big Leagues

Hold onto your hats, folks! SailPoint, the identity management powerhouse and Okta competitor, is gearing up for a massive $11.5 billion IPO. This isn’t just another tech story—it’s a bold move that could shake up the cybersecurity landscape. With plans to sell $1 billion worth of stock, SailPoint is making waves in the financial world.

The Numbers Don’t Lie

Here’s the breakdown: SailPoint plans to offer 47.5 million shares at $19 to $21 each. Thoma Bravo, the private equity giant that took SailPoint private in 2022, is also selling 2.5 million shares. Even after the IPO, Thoma Bravo will retain over 87% ownership. Talk about confidence!

• Valuation: $11.5 billion
• Shares Offered: 47.5 million
• Price Range: $19 – $21 per share
• Thoma Bravo’s Stake: Over 87% post-IPO

From Public to Private and Back Again

This isn’t SailPoint’s first rodeo. The company was publicly traded until Thoma Bravo swooped in with a $6.9 billion buyout in 2022. Now, they’re back with a vengeance, aiming for an $11.5 billion valuation. Founder and CEO Mark McClain, who stayed on after the acquisition, is leading the charge.

“Not many founding CEOs find themselves in a position to introduce their company to the public market for a second time, but I am grateful to be able to do precisely that.”

Mark McClain, Founder & CEO of SailPoint

Financial Firepower

SailPoint’s financials are a mixed bag. The company reported $813 million in annual recurring revenue as of October 2024 but also posted a net loss of $395 million on $700 million in revenue. With $1.5 billion in debt, the IPO proceeds will be crucial for debt repayment and funding operations.

• Annual Recurring Revenue: $813 million
• Net Loss: $395 million
• Debt: $1.5 billion

What’s at Stake for Investors?

This IPO isn’t just about SailPoint—it’s a litmus test for the tech market. If retail investors jump on board, it could signal a strong 2025 for tech IPOs. But with Wall Street jittery over potential trade wars and policy shifts, the road ahead is anything but smooth.

Will SailPoint’s IPO be the spark that reignites the tech IPO market? Only time will tell, but one thing’s for sure: all eyes are on this cybersecurity titan as it races toward its $11.5 billion goal.