SailPoint, a cybersecurity firm owned by Thoma Bravo, reported a reduction in its nine-month loss in filings related to its U.S. initial public offering (IPO), attributing the improvement to rising subscription revenues.
The company, which specializes in identity and access management software, plays a pivotal role in helping businesses guard against increasing cybersecurity threats and digital fraud. High-profile companies such as AT&T and UnitedHealth Group were among those targeted by cyberattacks in the past year, underscoring the growing demand for cybersecurity services.
The details surrounding SailPoint’s IPO, including the pricing and number of shares, were not disclosed in the filing. However, the company’s performance comes as the U.S. IPO market shows signs of recovery, supported by a favorable economic backdrop that includes falling interest rates and market optimism under the incoming leadership of the Biden administration.
In April 2024, Rubrik, another cybersecurity company backed by Microsoft, made a successful debut on the stock market, further demonstrating investor interest in the sector.
Thoma Bravo acquired SailPoint for $6.12 billion in 2022, taking the company private roughly five years after it initially went public. The Austin, Texas-based company’s filing revealed an operational loss of $158.5 million for the nine months ending on October 31, a significant improvement from the $267.5 million loss recorded during the same period in 2024.
SailPoint stated that it intends to use the proceeds from its IPO to reduce debt and bolster its capital base. Once the offering is complete, the company plans to list its shares on the Nasdaq Global Market under the ticker symbol “SAIL.”
The IPO was underwritten by major financial institutions Morgan Stanley and Goldman Sachs.
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