SentinelOne has no plans to sell itself and will never have any plans to do so. That clarifies the company’s CEO after there were whispers that the company was considering selling itself after two financially tough years.
Tomer Weingarten, CEO of SentinelOne, was a guest at the 2023 XChange Best of Breed conference. There, CRN knows he dispelled a major rumour about the company. “We are fully committed to our independent path,” he said.
‘Losses significantly contained’
Rumours of a possible sale surfaced after the company presented disappointing annual results for a second consecutive time. Mainly, the asset of low prices is playing tricks on the company.
SentinelOne is an endpoint security specialist offering the Singularity platform for this purpose. It has expanded its offerings significantly since 2013, allowing it to address multiple security issues. Within its own XDR solution, it can monitor everything from cloud workloads to endpoints.
As we also pointed out earlier, the endpoint specialist does have reasons to remain optimistic. Hybrid working remains an important value in many companies’ work policies, which certainly fuels the importance of protecting endpoints. Weingarten hints at not losing heart either: “I see no reason to do such a thing. I see no reason to deviate from my independent path.”
He then elaborated on the company’s financial situation and even sounded optimistic for 2024: “We are the No. 1 innovator in this field. We have $1 billion in cash on our balance sheet. We’ve cut our losses so significantly that we’re moving to positive cash flow next year.”
Extensive ecosystem of partners
Another interesting aspect of the company is its many partnerships that can only strengthen the solution. The earlier rumours of a possible sale of the company, however, did leave almost one partnership on the rocks. We mean the partnership with Wiz, which was established in March. Wiz is a cloud security specialist. Although Wiz is only a start-up, it had brave plans to acquire the mature SentinelOne. The plans were brave but did not seem to go down well with the endpoint specialist. Cooperation between the two parties was halted in one week and restarted by SentinelOne.
Also read: SentinelOne has an on-and-off relationship with Wiz
Weingarten does admit to receiving more frequent requests to take over the company: “Pretty much every security vendor you can fathom approached me at one point and said, ‘Hey, maybe we could possibly do something?’ That was never something attractive to me, nor did I think it would be something that would benefit our customers and our partners. And that hasn’t changed.”