2 min Security

SailPoint targets valuation of 11.5 billion at IPO

Another Thoma Bravo success story?

SailPoint targets valuation of 11.5 billion at IPO

SailPoint and its owner Thoma Bravo want to raise $1.05 billion with an upcoming IPO. That would equate to a market value of 11.5 billion, as private equity wants to hold on to SailPoint.

Of the 50 million shares being made available, only 2.5 million are coming directly from Thoma Bravo. SailPoint, which focuses on identity security to rival Microsoft and Okta, among others, has gone public before. After Thoma Bravo bought the company in 2014, it filed for an IPO in 2017. A repurchase followed in 2022, followed now by yet another move to Wall Street.

Should the valuation actually be achieved, SailPoint would be worth over $4 billion more than what Thoma Bravo paid for it back in 2022. It would not be the first time this private equity has achieved similar returns from an acquisition.

Read more: Why Thoma Bravo almost always places the right bets on tech

Identity for big clients

SailPoint was founded in 2005. In the two decades since, it has won over a large client base. BNP Paribas, Specsavers, T-Mobile, Vodafone and Home Depot are examples of customers. In total, SailPoint serves half of the Fortune 500 and a quarter of the world’s 2,000 largest companies.

Owner Thoma Bravo emphasizes that the focus at the company was not on sheer EBITDA for quite some time, with SailPoint Atlas serving as the underlying platform for the SailPoint Identity Security Cloud. The identity player’s offering is set up to grow with the organization that adopts it through various product modules.

Revolving door

Should SailPoint be gradually disposed of by Thoma Bravo, it can never be ruled out that it will come back to take it off the stock market again given recent history. Nonetheless, the private equity has now acquired a new player in the security field: Darktrace, which was bought on Oct. 1 for $5.32 billion.

Read also: Acquisition of Darktrace by Thoma Bravo for 5 billion is complete