Thoma Bravo-owned SailPoint reveals narrower loss in US IPO filing (updated)

Rubrik

17/01/2025 21:22

(Adds more details on the company from paragraph 7 onwards)
       Jan 17 (Reuters) - Thoma Bravo-owned cybersecurity
company SailPoint on Friday revealed a narrower nine-month loss
in its paperwork for a U.S. initial public offering, helped by a
rise in subscription revenue. 
    Cybersecurity companies are seeing strong demand as
businesses try to equip themselves against growing online
threats and digital fraud. AT&T  T.N  and UnitedHealth Group
 UNH.N  were among the firms targeted by hacking attempts last
year.
    SailPoint specializes in software related to identity and
access management that helps businesses mitigate unwanted user
access and reduce the risk of sensitive data leakage.   
        It did not reveal the terms for its offering.
  
        Upbeat equity markets, falling interest rates and hopes
of a friendlier market environment for deals under the incoming
Trump administration have rejuvenated the U.S. IPO market.
    Microsoft-backed cybersecurity firm Rubrik  RBRK.N  received
a strong reception from investors when it went public in April
2024.  
    Private equity firm Thoma Bravo bought SailPoint for $6.12
billion in 2022, taking it off public markets roughly five years
after the company listed in the U.S.  
    The Austin, Texas-based firm's Friday filing revealed a loss
from operations of $158.5 million for the nine months ended Oct.
31, compared with a loss of $267.5 million in the year-ago
period.
        Proceeds from the offering will be used to pay down debt
and increase capitalization, the company said. 
    SailPoint will list its shares on the Nasdaq Global market
under the ticker symbol "SAIL".  
    Morgan Stanley and Goldman Sachs are underwriters to the
IPO.

 (Reporting by Pritam Biswas in Bengaluru; Editing by Shailesh
Kuber and Devika Syamnath)
 ((Pritam.Biswas@thomsonreuters.com;))