If it’s true that Thoma Bravo is once again exploring a SailPoint IPO, a few things need to happen for the exit to succeed. On the surface, this move seems like it's defying the odds for a normal four-to-seven year private equity holding period. It's defying the odds of the current IPO window, too. There hasn't been a traditional IPO for a pure cybersecurity company for over 1,000 days (and counting). Current market conditions are anything but favorable, at least for anyone other than the crème de la crème of the IPO pipeline. SailPoint is anything but typical, though. I'm not convinced they even needed to go private in the first place, but here we are. News of an impending IPO is exciting to anyone who (a) likes SailPoint, and (b) wants this IPO drought for our industry to end. This is far from a done deal, but it's credible enough to do some educated speculation about what it might take for SailPoint to go public again and stay there this time. My latest article is about the metrics, narrative, and alternatives that could lead to a second SailPoint IPO. You can read more by following the link on my profile.
Cole, your insights on the IPO landscape are thought-provoking. Looking forward to your article and further discussions on this.
Very informative
🕵🏻♂️ on Shadow IT
1moThe move to private likely helped SP to take necessary time to shift customers to their cloud platform by taking the pressure off quarterly reporting in a time when profitability was king. I think they emerge soon with nice growth rates into a market that values cloud above all else. I'm bullish on the IPO.