SailPoint Files to Raise $100 Million in a Public Offering

SailPoint Technologies, founded in 2005, filed papers with federal regulators on Friday to raise $100 million in an initial public offering.

The Austin-based cybersecurity firm has raised $26 million to date in venture capital and private equity funding.

The company plans to use the proceeds of its offering to expand operations and add additional customers.

SailPoint creates and sells security software that manages and monitors which employees have access to various programs and platforms online for companies.

The company sells an open identity platform available both on-site and in the cloud to manage access to information for a company or government agency.

The company had more than 750 customers across a variety of industries nationally and worldwide, according to the IPO registration statement. It primarily sells to large companies with 7,500 or more employees and mid-market companies with more than 1,000 employees.

SailPoint’s revenue was $132.4 million in 2016 and $74. 7 million for the first six months of 2017. It reported a net loss of $3.1 million for 2016 and $6.5 million for the first six months of 2017.

Mark McClain co-founded the company with Kevin Cunningham and Jackie Gilbert.

SailPoint has global innovation centers in Austin, Pune, India and Tel Aviv, Israel and it has 228 employees in its research and development teams. Overall, SailPoint has 741 employees.

SailPoint recently “entered into a lease for a new 164,818 square-foot corporate headquarters” and plans to move in during the second quarter of 2019. It currently occupies 44,633 square feet.

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