In a signal move for the cybersecurity sector, identity and access management (IAM) vendor SailPoint has made its return to public markets with the first tech IPO of 2025.
The company raised about $1.4 billion after pricing its shares at $23 and ended the day Friday with a market cap of $13.3 billion.
The initial public offering comes three years after a $6.9 billion all-cash buyout by private equity firm Thoma Bravo in 2022 that took SailPoint private after its initial public debut in 2017.
Thoma Bravo also owns Ping Identity, a company that was taken private in 2022 and has since been merged with ForgeRock. The firm’s cybersecurity portfolio also includes Proofpoint (bought for $12 billion) and Sophos (a $3.9 billion deal).
According to published reports, Thoma Bravo still owns 88% of SailPoint after the IPO and will have final say over board-level decisions.
Founded in 2005, SailPoint markets an enterprise-grade IAM suite delivered from the cloud and offers a “cloud on-ramp solution” that helps customers migrate from the company’s IdentityIQ on-premises deployment option to IdentityNow.
The SailPoint IPO comes after a long dry spell for cybersecurity companies and could provide a boost to a growing list of well-capitalized startups hawking IAM and AI-powered technologies to deal with the chaos of managing identities at large organizations.
Related: Thoma Bravo to Take SailPoint Private in $6.9B All-Cash Deal
Related: Private Equity Firm Buys Majority Stake in IAM Vendor SailPoint
