Thoma Bravo-owned SailPoint reveals narrower loss in US IPO submitting

(Reuters) -Thoma Bravo-owned cybersecurity firm SailPoint on Friday revealed a narrower nine-month loss in its paperwork for a U.S. preliminary public providing, helped by an increase in subscription income.

Cybersecurity corporations are seeing sturdy demand as companies attempt to equip themselves in opposition to rising on-line threats and digital fraud. AT&T (NYSE:T) and UnitedHealth Group (NYSE:UNH) had been among the many companies focused by hacking makes an attempt final 12 months.

SailPoint focuses on software program associated to id and entry administration that helps companies mitigate undesirable consumer entry and scale back the danger of delicate knowledge leakage.

It didn’t reveal the phrases for its providing.

Upbeat fairness markets, falling rates of interest and hopes of a friendlier market atmosphere for offers underneath the incoming Trump administration have rejuvenated the U.S. IPO market.

Microsoft-backed cybersecurity agency Rubrik obtained a robust reception from buyers when it went public in April 2024.

Personal fairness agency Thoma Bravo purchased SailPoint for $6.12 billion in 2022, taking it off public markets roughly 5 years after the corporate listed within the U.S.

The Austin, Texas-based agency’s Friday submitting revealed a loss from operations of $158.5 million for the 9 months ended Oct. 31, in contrast with a lack of $267.5 million within the year-ago interval.

Proceeds from the providing can be used to pay down debt and enhance capitalization, the corporate mentioned.

SailPoint will record its shares on the Nasdaq International market underneath the ticker image “SAIL”.

Morgan Stanley (NYSE:MS) and Goldman Sachs are underwriters to the IPO.