Cyber Security Firm SentinelOne Files S-1 For IPO
Tomer Weingarten, co-founder and CEO of SentinelOne.
The cybersecurity company SentinelOne has filed its IPO prospectus with the Securities and Exchange Commission on Thursday, and plans to list on the New York Stock Exchange under the symbol S.
In the three months ending April 30, revenue increased 108% year-on-year to $ 37.4 million, while net losses more than doubled from $ 26.6 million to 62 , $ 6 million, according to the record.
SentinelOne raised $ 276 million in a fundraising round last November led by Tiger Global, as part of a nearly $ 500 million fundraising drive from investors in 2020 that tripled its early-in-the-year valuation. year at the end, going from $ 1 billion to $ 3 billion.
SentinelOne’s competitors have been among the big winners from the IPO in recent years, with CrowdStrike – which CEO Tomer Weingarten has called a “main competitor” – now valued at more than $ 46 billion. But more and more of its competitors are now talking about the threat posed by SentinelOne. In recent months, CrowdStrike and Qualys for the first time, SentinelOne was identified as a competitor in its annual reports. And after the arrival of the coronavirus pandemic, Palo Alto Networks CEO Nikesh Arora started talking about SentinelOne in conversations with analysts – he referred to the company three times in a recent earnings call.
More recently, the company’s stand-alone endpoint security shut down SUNBURST, the malware that tricked systems into downloading it as an update to SolarWinds’ Orion software, which is used by thousands of organizations. AT&T, JetBlue and McKesson were among the SentinelOne customers protected in the SolarWinds hack.
The prospectus indicates that SentinelOne intends to list the Class A common shares, although the number of shares and the price range for the proposed offering have not yet been determined. It also identifies Morgan stanley, Goldman Sachs, Bank of America Securities, Barclays and Wells fargo Securities as principal underwriters.
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