XDR Platform Provider SentinelOne Files for IPO
Endpoint security firm SentinelOne has publicly filed its S-1 registration statement with the SEC for an initial public offering (IPO) of its stock.
The company plans to list its Class A common stock on the New York Stock Exchange (NYSE) under the ticker symbol “S.”
Founded in 2013, SentinelOne has created a platform that has evolved from a general endpoint protection solution to what the company describes as a “full XDR cybersecurity platform” that includes AI-based endpoint protection, endpoint detection and response (EDR), IoT control, and protection for container and cloud workloads.
The company achieved “unicorn” status in early 2020 when it raised $200 million in a Series E round. In late 2020 its valuation jumped past $3 billion after raising $267 million in a Series F founding round, which brought the total raised by the company to a whopping $696.5 million.
While the number of shares to be offered and price range for the proposed offering have not yet been determined, industry chatter suggests the company’ valuation could be in the $10 billion range as a public company. The company could raise up to another $100 million through the IPO, according to its S-1.
According to its prospectus, the company has more than 4,700 customers, with revenue for fiscal 2020 and fiscal 2021 of $46.5 million and $93.1 million, respectively, representing growth of 100% year-over-year. The company said revenue for the three months ended April 30, 2020 and 2021 was $18.0 million and $37.4 million, respectively, representing year-over-year growth of 108%.
The company reported a net loss of $76.6 million and $117.6 million for fiscal 2020 and fiscal 2021, respectively, and $26.6 million and $62.6 million for the three months ended April 30, 2020 and 2021, respectively.
In February 2021, SentinelOne said it would spend $155 million to acquire log management startup Scalyr, beefing up a crucial technology piece to drive its ambitions in the enterprise cybersecurity market and speed up its push into the lucrative XDR category.