PYMNTS-MonitorEdge-May-2024

Cybersecurity Platform SentinelOne Considers US IPO

Cybersecurity Platform SentinelOne Eyes US IPO

Autonomous cybersecurity company SentinelOne will be seeking a valuation of around $7 billion for its initial public offering (IPO), according to a press release.

The company is offering 32 million shares of its shares of Class A common stock, the release stated. It will be offering underwriters the option to buy another 4.8 million shares. The IPO price is likely to be around $26 to $29 per share.

According to the release, the company’s stockholders have agreed to buy a number of shares of the company’s stock with an aggregate purchase price of around $50 million at a price equal to the IPO price.

SentinelOne said in early June that it planned to go public on the New York Stock Exchange, PYMNTS reported. The company disclosed that it had around $130 million in annualized recurring revenue (ARR). That was a boost from around $66 million from January 2020.

According to SentinelOne, the ARR represents “the annualized revenue run rate of our subscription contracts at the end of a reporting period, assuming contracts are renewed on their existing terms for customers that are under subscription contracts with us.”

With the new funding, SentinelOne was looking at continuing growth in gaining new clients and boosting sales. And it planned to keep looking into acquisitions and investments in companies and technologies. SentinelOne’s buy of Scalyr could help it to bolster functions like data ingestion, search and retention.

SentinelOne is looking at the potential for global opportunity in its company, with its revenue outside the U.S. totaling 30 percent of its revenue for 2021 thus far.

“We have made, and plan to continue to make, significant investments to expand geographically, particularly in Europe, the Middle East, and Africa, or EMEA, Latin America, and Asia Pacific, or APAC,” SentinelOne disclosed in the filing, according to the report.

The SentinelOne Singularity platform is supposed to protect against cyberattacks, with the company promising better speed, scale and more accuracy.

PYMNTS-MonitorEdge-May-2024