SailPoint Technologies has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) in regards to its initial public offering (IPO). The company expects to price its 20 million shares in the range of $9 to $11, with an overallotment option for an additional 3 million shares. At the maximum price, the entire offering is valued up to $253 million. The company expects to list its shares on the New York Stock Exchange under the symbol SAIL.
The underwriters for the offering at Morgan Stanley, Citigroup, Jefferies, RBC Capital, KeyBanc, Canaccord Genuity and Oppenheimer.
This company is the leading provider of enterprise identity governance solutions. Its open identity platform provides organizations with critical visibility into who currently has access to which resources, who should have access to those resources, and how that access is being used. The firm offers both on-premises software and cloud-based solutions, which provide organizations with the intelligence required to empower users and govern their access to applications and data across hybrid IT environments, whether comprised of on-premises, cloud or mobile applications.
SailPoint helps customers enable their businesses with more agile and innovative IT, enhance their security posture and better meet compliance and regulatory requirements. Its customers include many of the world’s largest and most complex organizations, including commercial enterprises, educational institutions and governments.
In the filing, the company described its finances as follows:
Our revenue grew at a compound annual growth rate of 41% from the year ended December 31, 2011 to the year ended December 31, 2016. For the years ended December 31, 2015 and 2016 and for the nine months ended September 30, 2016 and 2017, our revenue was $95.4 million, $132.4 million, $88.1 million and $118.3 million, respectively. During such periods, purchase accounting adjustments reduced our revenue by $5.6 million, $1.4 million, $1.1 million and $0.1 million, respectively. For the years ended December 31, 2015 and 2016 and for the nine months ended September 30, 2016 and 2017, our net loss was $10.8 million, $3.2 million, $6.5 million and $13.0 million, respectively.
The company intends to use the net proceeds from this offering to repay its debt, with the remainder going toward working capital and general corporate purposes.