Revisiting How Thoma Bravo Took Sailpoint Public and Then Private Again
Mar 28, 2024
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Thoma Bravo's Managing Partner, Seth Boro, discusses the journey of SailPoint from IPO to private acquisition. Topics include identity security, private equity partnerships, and the unique experience of transitioning from public to private ownership.
Thoma Bravo's first IPO of a portfolio company showcased their interest in high-growth firms with innovative solutions in enterprise identity management.
SailPoint's successful transition to a cloud-first approach aligned with market trends and led to profitable growth post IPO.
Deep dives
Mark McLean Founded SalePoint and Their Success in Enterprise Identity Management
Mark McLean, co-founder and CEO of SalePoint, discusses the company's journey in enterprise identity management. With over 17 years in the industry, SalePoint focuses on managing employee identities within organizations. They highlight the significance of proper identity management in preventing security breaches, referencing a case where a rogue trader exploited access privileges to cause significant financial losses.
Toma Bravo's Strategic Investment in SalePoint
Toma Bravo's investment in SalePoint showcased their interest in innovative high-growth companies. Despite initial hesitations about private equity involvement, SalePoint's efficient identity solutions and market understanding convinced Toma Bravo to make a strategic investment in 2014. This partnership focused on scaling SalePoint's operations, emphasizing the synergy between SalePoint's technical expertise and Toma Bravo's operational capabilities.
SalePoint's Transition to Cloud and Public Offering
Following Toma Bravo's acquisition, SalePoint underwent significant growth and operational improvements. The transition to a cloud-first approach marked a key strategic shift, aligning with market trends and enhancing recurring revenue streams. This transformation culminated in SalePoint's successful initial public offering (IPO) in 2017, demonstrating their evolution into a high-growth and profitable enterprise in the cybersecurity sector.
Renewed Partnership and Future Prospects with Toma Bravo
After a successful IPO and subsequent growth, SalePoint and Toma Bravo reconnected to explore new opportunities. Recognizing SalePoint's continued innovation and market potential, Toma Bravo re-engaged with a focus on supporting SalePoint's cloud transformation and growth trajectory. The partnership reflects a shared commitment to leveraging SalePoint's expertise and Toma Bravo's strategic insights for future success.
SailPoint Co-Founder and CEO Mark McClain speaks with Thoma Bravo Managing Partner Seth Boro about forging a relationship that led to Thoma Bravo’s first ever IPO of a portfolio company, and then a second acquisition of SailPoint just a few years later. The conversation covers the cutting edge work SailPoint is doing in identity security, as well as the inside experience of partnering with a Private Equity firm. Behind the Deal is rereleasing this favorite from the archives alongside a brand new episode of Beyond the Deal next week with Mark, Seth, and SailPoint’s President of Worldwide Field Operations Matt Mills.