SailPoint Co-Founder and CEO, Mark McClain, discusses forging a relationship with Thoma Bravo that led to a successful IPO and acquisition, highlighting the importance of cultural fit and price competition. They also discuss the journey of CellPoint Technologies in the Enterprise Identity Management space and the importance of identity management in large organizations. The podcast explores their technology's ability to prevent incidents like rogue traders exploiting access privileges. Additionally, they discuss receiving interest from big tech companies, the decision to pursue a growth equity round, and impressing a high-growth innovator in the identity security field. The episode concludes with the company's transition to a cloud-first model, challenges faced, and the possibility of going public again.
The partnership between SailPoint and Thoma Bravo was formed based on a shared vision and cultural fit, with Thoma Bravo's deep understanding of the security market and dedication to helping innovative companies being key factors.
SailPoint's technology for managing employee identities is critical in preventing breaches, as highlighted by the example of a large French bank where a rogue trader exploited unrevoked access privileges, resulting in billions of losses.
Deep dives
The Power of Partnership and Cultural Fit
Mark McLean, the CEO of SalePoint, discusses how the partnership with Toma Bravo was formed based on a shared vision and cultural fit. Toma Bravo stood out as a potential investor due to their deep understanding of the security market and their dedication to helping innovative companies become successful businesses. Both parties quickly recognized the value in working together and formed a strong partnership.
The Importance of Identity Management
The podcast highlights the significance of identity management in today's security landscape. SalePoint, as a leader in enterprise identity management, addresses the need for managing employee identities within organizations. The podcast provides an example of a large French bank where a rogue trader exploited unrevoked access privileges, resulting in the loss of billions. SalePoint's technology could have prevented such breaches, making it a critical and valuable solution for companies.
The Journey from Private to Public and Back
The podcast delves into SalePoint's journey from being a private company acquired by Toma Bravo to going public and eventually transitioning back to private ownership. As a private company, SalePoint experienced significant growth and achieved a successful IPO. However, the partnership with Toma Bravo ended within a year as the stock performed well. In the recent years, SalePoint saw the opportunity to accelerate its transition to the cloud and decided to go private again, forging another deal with Toma Bravo.
The Promise of the Next Phase
The podcast concludes with the excitement surrounding SalePoint's future and the potential of its partnership with Toma Bravo in the cloud-first era. This next phase is expected to drive further growth, profitability, and innovation in the identity management market. SalePoint's advanced products, strong recurring revenue, and collaboration with Toma Bravo position the company for continued success and potentially becoming a public company again.
SailPoint Co-Founder and CEO Mark McClain speaks with Thoma Bravo Managing Partner Seth Boro about how they forged a relationship that led to Thoma Bravo’s first ever IPO of a portfolio company, and eventually acquiring SailPoint twice over the course of a decade.