SailPoint (SAIL) Registration Filing summary

Company overview and business model

• Provides enterprise identity security solutions via SaaS and customer-hosted offerings, unifying identity data for employees, non-employees, and machines.

• Solutions leverage AI and analytics for real-time visibility, access control, and regulatory compliance.

• Transitioned to a subscription-based model, with SaaS as the primary growth driver.

• Serves large enterprises, governments, and mid-market organizations globally.

• Core platform (Atlas) enables modular, extensible, and scalable identity management.

Financial performance and metrics

• Annual recurring revenue (ARR) as of October 31, 2024: $813.2M, up 30% YoY; SaaS ARR: $485.7M, up 40% YoY.

• Revenue for fiscal year ended January 31, 2024: $699.6M; gross profit margin: 60%; adjusted gross profit margin: 77%.

• Net loss for fiscal year ended January 31, 2024: $(395.4)M; adjusted operating margin: 8%.

• Dollar-based net retention rate: 114% as of October 31, 2024.

• Customer base: ~2,895 organizations, with 67% YoY growth in $1M+ ARR customers.

Use of proceeds and capital allocation

• Estimated net proceeds: $893.2M (or $1,036.1M if underwriters exercise option in full), assuming $20.00/share IPO price.

• Proceeds allocated to: $52.8M for equity award settlements, $17.3M for vested equity appreciation rights, $9.3M for Thoma Bravo advisory fees, $690M to repay Term Loan, remainder for general corporate purposes.

• Thoma Bravo to receive $21.7M from loan repayment.