SailPoint (SAIL) Registration Filing summary

Company overview and business model

• Provides enterprise identity security solutions via SaaS and customer-hosted offerings, unifying identity data across 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 over 2,895 customers globally, including half of the Fortune 500 and 25% of the Forbes Global 2000.

• Offers a modular, extensible platform (Atlas) and a broad product suite for identity governance, risk management, and compliance.

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 the year ended January 31, 2024: $699.6M; gross profit margin: 60%; adjusted gross profit margin: 77%.

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

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

• As of January 31, 2025, expected ARR: $875–$877M; SaaS ARR: $538–$540M.

Use of proceeds and capital allocation

• Estimated net proceeds: $981.4M (at $22/share IPO price), primarily to repay $690M of Term Loan, settle equity awards, pay Thoma Bravo advisory fees, and for general corporate purposes.

• Thoma Bravo to receive $21.7M from loan repayment and $9.3M in advisory fees.

• No proceeds from shares sold by selling stockholders.