Cybersecurity Firm SentinelOne Introduces S-1 for IPO

Cybersecurity company SentinelOne filed its IPO prospectus with the Securities and Exchange Commission on Thursday, and plans to go public on the New York Stock Exchange under the ticker symbol S.

In the three months ending April 30, revenue grew 108% year-over-year to $ 37.4 million, while net losses more than doubled from $ 26.6 million to $ 62.6 million, according to the filing. .

SentinelOne raised $ 276 million in a round last November led by Tiger Global, part of an investor loot of nearly $ 500 million in 2020 that tripled its valuation from the beginning of the year to the end, from $ 1 billion to $ 3. billion.

SentinelOne’s competitors have been among the big IPO winners in recent years, with CrowdStrike, which CEO Tomer Weingarten has referred to as its “top competitor,” now valued at more than $ 46 billion. But more of your competitors are now also talking about the threat SentinelOne poses. In recent months, CrowdStrike and Qualys first named SentinelOne as a competitor in their annual reports. And after the coronavirus pandemic hit, Palo Alto Networks CEO Nikesh Arora began talking about SentinelOne in conversations with analysts; referenced the company three times in a recent earnings call.

More recently, the company’s autonomous endpoint security stopped SUNBURST, the malware that tricked systems into loading it as an update to SolarWinds Orion software, which is used by thousands of organizations. AT&T, JetBlue and McKesson were among SentinelOne customers protected by the SolarWinds hack.

The prospectus says that SentinelOne intends to list Class A common shares, although the number of shares and price range for the proposed offering have yet to be determined. It also identifies Morgan Stanley, Goldman Sachs, Bank of America Securities, Barclays, and Wells Fargo Securities as primary underwriters.

The company was ranked No. 4 on this year’s CNBC Disruptor 50 list.

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