|By Business Wire||
|August 13, 2014 07:31 AM EDT||
Thoma Bravo, LLC, a leading technology investment firm, announced that it has entered into an agreement to make a significant equity investment in SailPoint, the leader in identity and access management (IAM) solutions. This investment recognizes SailPoint’s history of market leadership, double-digit growth and profitability, and will support SailPoint’s future operational and product development plans.
“Thoma Bravo is very excited to partner with the SailPoint team to propel the Company into its next stage of growth,” said Seth Boro, a managing partner at Thoma Bravo. “We believe that the combination of SailPoint’s proven innovation and leadership in the IAM market and Thoma Bravo’s expertise in Enterprise Security will further strengthen SailPoint’s status as the market leader.”
“Today’s news represents a significant inflection point for SailPoint as we work toward our company mission of becoming ‘Identity Inc.’ for the enterprise,” said Mark McClain, founder and CEO of SailPoint. “As the market leader, and given our rapid growth, it’s critical to the success of SailPoint - as well as our customers and partners - to continue scaling our company. Partnering with Thoma Bravo, which has significant experience with high growth companies in the enterprise software arena, will help us to continue our aggressive growth while maintaining our unparalleled customer satisfaction levels.”
Founded in 2005, SailPoint revolutionized the IAM market with its risk-based approach to identity management. Today, the company has hundreds of global organizations as customers benefitting from its innovative solutions, IdentityIQ and IdentityNow. The company recently reported record operating profits and is the fastest growing IAM company in North America, according to the latest Deloitte Technology Fast 500.
“The IAM market is the hottest it has ever been, and we’re excited by the numerous opportunities in front of SailPoint,” added Kevin Cunningham, founder and president of SailPoint. “Thoma Bravo’s investment in SailPoint is significant validation of our past market successes, as well as our future potential. We’re looking forward to working with them to continue pushing the boundaries of the IAM market to deliver innovative solutions for our customers.”
“The complexities of identity and access management have created significant security concerns within the enterprise. SailPoint’s platform was purposely built to specifically address these concerns, making it uniquely positioned in the IAM marketplace,” said Chip Virnig, a Vice President at Thoma Bravo. “Mark and Kevin are respected leaders in the IAM space and have assembled a world class team at SailPoint. We look forward to working together with them to further accelerate product innovation and drive continued customer success.”
Financial details were not disclosed, and the transaction is expected to close in the third quarter of 2014. Foros acted as financial advisor to SailPoint on this transaction.
As the fastest-growing, independent identity and access management (IAM) provider, SailPoint helps hundreds of organizations securely and effectively deliver and manage user access from any device to data and applications residing in the datacenter, on mobile devices, and in the cloud. The company's innovative product portfolio offers customers an integrated set of core services including identity governance, provisioning, and access management delivered on-premises or from the cloud (IAM-as-a-service). For more information about SailPoint, please visit www.sailpoint.com.
About Thoma Bravo, LLC
Thoma Bravo is a leading private equity investment firm building on a 30+ year history of providing equity and strategic support to experienced management teams and growing companies. The firm seeks to create value by collaborating with company management to improve business operations and provide capital to support growth initiatives. Thoma Bravo invests with a particular focus on application and infrastructure software and technology enabled services. The firm currently manages a series of private equity funds representing more than $7.5 billion of equity commitments. For more information, visit www.thomabravo.com.
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