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Cybersecurity Startup SentinelOne Files For IPO

Cybersecurity Startup SentinelOne Files For IPO

June 04, 2021 at 10:07PM
by PYMNTS

SentinelOne, Inc. plans to go public on the New York Stock Exchange under the “S” ticker symbol, according to an S-1 filing from the company with the U.S. Securities and Exchange Commission (SEC) on Thursday (June 3).

In the filing, the cybersecurity company disclosed that it had $130.825 million in annualized recurring revenue (ARR) as of January 31, 2021, up from $66.764 million as of January 31, 2020.

The company said ARR represents “the annualized revenue run rate of our subscription contracts at the end of a reporting period, assuming contracts are renewed on their existing terms for customers that are under subscription contracts with us.”

SentinelOne plans to keep growing its global sales and marketing workforce to get new clients and bolster sales to current clients. The company also plans to develop more features for its Singularity Platform.

Moreover, it intends to keep looking at acquisitions and investments in companies and technologies. To that end, SentinelOne recently purchased Scalyr to further its “data ingestion, search, and retention” functionalities, according to the filing.

SentinelOne believes that there is a “significant” global opportunity for the company’s Singularity Platform. Revenue for the company beyond the U.S. comprised 30 percent of its revenue for fiscal 2021 and the three months concluding on April 30, 2021.

“We have made, and plan to continue to make, significant investments to expand geographically, particularly in Europe, the Middle East, and Africa, or EMEA, Latin America, and Asia Pacific, or APAC,” SentinelOne disclosed in the filing.

In terms of product, SentinelOne said in the filing that its Singularity Platform instantly protects against cyberattacks, “performing at a faster speed, greater scale, and higher accuracy than possible from any single human or even a crowd.”

“We pioneered the world’s first purpose-built AI [artificial intelligence]-powered extended detection and response, or XDR, platform to make cybersecurity defense truly autonomous, from the endpoint and beyond,” according to the filing.

PYMNTS reported earlier this year that SentinelOne was eyeing an initial public offering (IPO).

In November, SentinelOne announced that it had landed $267 million in a Series F funding round.