Austin-based SailPoint Technologies Holdings, Inc., an ID management and cybersecurity company, is planning to go public.
SailPoint filed paperwork announcing its intent for an initial public offering to be listed on the New York Stock Exchange on Friday afternoon. It's ticker would be SAIL.
The IPO represents a promising sign for the cybersecurity industry and all tech companies, which have had a relatively modest year for IPOs. So far, tech industries IPOs this year have been somewhat lackluster. Blue Apron and Snap both had relatively disappointing public launches. Meanwhile, Netshoes, Tintri, ShotSpotter, Carvana, Appian and a few others have had stronger debuts. Earlier this week, Stitch Fix filed also for an IPO.
SailPoint, founded in 2005 by Mark McClain, Kevin Cunningham and Jackie Gilbert, is looking to raise $100 million through the IPO. No word yet on how many shares will be offered or at what price.
SailPoint's revenue climbed at about a 41 percent rate from 2011 to 2016. Its revenue grew from $95.4 million in 2015 to $132.4 million in 2016. It reported $150 million in sales for its fiscal year, which ended June 30, 2017.
SailPoint's ID tech is targeted at mid- to enterprise-level companies with 1,000-plus employees. SailPoint says there are about 80,000 such companies that match that description. Last year, about 30 percent of SailPoint's revenue came from outside of the United States.
SailPoint, which is backed by the private-equity firm Thoma Bravo, has grown from 514 employees at the end of 2015 to 741 at the end of June this year.
McClain, a co-founder and CEO, attributed SailPoint's success to having an open company culture.
"As we grew, and our needs evolved, this approach guided us to find people that complement our abilities and experiences with their own significant strengths," he wrote in the IPO filing. "That attitude is now pervasive throughout our company. None of us is as good as all of us together, and the power to solve the complex issues we face with our customers and partners demands that we find the very best mix of skills, experiences, and creativity in our people. Because we have consistently kept the hiring bar very high, we are blessed to have an amazing team."
