SailPoint’s Public Return Highlights SaaS Growth Strategy

SailPoint’s evolution from a traditional software company to a SaaS provider during Thoma Bravo’s ownership has prepared the identity goliath to re-enter the public markets, said President Matt Mills.

See Also: Re-Imagining Identity and Access Management for 2025

The Austin-based company’s SaaS products now offer more features than SailPoint’s legacy software product, particularly in orchestration and customization, with the added advantage of multi-tenancy and configurability through the Atlas platform, Mills said. SailPoint raised $1.38 billion in its Nasdaq initial public offering Thursday, opening trading at $23 per share and receiving a $12.8 billion valuation (See: SailPoint IPO Filing Reveals Sales Growth, Improved Losses).

“When we went private, and the idea was to take care of some of the housekeeping that we had to do, some of the infrastructure stuff we recently did,” Mills said. “We were in transition from a software company to a SaaS company. We’ve leaned in pretty significantly, and we’ve had a pretty good outcome for the last couple of years.”

In this video interview with Information Security Media Group, Mills also discussed:

• SailPoint’s competitive advantage from an identity governance foundation;
• Continued focus on organic growth, tuck-in deals rather than large-scale M&A;
• The importance of managing machine identities because of their role in breaches.

Mills brings more than 30 years of experience to his role. He is responsible for driving SailPoint’s strategy and execution on all revenue-connected and customer-success aspects of the business. Mills previously spent more than 20 years at Oracle, where he oversaw more than 8,000 employees and was responsible for $4.5 billion in annual revenues. More recently, Mills served as CEO of MapR Technologies.