SailPoint

Identity security software · taken private by Thoma Bravo

Entry value$6.9BAug 16, 2022 · deal value (all cash)Exit value$12.8BFeb 13, 2025 · IPO price × shares Multiple1.86×exit ÷ entry, see below Years private2.5Aug 16, 2022 → Feb 13, 2025

Thoma Bravo took SailPoint, an identity security software company, private in August 2022 and listed it again on Nasdaq in February 2025, two and a half years later, at close to twice the take-private price. While private it finished moving customers to subscriptions and SaaS and pitched its platform as powered by AI and built for the machine identities AI creates. It is SailPoint's second trip around: Thoma Bravo had also owned it before its 2017 IPO.

THE CYCLE · THOMA BRAVO

SailPoint | private 2.5 years, out at 1.86×

in$6.9B→out$12.8B·1.86×

private public · every tag links its source

What happened, step by step

The first cycle: SailPoint sold shares at $12 in its 2017 IPO under the same owner, Thoma Bravo, which sold its entire stake within a year.Before · 2017
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Thoma Bravo completed its all-cash take-private of SailPoint, valued at about $6.9 billion ($65.25 a share); the stock left the NYSE.Take-private · Aug 16, 2022
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Product Finished the move to subscriptions: SaaS ARR reached $485.7M, up 40% in a year, and the prospectus calls the SaaS transition substantially complete.While private · Oct 31, 2024
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Growth Total annual recurring revenue reached $813.2M, up 30% in a year.While private · Oct 31, 2024
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Growth Revenue rose nearly 85% from the year to January 2022 to the twelve months to October 2024; it had grown 3% the year before it went private.While private · Oct 2024
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M&A Bought Osirium (privileged access) and Double Zero (threat detection) to widen the platform.While private
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Management Founder Mark McClain stayed as chief executive through the private years and the IPO.While private
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Debt The IPO paid down buyout debt: about $690.0M of the proceeds went to repay part of the term loan.While private · Feb 2025
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SailPoint priced an upsized IPO of 60 million shares at $23.00, the top of its raised range, and began trading on Nasdaq as SAIL on February 13, 2025.Back to market · Feb 13, 2025
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Thoma Bravo kept about 86.2% of the common stock after the offering (84.8% if the underwriters' option is used in full), so SailPoint listed as a controlled company.After · Feb 13, 2025
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The multiple, read every way

IPO price × shares $6.9B take-private against $12.8B at the IPO price (556.6M shares × $23): about 1.9×.1.86×
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Without the new money The $12.8B includes about $1.32B of new money the IPO raised (57.5M new shares × $23), mostly to repay buyout debt. Without it, about $11.5B: 1.7×.1.66×
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On revenue Reuters Breakingviews' reading: at the top of the first price range SailPoint was worth roughly 14 times revenue, about the same multiple Thoma Bravo paid in 2022. On that view the gain came from growing revenue, not from the market valuing it more richly.
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The two values are not quite like for like: the IPO value counts new shares sold to raise money to repay the debt that financed the buyout, and Thoma Bravo still owned about 86% after the listing, so most of its gain was on paper.

Exit value worked out as 556.6M shares outstanding after the offering × $23.

The AI angle

SailPoint went public describing its products as powered by AI, and the rise of AI as a reason companies have more machine identities to govern.

“Powered by AI, our solutions enable organizations to overcome the scale and complexity of managing identities in real-time”SailPoint · IPO prospectus · Feb 14, 2025
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“The advancement of generative AI technology has the potential to significantly expand the number of machine identities”SailPoint · IPO prospectus · Feb 14, 2025
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“We use AI throughout our business.”SailPoint · IPO prospectus, risk factors · Feb 14, 2025
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“spiced up with artificial intelligence, SailPoint is nearly there.”Reuters Breakingviews · on the move to cloud delivery before the IPO · Feb 10, 2025
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Sources (4)

sailpoint.com /press-releases/thoma-bravo-completes-acquisition-of-sailpoint/
sec.gov /Archives/edgar/data/2030781/000119312525026566/d906470d424b4.htm
sailpoint.com /press-releases/sailpoint-announces-pricing-of-upsized-initial-public-
itiger.com /news/2510860181

How this is researched

Researched by hand from primary sources: the companies' and buyers' press releases, SEC filings (prospectuses and 8-Ks) and credible press. Each source logo links the page that states the row; anything we couldn't source is left out. The multiple is exit value over entry value as the sources state them; the readings above say where the two are not like for like. Updated Oct 12, 2026.