Cybersecurity company SentinelOne has filed a prospectus with the US Securities and Exchange Commission (SEC) for an IPO on the New York Stock Exchange (NYSE). At this stage, the company has not specified the valuation that it is seeking but "Bloomberg" reported several months ago that SentinelOne will be looking for a valuation of $10 billion.
The planned IPO will be supported by a long list of underwriters: Morgan Stanley, Goldman Sachs, Bank of America, Barclays, Wells Fargo, UBS, Jefferies, Deutsche Bank, Piper Sandler, Cowen, BTIG, Needham, Loop Capital, Drexel Hamilton, and R. Seelaus.
SentinelOne was founded in 2013 in Israel by CEO Tomer Weingarten and Almog Cohen, who no longer has an active role in the company. Headquartered in Mountain View, California, the company's development center is in Tel aviv. SentinelOne has developed an AI-based platform to protect end-points including laptops, desktop computers, servers and cloud servers as well as other web-connected devices. According to IVC, the company has raised $797 million to date in eight financing rounds, the last of which were completed over the past year at a company valuation of $3.26 billion.
The prospectus reveals that SentinelOne had revenue of $93.1 million in 2020, double the $46.5 million revenue that it had in 2019. The company had a net loss of $118 million in 2020, up from a net loss of $76.6 million in 2019.
In the first quarter of 2021 revenue was $37.4 million compared with $18 million in the corresponding quarter of 2020. Net loss in the first quarter of 2021 was $62.6 million compared with $26.6 million in the first quarter of 2020.
According to the prospectus, Weingarten remuneration amounted to $3.6 million last year while CFO David Bernhardt received $4.7 million and COO Nicholas Warner received $2.7 million.
The main shareholders in the company are Insight Partners, Tiger Global, Third Point Ventures, Redoing Ventures, Data Collective and Encourage Capital. Weingarten holds a 4% stake in SentinelOne.
Published by Globes, Israel business news - en.globes.co.il - on June 4, 2021
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