SentinelOne CEO relinquishes $124m in shares to ex-wife

Tomer Weingarten Photo: PR

The Israeli cybersecurity company cofounder and CEO Tomer Weingarten is left with shares worth $295 million, after the settlement.

Israeli cybersecurity company SentinelOne (NYSE: S) last week reported that cofounder and CEO Tomer Weingarten now holds 4.8 million shares (both directly and through a trustee), which are currently worth $295 million. This is after, according to the report, Weingarten has given over two million shares currently worth $124 million to his ex-wife, according to their divorce settlement.

The shares cannot yet be sold and are still blocked following SentinelOne's Wall Street IPO at the end of June. The report also said that the shares handed to his ex-wife by Weingarten were converted from Type B to Type A. Type B shares have 20 votes per share while Type A shares have one vote per share.

SentinelOne currently has a market cap of $16.2 billion, making it the second most valuable Israeli company after NICE Systems Ltd. (Nasdaq: NICE; TASE:NICE), which is worth $18.3 billion. Since the company's IPO three months ago, SentinelOne's share price has risen 75%, despite heavy losses over the past two weeks. SentinelOne has leapfrogged veteran Israeli tech company Check Point Software Technologies Ltd. (Nasdaq: CHKP) to become Israel's most valuable cybersecurity company.

SentinelOne develops and markets an AI-based platform for end point security. Weingarten founded the company with Almog Cohen, who is no longer active in SentinelOne. The company's valuation has soared over the past year and nine months. SentinelOne raised funds at the start of 2020 at a valuation of just $1 billion, while by the end of the year it completed another financing round at a valuation of over $3 billion. The company's IPO in June was at a valuation of $9 billion and today it is worth $16.2 billion.

SentinelOne is not yet profitable but revenue is growing fast. Revenue in the second fiscal quarter was $45.8 million, up 121% from the corresponding quarter of 2020. Non-GAAP net loss was $46 million, up from a net loss of $21.4 million, in the corresponding quarter of 2020.

Published by Globes, Israel business news - en.globes.co.il - on September 26, 2021

Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Tomer Weingarten Photo: PR
Tomer Weingarten Photo: PR
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