SentinelOne jumps on report that it's for sale

Tomer Weingarten  credit: PR
Tomer Weingarten credit: PR

The Israeli cybersecurity's share price was boosted by a Reuters report that it has held initial talks with potential buyers.

The share price of Israeli cybersecurity solutions company SentinelOne (NYSE: S) jumped 14% on Monday, among other things because of a report by Reuters that the company was considering putting itself up for sale. Yesterday, the share price fell back 3.45% to $16.24, giving the company a market cap of $4.7 billion.

According to the Reuters report, SentinelOne has received several offers that did not meet its expectations, and the talks on a sale may have ended inconclusively. The company has hired the services of boutique investment bank Qatalyst Partners to advise it on negotiations with companies that could be interested in buying it. The company is also talking to private equity firms.

Sentinel One’s market cap is still about 52% below the valuation at which it was floated in June 2021.

SentinelOne was founded in 2013 by its CEO Tomer Weingarten and Almog Cohen, who no longer plays an active role in the company. It is the developer of an AI-based platform for securing an organization’s endpoints, such as portable and desktop computers, servers, cloud servers, and other devices connected to the Internet.

The Reuters report comes after cybersecurity company Palo Alto Networks (Nasdaq: PALW) released strong financials at the end of last week that beat the consensus analysts’ estimate. Palo Alto’s share price shot up to a high of $245 on Monday, although it fell back yesterday to $234.56, giving the company a market cap of $72 billion.

Published by Globes, Israel business news - - on August 23, 2023.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.

Tomer Weingarten  credit: PR
Tomer Weingarten credit: PR
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