Israeli cyber security company SentinelOne filed a prospectus with the U.S. Securities and Exchange Commission (SEC) for an IPO on the New York Stock Exchange (NYSE). At this stage, the company did not specify the estimate it is looking for, but Bloomberg reported a few months ago that SentinelOne would ask for an estimate of $ 10 billion.
The planned IPO will be supported by a long list of insurers: 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 by CEO Tomer Weingarten and Almog Cohen, who no longer has an active role in the company. The company has developed an AI-based platform to protect endpoints, including laptops, desktops, servers and cloud servers, as well as other network-connected devices. According to the IVC, SentinelOne has raised $ 797 million to date in eight rounds of funding, the last of which was completed last year at the company’s estimated $ 3.26 billion.
The prospectus reveals that SentinelOne had revenue of $ 93.1 million in 2020, twice the revenue of $ 46.5 million in 2019. The company had a net loss of $ 118 million in 2020, compared to net a loss of $ 76.6 million in 2019.
In the first quarter of 2021, revenue was $ 37.4 million compared to $ 18 million in the corresponding quarter of 2020. Net loss in the first quarter of 2021 was $ 62.6 million compared to $ 26.6 million in the first quarter of 2020
According to the prospectus, the fee to Weingarten last year was $ 3.6 million, while CFO David Bernhardt received $ 4.7 million and CEO Nicholas Warner $ 2.7 million.
The company’s major shareholders are Insight Partners, Tiger Global, Third Point Ventures, Redoing Ventures, Data Collective and Encourage Capital. Weingarten holds a 4% stake in SentinelOne.
Posted by Globes, business news in Israel – en.globes.co.il – June 4, 2021
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