Bloomberg and Michael Novinson at ISMG did some solid reporting to break the news that Thoma Bravo is talking with bankers to underwrite a potential IPO.
It's defying the odds of the current IPO window, too. There hasn't been a traditional IPO for a pure cybersecurity company for over 1,000 days (and counting). Current market conditions are anything but favorable, at least for anyone other than the crème de la crème of the IPO pipeline.
SailPoint is anything but typical, though. I'm not convinced they even needed to go private in the first place, but here we are.
Taking SailPoint public again quickly was always part of the plan for Thoma Bravo, as partner Andrew Almeida made very clear in an interview with TechCrunch:
Our plan with SailPoint is to take them public as soon as we can, as an independent company, and re-IPO the business as a more SaaS-heavy, equally-to-higher growth business as to when they were public prior but generating a lot more cash flow.
News of an impending IPO is exciting to anyone who (a) likes SailPoint, and (b) wants this IPO drought for our industry to end.