WEBVTT - SailPoint CEO Mark McClain Talks IPO

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>Sale Point is back on the market. The security company

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<v Speaker 2>went public for the second time last week. The first

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<v Speaker 2>time it went public back in twenty seventeen, before Toma

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<v Speaker 2>Bravo took sale Point private in twenty twenty two. Tomo Bravo,

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<v Speaker 2>of course, has been very much looking for this IPO

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<v Speaker 2>market to open back up, and sale Point is a

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<v Speaker 2>critical part of that. For more on the decision to

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<v Speaker 2>go public again, we're joined by Mark McLain, sale Points CEO.

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<v Speaker 2>When you spoke to our colleagues over here at Bloomberg News,

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<v Speaker 2>you talked a lot about the use of proceeds, the

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<v Speaker 2>grand ambition here about going public. At the end of

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<v Speaker 2>the day, what do you think the first priorities are

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<v Speaker 2>for you? Is it paying down that debt or looking

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<v Speaker 2>for expansion opportunities.

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<v Speaker 3>I think the primary was to pay down debt sally,

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<v Speaker 3>but I think we see ourselves kind of as a

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<v Speaker 3>long term growth business, so in some ways it was

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<v Speaker 3>putting some fuel in the tank, as it were, and

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<v Speaker 3>kind of getting ourselves ready for what we believe is

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<v Speaker 3>a multi year growth opportunity. So yeah, it was kind

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<v Speaker 3>of get the debt down to a manageable level and

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<v Speaker 3>then get ready for future growth.

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<v Speaker 4>I do want to talk about the timing a little bit,

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<v Speaker 4>of course.

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<v Speaker 5>This is your return to.

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<v Speaker 4>The public markets. You listed on the New York Sock

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<v Speaker 4>Exchange in twenty seventeen, then you went private when Toma

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<v Speaker 4>Bravo acquired you in twenty twenty two. Now you're back again,

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<v Speaker 4>which is a pretty quick turnaround.

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<v Speaker 5>Just talk us through that, yeah, I think, to be honest, Katie.

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<v Speaker 5>And by the way, just a piece of data.

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<v Speaker 3>You probably know we were owned by Toma Ravo before

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<v Speaker 3>the first IPO, which so it's a little bit of

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<v Speaker 3>a back and forth thing.

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<v Speaker 5>Not a terribly common story, I guess, but I think

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<v Speaker 5>we were.

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<v Speaker 3>Kind of, you know, when we did the go private

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<v Speaker 3>in twenty two, thinking of a little longer timeframe to

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<v Speaker 3>come back.

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<v Speaker 5>And I think two things are true.

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<v Speaker 3>One is we've been forced to have a very good,

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<v Speaker 3>you know, amount of growth over the last few years

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<v Speaker 3>and kind of shifted to a more profitable profile, so

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<v Speaker 3>that kind of desirable scale growth profit profile that market's like.

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<v Speaker 3>And then of course the markets have warmed up a

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<v Speaker 3>bit obviously in the last three to four months.

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<v Speaker 5>So I think it was.

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<v Speaker 3>That combination of being ready, having kind of a hopefully

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<v Speaker 3>attractive profile for the public markets, and then kind of

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<v Speaker 3>ready to pull that trigger when the market started to

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<v Speaker 3>warm up and we felt like the time was right

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<v Speaker 3>to do that.

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<v Speaker 6>You can tell your story mark with your growth, and

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<v Speaker 6>you know Wall Street likes to see the numbers. But

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<v Speaker 6>in terms of just the elevator pitch, I always find

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<v Speaker 6>it so difficult to understand what these software solutions providers do.

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<v Speaker 6>And in your notes it says you equip modern enterprise

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<v Speaker 6>to seamlessly manage and secure access to applications.

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<v Speaker 5>Like, what is that? What does that mean? How do

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<v Speaker 5>you tell.

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<v Speaker 6>Your butcher what your company does?

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<v Speaker 3>I usually say my grandmother, but you know she's deceased,

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<v Speaker 3>and probably the butcher is a better metaphor. I think

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<v Speaker 3>at the end of the day, you know, there's what

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<v Speaker 3>everybody does all day, every day, and they get this

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<v Speaker 3>is they log into systems.

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<v Speaker 6>Right.

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<v Speaker 3>We all have a whole bunch of accounts and passwords,

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<v Speaker 3>so everybody gets that concept.

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<v Speaker 5>What sale Points focused.

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<v Speaker 3>On is ensuring that in an enterprise amid to large

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<v Speaker 3>scale enterprise where there might be tens or even hundreds

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<v Speaker 3>of thousands of human identities.

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<v Speaker 5>And now increasingly what we call non human.

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<v Speaker 3>Identities you know think you know, software programs and now

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<v Speaker 3>AI agents is all the rage. All those identities have

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<v Speaker 3>access to systems and data, right, that's generally some kind

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<v Speaker 3>of an account and a password. Well, keeping all of

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<v Speaker 3>that accurate and what's called in the security realm least privilege.

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<v Speaker 3>In other words, any identity should have exactly what they

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<v Speaker 3>need or it needs to do with the.

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<v Speaker 5>Job and no more.

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<v Speaker 3>Well, keeping that accurate and adhering to security policy is

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<v Speaker 3>really hard, and that's what big enterprises have struggled with

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<v Speaker 3>because all those systems are from different vendors. Right, They've

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<v Speaker 3>got Workday and Salesforce and Service Now and Microsoft Apps

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<v Speaker 3>and Oracle and all kinds of stuff from twenty or

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<v Speaker 3>thirty or fifty years of it. And getting all that

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<v Speaker 3>to stay in sync and to be secure and accurate

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<v Speaker 3>is a very hard problem. That's what sale points focused on,

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<v Speaker 3>is the right access to the right data for every

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<v Speaker 3>identity in their enterprise.

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<v Speaker 6>I'm glad you bring up AI. I've been asking chat

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<v Speaker 6>GPT to log in into some of my applications and

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<v Speaker 6>do some stuff for me, right, rather than just answer

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<v Speaker 6>stupid questions and so far it can't. Are you going

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<v Speaker 6>to enable that kind of technology? How soon do you

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<v Speaker 6>see that kind of thing being able to work?

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<v Speaker 3>Well, there are some places you know your chat GBT

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<v Speaker 3>Matt is doing this to you, as I guess it should.

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<v Speaker 3>But I think at the end of the day, there

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<v Speaker 3>is a sense that people want to automate and streamline

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<v Speaker 3>things while maintaining security. And that's the tension, right, There's

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<v Speaker 3>a there's a tension that's existed forever in the realm

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<v Speaker 3>of technology, which is convenience and things go fast and

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<v Speaker 3>easy is what business users want, and control and security

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<v Speaker 3>is what kind of the protection mindset people want.

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<v Speaker 5>Right, So there's always a tension.

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<v Speaker 3>There, and AI is just in some ways the latest,

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<v Speaker 3>maybe most dramatic iteration of Wow.

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<v Speaker 5>Super cool tech.

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<v Speaker 3>We can do a lot with this, we can accelerate

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<v Speaker 3>our business, go do amazing things.

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<v Speaker 5>And the security folks are going.

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<v Speaker 3>Oh, tap the brakes, like, not sure exactly if we

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<v Speaker 3>understand what access to what data is happening here and

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<v Speaker 3>all these controls we put in place to protect our

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<v Speaker 3>business and its information might be getting run over in

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<v Speaker 3>that realm. So there's a tension there, and we're pretty

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<v Speaker 3>early obviously in this dynamic, right, So we're one of

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<v Speaker 3>the companies that's kind of in the thick of that

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<v Speaker 3>with all these providers of business application technology and.

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<v Speaker 5>LMS and AI models and.

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<v Speaker 3>All that good stuff, and then these security professionals in

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<v Speaker 3>these enterprises that are trying.

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<v Speaker 5>To make sure they let their business succeed.

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<v Speaker 3>But do so in a way that protects its information.

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<v Speaker 3>And that's just a hard problem, and we're kind of

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<v Speaker 3>at the center of helping big enterprises solve that problem.

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<v Speaker 2>You know, Mark, on the show, we like to have

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<v Speaker 2>our guests talk about their business but also about their

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<v Speaker 2>market experience. And you've got a lot of credit here

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<v Speaker 2>for being one of the first to market this year.

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<v Speaker 2>Of course, this is an IPO market that a lot

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<v Speaker 2>of investors have been waiting to open back up. The

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<v Speaker 2>first week has been choppy. What would you say to

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<v Speaker 2>people that are looking to go public right now?

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<v Speaker 5>Is it a good time?

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<v Speaker 2>Is the window really small?

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<v Speaker 5>Frankly, that's a good question. We wrestled with it both.

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<v Speaker 5>I will give you a little perspective.

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<v Speaker 3>That you know, everybody's got their view of what's happened,

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<v Speaker 3>even in our case for about a week now, right,

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<v Speaker 3>I mean, we priced kind of between nineteen and twenty one.

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<v Speaker 5>On the cover of the S one.

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<v Speaker 3>We raised the filing range from twenty one to twenty

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<v Speaker 3>three and priced at the high end of that rage

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<v Speaker 3>and then upsized our offering. So we did a lot

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<v Speaker 3>of things that kind of said we weren't set up

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<v Speaker 3>for a big run up. We were focused on getting

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<v Speaker 3>out at the right price in the market to kind

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<v Speaker 3>of balance two things. Frankly, right, Toma Bravo, our primary owner, wants.

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<v Speaker 5>Good liquidity out of the deal.

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<v Speaker 3>And we want to set ourselves up for long term

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<v Speaker 3>market success with a lot of the same long term

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<v Speaker 3>investors at own sale point for five years in the

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<v Speaker 3>market before, so there was some tension there. And again

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<v Speaker 3>I like to say, if you're in my seat, you

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<v Speaker 3>didn't do this for a one day pop or even

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<v Speaker 3>a week pop. We're thinking months and years of business success.

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<v Speaker 3>You know, I won't plan on necessarily this kind of multiple.

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<v Speaker 3>We went public the first time at seventeen at a

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<v Speaker 3>little over a billion. We sold to Toma Bravo less

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<v Speaker 3>than five years later for seven billion.

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<v Speaker 5>So we think we understand something.

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<v Speaker 3>About how to grow once we're in the market, and

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<v Speaker 3>we just don't focus on the day to day. My

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<v Speaker 3>famous phrase I developed on our first public offering timing

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<v Speaker 3>was to our own team internally. I said, look, every

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<v Speaker 3>second you spend watching the stock price, you're doing nothing

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<v Speaker 3>to help the stock price, right Like, watching stock movements

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<v Speaker 3>day all day is what you all and a bunch

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<v Speaker 3>of investors do. Our team's job is to go build

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<v Speaker 3>great solutions and win in the market.

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<v Speaker 5>And I always say, if we do.

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<v Speaker 3>That well, the stock price will take care of itself.

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<v Speaker 5>I hear what you're saying.

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<v Speaker 4>If I were the CEO of a company, I would.

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<v Speaker 5>Just stare at my stock price all day.

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<v Speaker 4>So I really respect the discipline there. I do want

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<v Speaker 4>to get your thoughts on the broader landscape, the broader

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<v Speaker 4>competitive landscape, because you're the first cyber IPO in quite

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<v Speaker 4>a while. I believe the last one was Rubric back

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<v Speaker 4>in April. Do you think that your debut may encourage

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<v Speaker 4>some of your peers to come out of the pipeline

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<v Speaker 4>and test the public markets.

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<v Speaker 3>I think there's and be on security cater but I

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<v Speaker 3>think all around the market people have been kind of

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<v Speaker 3>watching and waiting.

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<v Speaker 5>Is it time to get back out there?

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<v Speaker 3>And, like I say, depending on how close you are

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<v Speaker 3>to our story. In our minds, we thought we were

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<v Speaker 3>going to come out at the midpoint of our original

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<v Speaker 3>finding range of twenty we've been trading in the twenty

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<v Speaker 3>four to twenty five range. In our minds, that's great,

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<v Speaker 3>and we think we're going to over time be able

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<v Speaker 3>to move up from there if we continue to deliver results.

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<v Speaker 3>So I think people were watching us, watching kind of

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<v Speaker 3>the market receptivity. You know, can't comment on the volume

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<v Speaker 3>or the level of this, but it was kind of

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<v Speaker 3>reported that there was an over subscription thing here, I

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<v Speaker 3>meaning there's a lot of interest in the investor world.

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<v Speaker 5>I think the market, as you all know, has been

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<v Speaker 5>hungry for some more IPOs.

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<v Speaker 3>So I think there's an interest and they're looking for

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<v Speaker 3>the right profiles of companies. And then I think back

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<v Speaker 3>to your question a little more, Katie. I think at

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<v Speaker 3>the end of the day, cybersecurity is still a very

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<v Speaker 3>good market, right, if there's nothing else that's true. Everybody's

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<v Speaker 3>very well aware we are far from solving this. Matter

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<v Speaker 3>of fact, we will never solve cybersecurity, right. It's just

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<v Speaker 3>a cat and mouse. There's going to be new ways

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<v Speaker 3>of tackling it.

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<v Speaker 5>You know.

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<v Speaker 3>A very common question we get is AI good for

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<v Speaker 3>you or bad for you? And I say yes, right,

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<v Speaker 3>like welcome to cyber Right, it's going to be a

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<v Speaker 3>tool that helps us do what we do better, and

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<v Speaker 3>it's going to help the bad actors do what they

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<v Speaker 3>do better. So we're just going to continue to be

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<v Speaker 3>helping companies protect themselves against a set of bad actors

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<v Speaker 3>Nation States, criminals, et cetera, that are trying to disrupt them,

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<v Speaker 3>steal data, you know, et cetera.

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<v Speaker 5>So I think.

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<v Speaker 3>We're very confident that this is a great market. And

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<v Speaker 3>then within that back to Matt's question of explaining this

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<v Speaker 3>to your friend the butcher, right, identity is a very

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<v Speaker 3>interesting subsector of security because it's probably the newest sub sector.

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<v Speaker 3>Meaning for decades we've been working on network security and

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<v Speaker 3>device security or endpoint security.

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<v Speaker 5>We know names like Palo Alto, we know names like

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<v Speaker 5>CrowdStrike and all that.

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<v Speaker 3>Identity security is a relatively newer concept, right. There's a

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<v Speaker 3>handful of names there, and the market got a little

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<v Speaker 3>enamored with this single sign on thing, which is kind

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<v Speaker 3>of all the rage of a decade ago, and that's

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<v Speaker 3>an important piece. It's far from the comprehensive need though,

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<v Speaker 3>that customers have to secure their enterprise and all its data.

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<v Speaker 5>We're still maturing. We're still maturing in this market. All right.

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<v Speaker 4>That's a good place to leave it. Mark, great to

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<v Speaker 4>get some time with you. Hope to speak to you

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<v Speaker 4>again soon. That is Mark McLean of Sale Point