Two people who know the situation estimate that SentinelOne’s acquisition of PingSafe, one of India’s fastest and strongest exits, will fetch over $100 million for the fledgling business financed by Peak XV.
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A cash and stock deal to purchase the two-year-old Indian business was unveiled last week by the AI security firm listed on the New York Stock Exchange, though the financial terms were not disclosed. SentinelOne, PingSafe, and PeakXV did not reply immediately when contacted for comment. Nothing has been previously published on the deal’s terms.
Relatively young and tiny, PingSafe was founded in 2021 and currently serves around 50 clients, most of whom are in India. It employs less than 100 people. The company was supported by Peak XV’s Surge in the sixth cohort of the early-stage fund, but it mainly operated under stealth until last year. Approximately $3.3 million in investment has been raised by PingSafe.
PingSafe’s cloud-native application protection platform, or CNAPP, is expected to be integrated with S to strengthen its cloud security offering by supplying a variety of agentless CNAPP capabilities. Barclays asked customers to consider if the acquisition will affect pricing since S has stated that it wants to be competitive in the cloud security sector concerning price.
Rajan Anandan, the leader of Surge at Peak XV, tweeted last week that PingSafe is “among the fastest speed to significant exits’ the Indian ecosystem has ever seen.”
Anand Prakash, the founder and CEO of PingSafe and one of the top five white hat hackers in the world, stated in a prepared statement last week that SentinelOne is a pioneer and leader in AI-powered security and that their shared purpose is to secure the cloud and make the Internet a safer place. “Cloud security will be boosted by integrating SentinelOne’s industry-leading AI security platform with our state-of-the-art CNAPP capabilities, which offer top-notch protection for multi-cloud infrastructure from development to deployment.”
The acquisition of PingSafe is more evidence of the growing trend of Indian software companies aiming for international growth. After creating SaaS solutions for their domestic market, a new breed of Indian entrepreneurs has turned its attention to global expansion.
The Indian daily Economic Times said on Monday that New Delhi is getting closer to launching the second phase of its renowned Startup India program, which will concentrate on deep tech businesses. The planned doubling-down on advanced technology enterprises is the newest move to turn the subcontinent into a global innovation powerhouse to compete with Silicon Valley.
SentinelOne’s purchase of PingSafe, valued at over $100 million, strategically emphasizes the escalating significance of cybersecurity. This acquisition showcases SentinelOne’s dedication to improving its strengths and underscores the growing demand for inventive methods to counter evolving cyber risks. Through PingSafe’s technology, SentinelOne seeks to fortify its standing in cybersecurity, delivering enhanced protection to its clientele against complex attacks. This acquisition signifies a notable advancement towards more resilient and adaptable cybersecurity protocols in our constantly evolving digital landscape.
(Information Source: Techcrunch.com)
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