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Bad News for SentinelOne – Its Forecasted IPO Valuation Dropped by Billions

The IPO may be worth 30% less than previously expected.

SentinelOne, an Israeli cybersecurity firm, has greatly lowered its expectations for the company’s upcoming initial public offering. The New York IPO had expected to leave the company with a $10 billion valuation. But in papers filed today, on Monday, SentinelOne has dropped the anticipated valuation from their NYSE IPO to only $7 billion.

That amount constitutes a 30% — $3 billion – drop in expected value for the company in just a few months. But this would still be a great success for SentinelOne as a $7 billion valuation would constitute a 700% increase in value in just one year. It will also be more than twice the valuation that SentinelOne reached just last fall when the company closed an investment of $200 million. This came after the autonomous cybersecurity platform company secured a new patent from the U.S for three separate innovations — automatic feature extractor, code detector, and position-independent code detection.

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This is not the first time this year that an Israeli startup has set the bar too high as far as its expected value from an IPO. Israeli Video Startup Kaltura had to postpone its own planned NASDAQ IPO back in April due to low demand. A month later Kaltura announced plans to try again at what is believed to be a lower initial price offering. But there was never any official declaration on the part of SentinelOne as to a price for the IPO which would have given the company a $10 billion valuation.

The news also comes just a few days after Israel’s WalkMe held a successful public offering today, on the NASDAQ. All went according to plan as WalkMe achieved a $2.6 billion valuation, raising in the higher range of what was expected. The Israeli startup WalkMe is a provider of website navigation and digital adoption solutions.

To date the SentinelOne has reportedly raised $700 million in investment. Its investors include Tiger Global Management, Sequoia Capital, Insight Partners, Sinewave Ventures and Third Point Ventures. Last year SentinelOne raised $467 million.

SentinelOne’s NYSE IPO prospectus was submitted to the SEC two weeks ago. It will have many underwriters, including 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.

The news of the valuation drop, however, does comes as a surprise to many due to the recent high valuation of cybersecurity startups, especially Israeli ones. There is a reason why cybersecurity startups are so valuable today. Hackers are not only motivated by money or politics. They often just like being malicious. So even small companies need to be on their guard and be sure to properly protect their systems.

SentinelOne is the only cybersecurity solution encompassing AI-powered prevention, detection, response and hunting across endpoints, containers, cloud workloads, and IoT devices in a single autonomous platform. It boasts that with its services organizations gain full transparency into everything happening across the network at machine speed – to defeat every attack, at every stage of the threat lifecycle.



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