Cybersecurity startup Wiz considers potential bid for SentinelOne
SentinelOne has struggled to become profitable, with clients slashing their information technology spending amid an uncertain economy and sticky inflation.
Cybersecurity startup Wiz said on Friday it is considering a potential bid for SentinelOne after the $4.9 billion company started exploring strategic options. SentinelOne has struggled to become profitable, with clients slashing their information technology spending amid an uncertain economy and sticky inflation.
Earlier in the week, people familiar with the matter told Reuters SentinelOne was exploring options that could include a sale.
"We consistently evaluate potential opportunities that will support our business growth... SentinelOne has a strong cybersecurity offering," Wiz's spokesperson Rachel Ratchford told Reuters.
SentinelOne has hired investment bank Qatalyst Partners to advise on discussions with potential acquirers, including private equity firms, the sources had said.
Also Read: Zepto raises $200 million in Series-E round, becomes India's first unicorn of 2023
"The deal (to acquire SentinelOne) would broaden Wiz's platform into endpoint security and bring strong cloud and identity security solutions from SentinelOne," D.A. Davidson analyst Rudy Kessinger said.
Wiz and SentinelOne in March had announced an exclusive partnership to deliver end-to-end cloud security.
SentinelOne, which was launched in Israel in 2013, has more than 10,000 customers as of January 31, 2023, which include major companies and the US government.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Tata Motors, Muthoot Finance and 3 more: Axis Direct recommends buying these stocks for 2 weeks; check targets, stop losses
08:57 AM IST