The Latest SaaS IPO is a Re-IPO. Expect More of Them

So another SaaS company, SailPoint, a well know cybersecurity leader, just IPO’d.  Why wasn’t there more buzz?  It’s a good one:

• $813m in ARR
• Growing 25%+ (financials are a bit complex)
• 114% NRR
• Very profitable (Rule of “44”)
• With the founder still CEO after 20 years!!

It didn’t get the buzz I think mainly because it’s a “Re-IPO”.  Sailpoint first went public in 2017, then Thamo Bravo took them private in 2022, and now public again in 2025!

More on SailPoint here;

It’s a very good one, they just IPO’d — really only the 5th SaaS IPO since 2021 — so it should have gotten more attention.  But it’s just not new.

There will be a lot more of these IPOs in the coming 24 months.  Top SaaS ocmpanies that were taken private by top Private Equity firms, that will IPO again.  Many aim to do so within 36 months if possible.  Just a partial list of SaaS leaders that will soon be looking to IPO … again:

• Zendesk
• Anaplan
• Smartsheet
• Squarespace
• Zuora
• Darktrace
• Instructure
• Alteryx
• Model N
• Avalara
• Coupa
• Qualtrics

Just to name a few that went private in the past few years.

Net net, there are a lot more SaaS and B2B IPOs coming in 2025-2027 than most folks realize.  Because it’s not just new names.  It’s also dozens of SaaS companies that went private and will IPO again … a second time.

We also tend to talk a lot less about the unicorns that Private Equity bought.  Those too, will be looking for an IPO in the coming 24 months, if they are ready.  They too get a bit less attention.

A related post here: