The cybersecurity firm, which has a market value of approximately $5 billion, became a potential takeover target after its shares lost 80% of their value in the last two years. Since then, the Mountain View, California-based company has benefited from the increase in remote work associated with the COVID-19 pandemic.
SentinelOne has hired investment bank Qatalyst Partners to advise on discussions with potential acquirers, including private equity firms, Reuters reported, citing sources close to the matter.
Initial expressions of interest did not meet SentinelOne's valuation expectations, and it is possible that the company ends the talks without a deal, one of the sources told Reuters.
SentinelOne is backed by Third Point hedge fund and venture capital firms including Tiger Global and Sequoia Capital.
SentinelOne’s Recent MSSP Activity
Despite the potential sale, the company has not slowed its output.
In August 2023, the company teamed with Netskope to launch the SentinelOne Singularity App for Netskope, a joint solution that security teams can use to detect, respond to and mitigate threats across their organizations' attack surfaces.
In July 2023, SentinelOne debuted its Cloud Data Security product line designed to help organizations detect and prevent the spread of malware across their cloud environments and enterprise networks.