SailPoint was a bit of an odd IPO because it wasn’t a startup. It was previously a public company until PE firm Thoma Bravo took it private in 2022, valuing it at $6.9 billion at the time.

Both Okta and SailPoint went public in 2017 and are among the key players in the identity management services space, an estimated $18 billion addressable market, according to Investors Business Daily.