SailPoint first went public in 2017, three years after being acquired by Thoma Bravo, which bought it again in 2022 via a $6.9 billion deal. The company lets customers, including Detroit automaker General Motors and chocolate maker Hershey, establish and control their security processes.

SailPoint Inc. and a group of shareholders including its main backer, Thoma Bravo, raised $1.38 billion in an enlarged initial public offering for the enterprise security software company, pricing shares at the top of a marketed range.