SailPoint Targets $11.5 Billion Valuation in U.S. IPO

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SailPoint, a cybersecurity firm backed by private equity firm Thoma Bravo, is targeting a valuation of up to $11.5 billion in its upcoming initial public offering (IPO) in the United States. The firm, based in Austin, Texas, is offering 47.5 million shares at a price range of $19 to $21 per share, with an additional 2.5 million shares from its parent, Thoma Bravo, raising a total of up to $1.05 billion. The IPO, expected to be the first major U.S. tech listing of 2025, will gauge investor sentiment following mixed results from previous high-profile IPOs.

SailPoint specializes in identity and access management software, which helps businesses mitigate unwanted user access and protect sensitive data from cyberattacks. The growing demand for cybersecurity, fueled in part by the increasing use of artificial intelligence by malicious actors, has bolstered the firm’s offerings. Its competitors include major tech giants like IBM, Microsoft, Oracle, CyberArk, and Okta. The firm counts clients like truckmaker PACCAR, student loan servicer Nelnet, and British supermarket chain ASDA among its customers.

Thoma Bravo, which manages about $166 billion in assets, first acquired SailPoint in 2014 and took it public in 2017. After selling its stake in 2018, Thoma Bravo reacquired SailPoint in 2022 for $6.9 billion. Since going private, the company has completed its transition to a software-as-a-service (SaaS) model. The IPO will mark SailPoint’s return to the stock market.

Notable investors such as AllianceBernstein and Dragoneer Investment Group have expressed interest in buying up to 20% of the shares sold in the offering. Morgan Stanley and Goldman Sachs are the lead underwriters for the IPO, which will be listed under the symbol “SAIL” on the Nasdaq. Following the offering, Thoma Bravo will retain an 88.5% stake in SailPoint. The company plans to use the proceeds to repay debt and settle outstanding equity awards.

 

OpenAI Partners with Kakao and Explores Stargate Project with SoftBank and Samsung

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OpenAI has announced a significant partnership with South Korea’s Kakao, marking a second high-profile alliance in Asia this week. The collaboration will focus on developing artificial intelligence products tailored for the South Korean market. Kakao, known for operating the popular messaging app KakaoTalk, which holds 97% of the local market share, is keen on leveraging OpenAI’s technology to fuel its expansion into AI, e-commerce, payments, and gaming. Despite its efforts, analysts note Kakao has lagged behind local rival Naver in the AI sector.

OpenAI’s CEO, Sam Altman, who is currently on a tour of Asia, also met with executives from Samsung Electronics, SoftBank, and Arm Holdings in Seoul. Discussions centered around the Stargate project, an AI data centre initiative in the U.S. that is supported by U.S. President Donald Trump. SoftBank’s Masayoshi Son confirmed that potential cooperation between SoftBank, Samsung, and OpenAI regarding Stargate was discussed, though no specific details were shared. Altman declined to comment on the partnership talks, emphasizing the need for confidentiality.

The Stargate initiative aims to enhance AI capabilities in the U.S. through a collaboration between OpenAI and Oracle. Altman mentioned that several South Korean companies, particularly those in energy, semiconductors, and the internet, would play a crucial role in supporting the project. Furthermore, discussions were held with SK Group’s chairman, Chey Tae-won, regarding potential collaborations in AI chips and the broader AI ecosystem, with both Samsung and SK Hynix producing essential memory chips for AI processors.

OpenAI is also actively considering involvement in South Korea’s national AI computing centre project, which is expected to attract up to 2 trillion won ($1.4 billion) in public and private investment. This marks a continued push by OpenAI to expand its presence in Asia and solidify partnerships with major players in the region.

Following the announcement, Kakao’s stock fell by 2%, reversing the 9% surge it experienced the previous day.

 

Keppel’s Profit Boosted by Strong Data Centre Demand

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Singapore’s Keppel Corporation reported a 5% rise in its full-year underlying profit, driven by robust performance in its connectivity segment, particularly in the data centre business. The company’s data centre operations saw an impressive 45% increase in annual net profit, reflecting the surging demand for digital infrastructure needed to support artificial intelligence services.

Keppel’s connectivity arm, which operates data centres that house servers and other computing equipment, has benefitted from the growing need for AI-driven digital infrastructure, particularly in the Asia Pacific region. As AI and other digital services expand, investments in data centres are expected to grow, further bolstering the company’s performance.

The firm, originally established over 56 years ago as a shipbuilding yard, has plans to more than double its data centre funds under management and increase its capacity, as announced in October. However, the highest-earning segment of Keppel’s infrastructure business saw a slight 4% decline in profit to S$673 million, largely due to lower fair value gains and reduced distributions from Keppel Infrastructure Trust.

Keppel’s net profit from continuing operations, excluding its offshore and marine assets, rose to S$1.06 billion ($784.20 million) in 2024, up from S$1.02 billion the previous year. The company, transitioning into an asset management firm, has set a target to manage S$200 billion in assets by 2030. As of December, its funds under management reached S$88 billion.

The company declared a final dividend of 19 Singapore cents per share, consistent with last year’s payout.