SetinelOne to acquire cybersecurity startup PingSafe for around $100 million

PingSafe founders (L-R) Nishant Mittal, Co-Founder & CTO; Anand Prakash, Founder & CEO

In what is being seen as one of the fastest and successful exits for a fairly new startup, United States-based cybersecurity company SentinelOne will acquire Bengaluru-based startup PingSafe for around $100 million.

The startup founded in 2021, secured a $3.3-million funding, last year, from Peak XV's Surge, an accelerator program of Peak XV Partners.

While SentinelOne had announced earlier that it had decided to acquire Pingsafe in a combination of cash and stock, the value of acquisition was not revealed.

In a note to clients from earlier in the week, Barclays said, "SentinelOne announced this morning that it will acquire PingSafe, a company that

operates in the cloud security platform space, for ~$100M, with about half in cash and half in stock."

"Founded in 2022, PingSafe is a relatively new and small security company

with <100 employees and ~50+ customers, mostly in India," the note added.

The startup is headed by ethical hackers Anand Prakash, co-founder and CEO and Nishant Mittal, co-founder and CTO. The startup works in the cloud security segment and has developed a cloud-native application protection platform (CNAPP). According to reports, the CNAPP market is estimated to grow $30 billion by 2030.

"The deal is expected to close in 1Q25, and we think represents SentinelOne's efforts to broaden its cloud security portfolio and accelerate the entry of its CNAPP suite into the highgrowth cloud security market," Barclays added.

"This is a significant deal in the startup ecosystem which has been dealing with a funding winter, layoffs and so on. It is important to note the short time in which the startup found an exit, especially since they were established in 2021," an industry executive said.

"The valuation too at which the acquisition has happened is decent. Additionally, with there being only one institutional investor, the startup's founders had not diluted too much. So it is a success," the executive added.