SentinelOne’s Deal to Acquire PingSafe Values the Peak XV-Backed Young Startup at Over $100 Million
In one of the strongest and fastest exits emerging from India, SentinelOne’s deal to acquire PingSafe values the two-year-old Indian startup at over $100 million. Two sources familiar with the matter told TechCrunch that the cash and stock deal was disclosed by the New York Stock Exchange-listed AI security firm last week.
Background on PingSafe
Founded in 2021, PingSafe is a relatively new and small security company with fewer than 100 employees and over 50 customers, mostly in India. The firm remained largely in stealth mode until last year and was backed by Peak XV’s Surge in the early-stage fund’s sixth cohort.
Funding and Growth
PingSafe had raised a total of about $3.3 million in funding. This acquisition is one of the fastest ‘seed to significant exits’ Indian ecosystem has ever seen, according to Rajan Anandan, who leads Surge at Peak XV.
Terms of the Deal
The terms of the deal haven’t been previously reported. SentinelOne declined to comment on the financial terms of the acquisition. PingSafe and PeakXV didn’t immediately respond to a request for comment.
Impact on Cloud Security Market
The integration of PingSafe’s cloud native application protection platform (CNAPP) will bolster S’s cloud security offering, providing a wide range of agentless CNAPP capabilities. SentinelOne has expressed its intent to be price competitive in the cloud security market, and it remains to be seen if the acquisition will play a role in pricing.
Reaction from Industry Experts
Barclays wrote in a note to clients: "We think integration of PingSafe’s CNAPP will bolster S’s cloud security offering, providing a wide range of agentless CNAPP capabilities – S has expressed its intent to be price competitive in the cloud security market and we wonder if the acquisition will play a role in pricing."
Founder Anand Prakash’s Statement
Anand Prakash, founder and chief executive of PingSafe and one of the world’s top five white-hat hackers, said: "SentinelOne is a pioneer and leader in AI-powered security, and we share a common mission to secure the cloud and make the Internet a safer place. The combination of our cutting-edge CNAPP capabilities with SentinelOne’s market-leading AI security platform will supercharge cloud security by providing world-class protection for multi-cloud infrastructure, from development to deployment."
Indian Software Companies Targeting Global Expansion
The purchase of PingSafe represents a further endorsement of the increasing trend of Indian software companies targeting global expansion. By first developing SaaS solutions in the home market, a new generation of Indian entrepreneurs have subsequently set their sights on worldwide growth.
New Delhi’s Startup India Program
New Delhi is inching closer to launching the second phase of its marquee Startup India program with a focus on deep tech startups. The planned doubling-down on advanced technology companies marks the latest gambit aimed at transforming the subcontinent into a global innovation powerhouse to rival the likes of Silicon Valley.
Exclusive Coverage from TechCrunch
Manish Singh, a senior reporter at TechCrunch covering India’s startup scene and venture capital investments, has been tracking this story closely. He can be reached at manish(at)techcrunch(dot)com for any further information or clarification on this deal.
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