According to a MarketsandMarkets report, the Identity Access Management market is expected to grow 17% annually over the next five years. The industry is estimated to be worth $14.3 billion in 2017 and projected to grow to $31.75 billion by 2022. Austin-based SailPoint Technologies is counting on this growth as it prepares to go public.

SailPoint’s Offerings

SailPoint was founded in 2005 by Mark McClain and Kevin Cunningham who wanted to set up a company that would provide innovative solutions to business problems concerning identity access management. SailPoint Technologies develops identity governance software that integrates role management, access request management, and compliance management solutions to help organizations streamline IT compliance processes and reduce the risks of fraud.

SailPoint’s core products include IdentityIQ – an identity governance solution that provides insight and control over user access and streamlines complex processes; IdentityIQ Compliance Manager – a product that integrates access certification, policy enforcement, and activity monitoring capabilities and automates the auditing, reporting, and management activities; and IdentityIQ Role Manager – a platform that helps create, enforce, and verify role-based access in enterprise applications. SailPoint’s products have been well received and it has names like AXA, Allianz, Equifax, ING Direct, Virgin America and Yale, to name a few, as its customers.

SailPoint’s Financials

SailPoint is privately held with an undisclosed amount of funding raised from investors including Austin Ventures, Lightspeed Venture Partners, Origin Ventures, Silverton Partners, and Thoma Bravo. In 2014, Thoma Bravo had invested an undisclosed amount into SailPoint to buy a majority stake in the company at an undisclosed valuation. As part of the investment, Thoma Bravo bought out the its original investors.

Since the investment, SailPoint’s revenues have grown steadily. SailPoint does not disclose detailed financials, but recent reports reveal that the company’s revenue surpassed $100 million in 2015 and has been “highly profitable”. It claims that it is highly profitable. 2016 revenues are estimated to have come in at $130 million. SailPoint is targeting to go public this year and has been beefing up its senior management to support the move. It added a new CIO Kevin Hansel and a new General Counsel Christopher Schmitt.