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SentinelOne\u2019s deal to acquire PingSafe values the Peak XV-backed young startup at over $100 million, two sources familiar with the matter told TechCrunch, in one of the strongest and fastest exits emerging from India.<\/p>\n
The New York Stock Exchange-listed AI security firm disclosed the cash and stock deal to acquire the two-year-old Indian startup last week,\u00a0but didn\u2019t reveal the financial terms. SentinelOne, PingSafe and PeakXV didn\u2019t immediately respond to a request for comment. The terms of the deal haven\u2019t been previously reported.<\/p>\n
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\u2019s Surge in the early-stage fund\u2019s sixth cohort. PingSafe had raised a total of about $3.3 million in funding.<\/p>\n
\u201cWe think integration of PingSafe\u2019s CNAPP [cloud native application protection platform] will bolster S\u2019s cloud security offering, providing a wide range of agentless CNAPP capabilities \u2013 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,\u201d Barclays wrote in a note to clients.<\/p>\n
PingSafe is \u201camong the fastest \u2018seed to significant exits\u2019 Indian ecosystem has ever seen,\u201d Rajan Anandan, who leads Surge at Peak XV, tweeted<\/a> last week.<\/p>\n \u201cSentinelOne 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,\u201d said Anand Prakash, founder and chief executive of PingSafe and one of the world\u2019s top five white hat hackers, in a prepared statement last week. \u201cThe combination of our cutting-edge CNAPP capabilities with SentinelOne\u2019s market-leading AI security platform will supercharge cloud security by providing world-class protection for multi-cloud infrastructure, from development to deployment.\u201d<\/p>\n 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.<\/p>\n New Delhi is inching closer to launch the second phase of its marquee Startup India program with a focus on deep tech startups, Indian daily Economic Times reported<\/a> Monday. 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.<\/p>\n<\/p><\/div>\n