SentinelOne’s acquisition of PingSafe values the young Peak XV-backed startup at more than $100 million, two people familiar with the matter told TechCrunch, making it one of the strongest and fastest deals to emerge in India.
The artificial intelligence security company, which trades on the New York Stock Exchange, disclosed the cash and equity deal last week but did not disclose financial terms. SentinelOne, PingSafe and PeakXV did not immediately respond to requests for comment. Terms of the deal have not been previously reported.
Founded in 2021, PingSafe is a relatively new small security company with less than 100 employees and around 50+ customers, most of which are based in India. Until last year, the company was largely in stealth mode and was backed by Surge, its sixth early-stage fund, Peak XV. PingSafe has raised approximately $3.3 million in total funding.
“We believe that the integration of PingSafe’s CNAPP [cloud native application protection platform] Will enhance S’s cloud security offering with broad agentless CNAPP capabilities – S has expressed its intention to be price competitive in the cloud security market and we wonder if this acquisition will play a role in pricing,” Barclays wrote the client in a report. The Bank of England estimated the deal size at about $100 million.
Rajan Anandan, head of Surge at Peak XV, tweeted last week that PingSafe was “one of the fastest seed-to-major exits ever in the Indian ecosystem.”
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