Our ecosystem of IR partners are armed with the best technology available when it comes to rapidly recovering from a breach. Got it. The more conversations you have with your target market customers, the better you design your solution. In closing, Q2 was an excellent quarter with strong execution, and we're expecting that momentum to continue into the second half of the year. You may proceed, Mr. Weingarten. Certainly. Before launching the company in 2013, he had helped to create several other tech startups. "Our competitors have gone down the path of multiple platforms and multiple offerings, beaming data from their EDR into their XDR. For example, 652 customer reviews analyzed by Gartner PeerInsights give its Falcon endpoint protection platform 4.9/5 stars. One of the reasons that we're looking at the Czech Republic is because they do have an excellent amount of cybersecurity talent that, assets is it allows in next. It's always a displacement. The property, on just over an acre in the Country Club. Tomer Weingarten, CEO, and Co-Founder. The next question is from Andrew Nowinski with Wells Fargo. Our platform today holds the most capabilities out of any other platform out there. I mean, we've had an excess of $1 million ACV displacement this quarter as well for Fortune 500 Company, and they cited the same. Its just code, and it becomes this important part of pretty much everything. I was hoping you could just talk a little bit about kind of the broader distribution channel a bit. Or how many modules they typically purchase? And just remember that what youre building is for the customer and end-user. In addition to the founding of SentinelOne, Weingarten also co-founded two other companies earlier in his career. Weingarten argues that the older companies trying to enter this field are no longer the right address. And so from an apples-to-apples perspective, we're typically at or higher from a technology perspective, but we enable customers to best put that, that money to use buying technology. Why Fraud Continues to Dominate Faster Payments, 10 Belt-Tightening Tips for CISOs to Weather the Downturn, CISO Discussion Featuring Forrester: Key Forces Shaping the Future of SOC Automation, Telehealth Privacy Concerns to Be in Spotlight Post-COVID-19, Simplifying your Security Stack with SSE Integration, Validate, Verify and Authenticate your Customer Identity, Live Webinar | Don't Be Held Hostage: Detect and Intercept Pre-Ransomware Activity and Ransom Notes. Is it driven by higher R&D costs, in the West Coast or in Israel or is pretty much all the above? These are the same targets that we shared during the IPO. And these devices, theyre almost an extension of us and an extension of our identity. The biggest benefits are coming from our increasing scale and business expansion. You have to be an incredibly good listener and understand pain points before you propose solutions. Tomer Weingarten is our co-founder and has served as our Chief Executive Officer and a member of our board of directors since our inception in January 2013, as our President since November 2018, and as our Chairman of the Board of Directors since March 2021. But again infection, that's something that's unacceptable. Articles by Tomer Random thoughts. And specifically, when we talk about cloud security, we talk about workload protection platform and runtime protection. Ms. Tomasello has over 20 years of experience in the accounting industry. Welcome everyone and thanks for joining our first earnings call as a public company. The road isnt always simple when you lead a company to disrupt a very large space and really break new grounds. And with that, let me turn it to Nick Warner, our Chief Operating Officer. SentinelOne not only provides native protection around endpoints, cloud workloads and identity but also can ingest data from any other product in the customer's enterprise, Weingarten says. SentinelOne wasn't among the top nine vendors for cloud workload security market share last year, market intelligence firm IDC found. To us prevention is the fundamental component of modern day cybersecurity. Over the weekend, the company filed a prospectus for an initial public offering on Wall Street, and its hoping to benefit from investors optimism at/faith in CrowdStrike. Sure. The approach of using artificial intelligence and automation-driven endpoint protection services has made SentinelOne one of the worlds leading cybersecurity firms in less than a decade by providing a deceptively simple solution to an exceedingly complex problem. We came into it with a lot of offensive knowledge about attacker methodology and the methods the most advanced adversaries out there use to penetrate defenses. Before our founding, Mr. Weingarten held various positions, including Vice President of Products, at Toluna Holdings Limited, a technology company that delivers real-time consumer insights, from May 2007 to December 2012, which he joined following the acquisition of Dpolls, a startup he had previously co-founded. That gives me tremendous confidence in the long-term growth potential in front of SentinelOne. Customers give CrowdStrike high marks. From June 2014 to February 2017, Mr. Parrinello served as Vice President of American Sales at Nimble Storage, Inc., a data storage solutions company that was acquired by Hewlett Packard Enterprise Company in April 2017. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. Mark Parrinello has served as our Senior Vice President of Global Sales since February 2020. And we'll do that for the foreseeable future. We don't compete with them. SentinelOne is forecasting revenue growth of $161 million, an increase of 23 percent from the last quarter and 115 percent from the same quarter last year. You call that the success with tears in modules, wondering if you can talk about the impact of cloud workload protection? And what do you anticipate going forward for larger enterprise mix? What type of capacity, you see going forward in terms of your ads for the next couple of quarters? I would now like to pass the conference over to your host, Doug Clark, Head of Investor Relations with SentinelOne. Its a fantastic company, with astounding marketing and performance capabilities.. Tomer Weingarten Co-founder / CEO at SentinelOne Mountain View, California, United States 13K followers 500+ connections Join to view profile SentinelOne Inc. We're protecting even more mission-critical businesses. These documents contain and identify important risk factors and other information that may cause our actual results to differ materially from those contained in our forward-looking statements. Is this coming from the tiers that you talked about and up-sell within the base or a lot of that growth coming from the adjacent modules? Yes. They wanted a solution that can actually remediate and clean up all the infections they were seeing. He is responsible for the company's direction, products, and services strategy. And since this is our first earnings call, I'd like to give some background on our journey and how we got here. We're still in early innings, but it's massive, its macro and its global. So all in all, I mean it drives I think a complete overhaul of the cyber security stack. Two, we don't compete with our channel partners. Ms. Ghatak is a member of the board of advisors of Findem, Inc., a company that uses an artificial intelligence platform to assist companies in their employee hiring, since February 2021. - the bible of risk assessment and management - will share his unique insights on how to: Sr. Computer Scientist & Information Security Researcher, Feedback has been positive and we've issued over 2,000 accreditations to-date. During her tenure at Chegg Inc., Ms. Tomasello guided the companys accounting team from its 2013 IPO through periods of extensive revenue growth. Novinson is responsible for covering the vendor and technology landscape. Mr. Ashkenazi holds a B.S.C.S. And where do you see it kind of going in the next year coming off the IPO? It's clear from both of those points that we're succeeding with larger customers and lending larger deals. Mr. Smith holds a B.S. These companies are more identified with firewall solutions. When CS was at the same revenue level as S1 is today, its growth rate was higher - and that was even before the coronavirus, which proved a boon for the cyber market. Our customers want real-time response and protection. What I'd also add to that is uniquely with SentinelOne, we've made a strategic decision to enable and not compete with the various multi-dimensional channel partners out there, whether that's MDRs, MSSPs, or incident response partners, obviously as well as your traditional resell partners. Next, I'll share some insights on our go-to market. Thank you. documents contain and identify important risk factors and other information that may cause our actual results to differ materially from those contained in our forward-looking statements. The pace of technology today is pretty fast. You may proceed. Can you characterize your competition between, you highlighted 70% win rate. Hey guys, thank you for taking my question and congrats on your first quarter post-IPO. Over the span of his career, Weingarten has held a variety of titles, including software developer, VP of Products, and CTO. Today, theres only us and CrowdStrike.. And following the call, an audio replay will be available on the Investor Relations section of our website. And it's driving more adoption and driving more seat counts in all-in-all it drives the stability for customers who shift away from their incumbent vendor with ease. Weingarten has referred to CrowdStrike as its main competitor. CrowdStrike is much larger than SentinelOne. Our strong channel metrics are leading pipeline and traction indicators. You want to prevent these infections from happening. We look forward to talking to you again in the near future. That's great. Enterprises represent about two thirds of our business today, and we're gaining even more traction. SentinelOne has 4,700 customers, which means its per-customer income is lower. Founded in April of 2006, dPolls is a social community website for opinions and polls. (I have no financial interest in the securities mentioned in this post). "The Holy Grail is real-time security - being able to find something on one system and inoculate and immunize your entire environment in a complete, automated way. Tomer Weingarten, co-founder and CEO, SentinelOne (Image: SentinelOne) Identity protection, XDR, data analytics and cloud security have been SentinelOne's biggest areas of investment during 2022 . Qualcomm products referenced on this page are products of Qualcomm Technologies, Inc. and/or its subsidiaries. So they get up and running in seconds, they get a complete cloud tenant for themselves, the immediately deploy using guard discovering deployment services, and then, they leave the platform there for us to come in and monetize. Prior to joining us, Mr. Smith served in various leadership positions at Medallia, Inc., a customer experience platform company, including as Senior Vice President of Engineering, from January 2016 to March 2021. And they wanted a more automatic solution. In 2019, Weingarten told me the company was enjoying300% growth year-on-year. Yesterday he said, We have grown at over 100% year over year for the last several quarters and in the first quarter annual recurring revenues were up 116%., SentinelOne views cash flow positivity and profitability as a long-term target, he told me. If you have an ad-blocker enabled you may be blocked from proceeding. SentinelOne is competing effectively with rivals such as CrowdStrike and Palo Alto Networks. Now its true that SentinelOne faces intense competition. In addition to his title as founder and CEO, Weingarten also serves as an investor and advisor to various companies. What that enables customers to do is achieve the outcome we're driving for them and our prospects and customers, which is protection and prevention. We ended Q2 with total basic shares outstanding of 265 million. Hi, good afternoon. Criminal syndicates love cybersecurity because its more lucrative, harder to pinpoint, and harder to attribute just a better system for them obviously. In the industry, we saw a lot of opportunity in the endpoint market. Any forward-looking statements made during this call are being made as of today. They want to use more abilities; they're opting for our services. Learn the fundamentals of developing a risk management program from the man who wrote the book Well, what we're finding and, this sort of goes back to a question before around some of the best benefits that we've seen with our IPO is that, that brand recognition doesn't just extend to channel partners and customers, it importantly extends to the best talent in the market. Our internal sales and support teams combined with our diverse and growing partner ecosystem gives us an incredibly vast reach. After enjoying a 21% rise on its first day of trading, is it too late to invest in SentinelOne? I'm just wondering, ultimately how much of an opportunity there is that those customers for additional purchases? We are benefiting from increased scale, cloud hosting agreements and processing efficiency gains. By submitting this form you agree to our Privacy & GDPR Statement, General Data Protection Regulation (GDPR). The firm has raised some $697 million to date, from investors including US . We definitely see the ability to expand into other footprints in the enterprise, almost every account that we land. Thanks for the questions, Hamza. Building a very robust and fanatical customer base is the most important thing. Weingarten served as the company's co-founder and CTO from May 2011 to May 2012. Thats a pretty impressive 347% compound annual growth rate in value. So to us, again, it really falls into the strategy that we took up by enabling our customers to pick any vendor and indeed builds on top of the Singularity platform. until now. Some people paint, some people write songs, some people are talented in different ways. You may proceed. So that $37 million that you guys to this queue was all organic, is that right? The initial price range was $26-to-$29 but this was lifted to $31-to-$32. So we're really starting to see that, that flywheel kick-in, in all the different facets of go-to-market channel partner ecosystem. The State of Customer Identity & Access Management 2022, 2022 State of Cybersecurity in the Energy Sector, Cybersecurity Summit: North America - East, Key Themes of RSA 2023: Diversity of Ideas - New and Old, Ransomware Response Essential: Fixing Initial Access Vector, Nipping Ransomware in the Bud: Detecting Early Adversary Activity, OnDemand | Navigating the Difficulties of Patching OT, when it comes to performance and deployment, Next-Generation Technologies & Secure Development, Security Information & Event Management (SIEM), The Essential Guide to MITRE ATT&CK Round 4, Get the Most Out of Your (Growing) Security Tech Stack: Three Steps, eBook Special Edition I Extended Detection & Response for Dummies, Augmenting Your Microsoft 365 Email Security Infrastructure, Security Megatrends and Their Impact on Endpoint Security, New OnDemand | Building an Effective API Security and Compliance Program, JavaScript and Blockchain: Technologies You Can't Ignore, OnDemand | Realities of Choosing a Response Provider, FTC: Amazon, One Medical Must Keep Privacy Promises, Risk Management Framework: Learn from NIST, https://www.bankinfosecurity.com/sentinelones-tomer-weingarten-on-cloud-xdr-analytics-a-20160. Don't think we're cheaper by any degree. That's something we'll advance, once we get it completely tied into the SentinelOne back end. Mr. Ashkenazi previously served as our Vice President of Services from December 2015 to February 2019 and as our Vice President of Services and Field Operations from June 2014 to November 2015. Today, I think we've shared that it's already about 10% contribution into our revenue is coming from the, cloud and server protection pieces that we sell, and we're seeing more and more traction in cloud security. And it's kind of a game that we saw a film that we already saw and we see it growing over time. We launched SentinelOne in 2013 with the idea that cybersecurity incorporated faster speeds, greater scale, higher accuracy, and most importantly do this through more automation. improve their organizations' risk management capabilities. Weve seen a leap happening practically overnight with COVID-19 changing pretty much every working model that weve known. The proof of concept demo I went through before selecting this product was thorough and set us up for success when we did decide to continue our relationship with CrowdStrike., They also love the SentinelOne Singularity Platform. Why Is AT&T Cybersecurity Such a Good Acquisition Target? SentinelOne CEO Tomer Weingarten closed on a $11.5-million home in Los Altos, just below the asking price, according to public records. What we're also finding is at time of sale for new customers, they're predicting landing with a complete package with other modules as well. Whats the Priority for MSS/MDR Selection for 2023? Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. And we intend to do the same also on the mid-market where we enable our channel ecosystem to carry more than just endpoint protection and several cloud security. SentinelOne has expanded the scope of its business since I first spoke with Weingarten about two years ago. Excluding the redundant costs for the Scalyr migration, we estimate fiscal 2022 gross margin would be roughly similar to our gross margin we achieved this quarter. Could you talk a little bit about your hiring plans and sales? You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com. Read Tomer Weingarten's full executive profile here. Hey guys, congrats on a great quarter. We started thinking about the right approach to building security for the future. Instead of people having to manually assemble data points, the technology assemble stories for us and even make decisions in real-time, game changer. So that $10 million you pulled out of inorganic ARR fell in 1Q right? Mr. Weingarten also previously served in various roles at Mckit Systems Ltd., a provider of information and knowledge management systems in Israel, from March 2005 to April 2007. Getty/SentinelOne. Since then, its market value has increased sevenfold. It jumped in Q2 to above 70. And so that's the right way to think about our global field presence is adding all of those folks up and understanding that each time we're adding a partner behind that are hundreds of sales reps, doing 2000 plus accreditations to date, that's really building that flywheel, but we're absolutely going to continue to invest in our own SentinelOne personnel as it relates to go-to-market. Is this happening to you frequently? So they are able to lead with our technology platform. The Movie The Professional is what made Natalie Portman a Lolita. I want to pause on that for a second. Prior to Medallia, Mr. Smith served in various positions at Oracle Corporation, a products and services cloud technology company, including most recently as Senior Director of Engineering, from October 2009 to January 2016. How so? 2023 Information Security Media Group, Corp. Security teams simply can't analyze and respond to billions of events every day. So all in all, we feel that mix is a healthy one and one that we would like to carry into the future. in Manufacturing Engineering from Boston University, and a Ph.D. in Operations Research from the Massachusetts Institute of Technology. Please disable your ad-blocker and refresh. I mean, we feel it's going to hover around these rates for kind of the foreseeable future, and we like their contribution. Our focus with Scalyr is obviously been on implementing the technology not on really pushing our go-to-market. These are the go-to experts who cyber insurers and boards call when there is a breach. But we thought that an IPO was critical. I have a few questions I want to speak about competition. Cybersecurity is fundamentally a data problem. Divya Ghatak has served as our Chief People Officer since August 2019. Obviously we find them in more and more accounts that we sell into, so that also become something that our customers are asking us to do. We feel as far from it and it can vary significantly. Weingarten served as the company's co-founder and CTO from May 2011 to May 2012. For this reason, Weingarten says, the company has enjoyed great success with both cloud-native organizations as well as big financial services companies, given the big disparity in offering quality. Yes, hi there. Prior to Chegg Inc., Ms. Tomasello was Assistant Corporate Controller at Palm, Inc. 444 Castro StreetSuite 400Mountain View, California 94041, Senior Vice President of Global Support and Services, follow us on I mean, some the hybrid work environment and to rephrase those cycles through increase need of abilities to the government pointing out EDR solutions as one that that should become mandatory environment. Putting all of this together, cybersecurity has never been more critical and more challenging for the enterprise. Check out the opportunities and risks within the US Software industry.. Covering topics in risk management, compliance, fraud, and information security. Nick, Tomer, thank you. While its customers do include three of the worlds 10 biggest companies, it only has 37 Fortune 500 companies on the list. Career That thesis then translated into more adjacencies in the enterprise, and not just the classic endpoint protection where we started. The next question is from Roger Boyd with UBS. Join us LIVE! What we do today will be transitioned into more remote and virtual settings, which will lead to more exposure of attack surfaces for hackers and criminals. Just some of the key rivals include CrowdStrike and Palo Alto Networks. SentinelOne is growing fast and losing money. Equally critical is machine speed detection, response and remediation. Attacks and threats are only becoming more sophisticated and more common and legacy solutions and human defenses just can't keep up. Its a market that hadnt been disrupted in years, with very large incumbents like Symantec and McAfee which had not innovated for a long time. Prior to that, Mr. Weingarten co-founded Carambola Media Ltd., a publisher focused platform that creates new ad revenue streams through engaging content formats, where he served as Chief Technology Officer from May 2011 to May 2012. He also has developed various online courses, such as for the COBOL and Python programming languages. This is the base run rate going forward. We just, turns out to be a much more efficient model than the platforms that they've been using in the past which obviously, were more on-prem down. It's actually all of the above and we definitely focus on basically providing the customer the choice, license counts naturally organically extend over time. And as Nick mentioned in the prepared remarks, our ability to now signup most of the incident response providers, most of the leading incident response providers in the U.S. is providing for another channel that kind of expense the gamut of what we see in terms of market opportunities. So it's incredibly easy to consume. Clients can bring in any type of log source and cross-correlate disparate data points from siloed products made by different vendors into a single cohesive data lake to drive more automation and orchestration, he says. Two years ago, when SentinalOne raised $120 million, it was valued at $500 million. Thank you. Earlier this year, we rolled out a new channel partner training and accreditation program. If SentinelOne will have a P/S ratio similar to that of CrowdStrike, its market value would be between $6 billion and $7 billion. And we feel like a lot of our customers are coming back to us now that they're starting their transition into the cloud and theyre deploying into their Kubernetes environment into native cloud environment. The next question is from Alex Henderson with Needham. We are [investing to] acquire new market share while improving unit economics by operating in a more efficient manner.. If youre able to react and deflect at scale in real-time, then you have a unique advantage you have a system that protects from attacks in a manner that no one else does. Technology. The endpoint security market is large and growing and we're just at the beginning. Okay, great. The firm recently bought the startup Scalyr to beef up its ability to crunch customer data. Now, you can see real bifurcation in XDR approaches.". Being public also helps with the trust of customers. For me, as a leader, a lot of it is just listening and remaining humble. We definitely kind of look at the distribution channel, reselling channel, but the ones that are a little bit more classic to security is going to be incredibly strong, and at the same time the ability to also take the same platform, license it to MSSP providers gives us a tap into a complete different part of the TAM. What is Tomer Weingarten's net worth? You may proceed. Anyone interested in SentinelOne, Inc. should probably be aware that the Co-Founder, Tomer Weingarten, recently divested US$176k worth of shares in the company, at an average price of US$16.70 each.That sale was 26% of their holding, so it does make us raise an eyebrow. That concludes the conference call. The financial outlook that we provided today excludes stock-based compensation expense, which cannot be determined at this time and are therefore not reconciled in today's press release. But even today, CS is growing at a rate of 74 percent, a very high rate for a company its size. facebook, follow us on And maybe Tomer, I would love to get your feedback on, I think in your prepared remarks you talked about two-thirds of your businesses is enterprise focused. We enable and embrace the channel. On Wednesday's episode of "Mad Money," SentinelOne CEO and co-founder Tomer Weingarten discusses the cybersecurity firm's fiscal second quarter 2022 results. I think we're definitely seeing an elevation of the brand. When SentinelOne CEO and co-founder Tomer Weingarten launched the company in 2013, he had a revolutionary vision to transform the way organizations protect their data and devices by building software that doesn't just observe but prevents and deflects in real-time.. Their platform, which automates endpoint protection, detection, response, and remediation, offers large organizations a . And once again, all of that is 100% pure cloud motion, which not only enables speed, but once again, ease of use ease of deployment. Our modules help customers with today's critical management protection and visibility challenges. That's what they do. Every edge of the network must be secured. And I think it's 99% displacing an incumbent. Thank you. [PDF] [7d5kicaru8k0]. It's incredibly holistic again in nature. Mr. Conder brings over 25 years of experience scaling high-growth, public companies in the technology sector. We also expanded our marketplace ecosystem through new partnerships with Zscaler and Cloudflare, partnering with other zero trust leaders strengthens our customers' security postures. Tomer Weingarten is the CEO and co-founder of SentinelOne. I think if you look at it, apples-to-apples you'll see that the prices are pretty much similar. 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