SailPoint went public twice under the same ticker. It first listed on the New York Stock Exchange as SAIL in 2017. Thoma Bravo took it private in 2022, and in February 2025 it came back on Nasdaq, again as SAIL. Its question never changed: who has access to what. SailPoint helps large companies track every employee, contractor, and machine that can log in, and shut doors that should be closed.

The Access Question

Mark McClain founded SailPoint in Austin in 2005. Its first products focused on governance, meaning the audit of who had which permissions. Customers kept asking how to manage that question across thousands of apps. The bet was that identity would become the center of security as companies moved to the cloud. SailPoint later rebuilt its products as a cloud service and expanded from people to machine accounts.

Same Ticker, Second Time

SailPoint traded on the NYSE from November 2017 until Thoma Bravo bought it in August 2022. It returned with an offering priced at $23 a share in February 2025, a $1.38 billion offering on Nasdaq. Thoma Bravo still owned about 86 percent of the stock after the deal. McClain stayed on as chief executive. SailPoint trades on Nasdaq as SAIL.

Cover: The Two Sailboats, from Cahier de six eaux-fortes, vues de Hollande, Johan Barthold Jongkind. Art Institute of Chicago, public domain. Chosen for two sailboats (two trips to the market).