SentinelOne’s deal to acquire PingSafe values the fledgling Peak XV-backed startup at more than $100 million, two sources familiar with the matter told TechCrunch, in one of the strongest and fastest exits to emerge from India.
The New York-listed AI security firm disclosed the cash-and-stock deal to acquire the two-year-old Indian startup last week, but did not disclose financial terms. SentinelOne, PingSafe and PeakXV did not immediately respond to a request for comment. Terms of the deal have not been previously disclosed.
Founded in 2021, PingSafe is a relatively new and small security company with less than 100 employees and more than 50 customers, mostly in India. The company remained largely in stealth mode until last year and was backed by Peak XV’s Surge in its sixth cohort of seed-stage funding. PingSafe had raised a total of about $3.3 million in funding.
“We believe that integrating PingSafe’s CNAPP [cloud native application protection platform] will strengthen S’s cloud security offering by providing a broad range of agentless CNAPP capabilities – 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,” wrote Barclays in a note to clients.
“PingSafe is among the fastest ‘seeds to major exits’ the Indian ecosystem has ever seen,” said Rajan Anandan, who leads Surge at Peak XV. he tweeted Last week.
“SentinelOne is a pioneer and leader in AI-based security, and we share a common mission to protect the cloud and make the Internet a safer place,” said Anand Prakash, founder and CEO of PingSafe and one of the top five white in the world. hat hackers, in a prepared statement last week. “Combining our industry-leading CNAPP capabilities with SentinelOne’s market-leading AI security platform will increase cloud security by providing world-class protection for multi-cloud infrastructures from deployment to deployment.”
The purchase of PingSafe represents a further endorsement of the growing trend of Indian software companies aiming for global expansion. First developing SaaS solutions in the domestic market, a new generation of Indian entrepreneurs then set their sights on global growth.
New Delhi nears launch of second phase of Marque Startup India program with focus on deep-tech startups Economic Times India mentionted Monday. The planned doubling of high-tech companies marks the latest play aimed at turning the subcontinent into a global innovation powerhouse to rival Silicon Valley.
