Shares of cybersecurity firm SailPoint Technologies soared on Thursday after the company beat Wall Street expectations in the second quarter.
Austin-based SailPoint reported that revenue jumped 39 percent to $54.6 million from the year before. That far exceeded analysts’ prediction of $50 million.
Adjusted net income was $2.5 million, or 3 cents a share, whereas market watchers were expecting a loss of 2 cents a share.
The market reacted, sending SailPoint’s stock up 16.5 percent, or $4.27, to $30.10 in mid-day trading. Shares of SailPoint have risen more than 78 percent since the beginning of the year.
Founded in 2005 by three Austin software veterans with roots going back to Tivoli Systems, SailPoint provides identity and access management software.
The company has 1,031 customers and competes with industry giants including IBM Corp. and Oracle Corp.
“We are excited to have crossed the 1,000 customer milestone,” said Mark McClain, SailPoint co-founder and CEO. “Our customers represent everything from the world’s largest companies to cloud-first mid-market enterprises.”
SailPoint raised $240 million in an initial public offering in November. The company priced 20 million shares at $12 each, according to a securities filing. That was above the $9-to-$11 per share price range the company had been seeking.
The company plans to move early next year into a building under construction in the Four Points office complex in Northwest Austin.
SailPoint will more than triple its presence at Four Points when it occupies 165,000 square feet as the sole tenant in a third building in the complex, which is near RM 620 and RM 2222.
The company said the new space will allow it to consolidate current employees and accommodate future growth. SailPoint has 868 employees worldwide, including 423 Austin employees.
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