SailPoint Technologies announced late on Thursday that it has agreed to acquire tech startup, Intello. New York-based Intello is a software-as-a-service (SaaS) application management firm that helps organizations “discover, manage and secure SaaS applications.”
SailPoint Technologies (SAIL) hasn’t disclosed the financial terms of the deal. Grady Summers, EVP Product, SailPoint, pointed out that amid the current remote working trend, workers are buying unsanctioned SaaS apps rapidly, with little or no oversight by the organization’s IT teams. This has resulted in a massive increase in unprotected data stored and shared within those SaaS apps.
The cloud enterprise identity security company believes that the transaction will address the current lack of visibility in which SaaS applications exist across a business. This will also help organizations to properly manage and secure access to those apps for all workers. (See SailPoint stock analysis on TipRanks).
On Feb. 16, Canaccord Genuity analyst Michael Walkley raised the stock’s price target to $70 (12.8% upside potential) from $53 and reiterated a Buy rating. In a note to investors, Walkley wrote, “We believe the company has a long runway for sustained growth as SailPoint continues to lead with its SaaS-based IdentityNow solution, expands its portfolio, grows its sales capacity, and penetrates deeper into international markets.”
Overall, the consensus among analysts is a Strong Buy based on 10 unanimous Buys. The average analyst price target of $67.90 implies upside potential of about 9.4% from current levels. Sailpoint stock has gained more than 146% over the past year.
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