SentinelOne’s deal to acquire PingSafe valued the Peak XV-backed young startup at over $100 million, two sources familiar with the matter told TechCrunch, in one of the strongest and fastest deals emerging from India.
The New York Stock Exchange-listed AI security firm disclosed the cash and equity deal last week, but didn’t reveal the financial terms. SentinelOne, PingSafe and PeakXV didn’t immediately respond to a request for comment. The terms of the deal haven’t been previously reported.
Founded in 2021, PingSafe is a relatively new and small security company with <100 employees and ~50+ customers, mostly in India. The firm remained largely in stealth mode until last year, and was backed by Peak XV’s Surge in the early-stage fund’s sixth cohort. PingSafe had raised a total of about $3.3 million in funding.
“We think integration of PingSafe’s CNAPP [cloud native application protection platform] will bolster S’s cloud security offering, providing a wide 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,” Barclays wrote in a note to clients. The British bank estimated the size of the deal to be about $100 million.
PingSafe is “among the fastest ‘seed to significant exits’ Indian ecosystem has ever seen,” Rajan Anandan, who leads Surge at Peak XV, tweeted last week.
More to follow.