Tomer Weingarten is our co-founder and has served as our Chief Executive Officer and a member of our board of directors since our inception in January 2013, as our President since November 2018, and as our Chairman of the Board of Directors since March 2021. [PDF] [7d5kicaru8k0]. Cohen and Weingarten were actually childhood friends and went to the same college. This is the start of an open and informative dialogue. Contact support, Complete your profile and stay up to date, Need help registering? It also means autonomous remediation, taking machine delivered responses to a whole new level of automatic efficiency. Two years ago, when SentinalOne raised $120 million, it was valued at $500 million. We spoke with Weingarten about endpoint security, SentinelOnes evolution, the future of cybersecurity, and much more. We've introduced, our cloud workload protection platform is an integral part of the AWS marketplace. Hey guys, thanks for taking my questions here and echo my congrats on becoming a public company. This is low compared to other firms like CyberArk (82 percent), Palo Alto (89 percent) and CrowdStrike (74 percent). We added the highest number of million dollar ARR customers this past quarter. You can actually stop these fire from actually ever happening. So all in all, I mean it drives I think a complete overhaul of the cyber security stack. Ms. Ghatak is a member of the board of advisors of Findem, Inc., a company that uses an artificial intelligence platform to assist companies in their employee hiring, since February 2021. Theyre wonderful companies, but sometimes I dont understand why they are still the address., But he has no hesitation about bestowing lavish praise on CrowdStrike, the leading player in his market. The next question is from Tal Liani with Bank of America. At the same time, top scores from MITRE ATT&CK, the industry standard test for EDR, as well as the high score in the Gartner Critical Capabilities for each buyer type have helped build credibility in industry recognition. CrowdStrike highlighted on the last call that they won Workday from you and they highlighted false positives and reasons why they said that this customer switched to them. Hi there. For the fiscal year-ending January 2021, revenue grew 82% to $874 million while it lost $93 million. In the first quarter alone, it burned through $33 million. So our ability to protect to prevent and to keep our customers safe. Very helpful. When SentinelOne CEO and co-founder Tomer Weingarten launched the company in 2013, he had a revolutionary vision to transform the way organizations protect their data and devices by building software that doesn't just observe but prevents and deflects in real-time. We're still early with our modules and see this as a long-term lever for our business. "Up until this point, it was mostly promises and in buzzwords. That's really helpful. You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com. Thank you. SentinelOne CEO Tomer Weingarten believes his $155 million acquisition of data-analytics startup Scalyr, announced Tuesday, opens up a whole new direction for his cybersecurity firm, which uses. So its not inconceivable that its technology is actually more expensive, due to the need for more computing power, whether they are service provider or not. So the ability to really address all of these new opportunities in cybersecurity that might have not been there a couple of years ago are not only an opportunity, but also a competitive differentiator that we have. And yes, the growth has been standout for SentinelOne. They want to use more abilities; they're opting for our services. The chief information security officer of a Fortune 500 oil company captured it well saying SentinelOne's storyline technology fundamentally changes EDR. Mr. Bernhardt holds a B.S.c. Weingarten said in the past that CrowdStrike relies more on providing services, whereas SentinelOne relies more on machine learning and automation. By building these rules, customers can drive automation between products in a meaningful way and remove risk from the system by reducing the system's dependence on humans, he says. And so that's also driving a lot of the adoption. We feel better competitive environments more, that's for sure. Why Is AT&T Cybersecurity Such a Good Acquisition Target? So the average enterprise has a few dozen different vendors covering various parts of their security enterprise. Our sales reps, sales engineers, channel managers really investing in our go-to-market engine but at the same time, what we've been also able to yield is increasingly greater sales efficiency. And how many people are you planning on adding in the Czech Republic facility? We are benefiting from increased scale, cloud hosting agreements and processing efficiency gains. In the shareholder letter, we've reiterated our long-term margin targets. This is Nick here. A reconciliation of GAAP and non-GAAP results is provided in today's press release and in our shareholder letter. That's over 2000 more than last year. Mr. Weingarten also previously served in various roles at Mckit Systems Ltd., a provider of information and knowledge management systems in Israel, from March 2005 to April 2007. However, Mountain View-based SentinelOne which went public on June 30 can brag that it is the highest-valued cybersecurity IPO ever, according to CNBC. This means distilling a solution that would be battle-tested through time, something that serves your customers for years to come. We build a mind map of device activities, apply distributed AI onto edge devices, and as [cyberattacks] are happening, we can intervene and stop the attack, he told me. It's actually all of the above and we definitely focus on basically providing the customer the choice, license counts naturally organically extend over time. Good evening. As it relates to some of the $1 million ARR customers that you landed. SentinelOne prides itself on having fended off cyberattacks most notably the recent SUNBURST one [the malware that tricked systems into uploading it as an update to the SolarWinds Orion software] for all of its customers, he told me. And where do you see it kind of going in the next year coming off the IPO? That is the way to make an impact in this world.. We look forward to talking to you again in the near future. And what that's really driven by enabling their business and not competing is incredible loyalty and brand loyalty with SentinelOne, and that's something we've been working really hard on for the last several years. These are the go-to experts who cyber insurers and boards call when there is a breach. Thank you for attending SentinelOne Second Quarter 2022 Earnings Conference Call. And once again, all of that is 100% pure cloud motion, which not only enables speed, but once again, ease of use ease of deployment. The focus instead should be on having the right data that produces signals that can be modelled. Two years ago, the American company CrowdStrike held its initial public offering, which valued it at almost $7 billion. I will then turn it to Nick and Dave to provide some highlights from our most recent quarter and outlook. , on the topic: Ron Ross, computer scientist for the National Institute of Standards and SentinelOne sits all the way down in 13th place in the worldwide corporate endpoint security space, with just 1.8% market share last year, according to IDC. In Q3, we expect revenue of $49 million to $50 million, reflecting growth of 102% at the midpoint. We'll continue to drive it. In 2023, once she's collected all the shares included in the package, she's . Again Ranger is one of our fastest growing modules and same goes for data retention. The next question is from Shaul Eyal with Cowen. The only way to ensure safety and security is with zero trust. This is XDR. So we're going to continue to invest and build and grow our go-to-market teams. And then from a go-to-market perspective, for Nick, what type of incremental benefit will these partnerships bring? Mr. Smith holds a B.S. Eran Ashkenazi has served as our Senior Vice President of Global Support and Services since March 2019. And these devices, theyre almost an extension of us and an extension of our identity. I have a quick one, if I can squeeze in, if not I'll ask you privately. You may proceed, Mr. Weingarten. Consider that none of the companys customers were impacted by the SolarWinds Sunburst cyberattack. And I think that comprises the vast majority of our pipeline. Ultimately, when you examine the numbers behind SentinelOnes operating structure, you can see that the company is less efficient and will continue to be so in the future, to the detriment of shareholders. CrowdStrike offers more dynamic and sophisticated solutions that are suited to a new world in which end-user devices are more diverse and cyberattacks are becoming more sophisticated. No egos. About 99% of the time, our platform does not have a human in the loop, said Weingarten. But the last thing and this is not to be underestimated with our unique go-to-market business is that multi dimensional channel that we talked about. Tomer just sort of talked about this just briefly in the last question, but I was wondering if you could just double click a bit on the mix of customers across the different singularity peers specifically core control and complete. So there we've added CIS benchmarking capabilities just a couple of quarters ago, we're seeing better and better adoption. Got it. We're excited about the future of go-to market synergies. But we thought that an IPO was critical. What we're also finding is at time of sale for new customers, they're predicting landing with a complete package with other modules as well. Building a very robust and fanatical customer base is the most important thing. That's something we'll advance, once we get it completely tied into the SentinelOne back end. If SentinelOne will have a P/S ratio similar to that of CrowdStrike, its market value would be between $6 billion and $7 billion. Covering topics in risk management, compliance, fraud, and information security. Tomer, you mentioned IoT cloud and data center seem really good uptake. And as more enterprises rip out their aging legacy solutions, so I'm just wondering if that's the right characterization of the strong demand that you're seeing or do you think the ransomware attacks that we've seen over the last nine months, maybe fueling part of the momentum. Certainly. Cyber defense should be even more holistic. Yet another datum he compared was sales and marketing expenses as a percentage of revenue among 75 publicly traded cloud computing companies. To us prevention is the fundamental component of modern day cybersecurity. Your feedback and trust puts us on the winning side of cyber warfare every day. You may proceed. Its zero additional deployment. And the idea is over time to continue and ingest more data from all of these adjacent solutions in the enterprise into our open XDR platform. He adds that SentinelOne stacks up favorably against any other data analytics vendor when it comes to both cost and performance. Qualcomm Incorporated includes Qualcomm's licensing business, QTL, and the vast majority of its patent portfolio. We dont feel like egos contribute to anything that we do. SentinelOne, Inc. (NYSE:NYSE:S) 24th Annual Needham Growth Conference January 11, 2022 1:15 PM ETCompany ParticipantsDoug Clark - Head, Investor RelationsTomer Weingarten - Chief Executive. Vats Srivatsan has served as our Chief Operating Officer since April 2022. The massive growth in the number of networked devices, a trend which will only accelerate with the adoption of 5G and the expansion of the internet of things (IoT), has given employees and users many new ways to access servers and information. Hear how and why we're today's fastest growing cybersecurity platform . 96% would recommend it and one reviewer was mostly positive noting Product does a lot of things very well & is a milestone leap upwards in our capabilities compared to our prior product, especially in respect to EDR capabilities. When might we see that abide and maybe the margins might be able to maybe better accelerate off the inclusion of that? Absolutely. Are we seeing escalation and the prices of labor? Remember that what youre building is for the customer and the end user. I would now like to pass the conference over to your host, Doug Clark, Head of Investor Relations with SentinelOne. I think it's just fair to ask the question, if you can refer to their statements and announcements on this customer? Instead of people having to manually assemble data points, the technology assemble stories for us and even make decisions in real-time, game changer. So all in all, we feel pretty good about our ability to continue and grow in these customer accounts, both in terms of covering more footprints but also in terms of selling more modules. Wed, Jun 30 202111:06 AM EDT. I think the road is long, and I think what really is important to understand about our platform is we're much more than endpoint security. SentinelOne is competing effectively with rivals such as CrowdStrike and Palo Alto Networks. This goes along with a dramatic influx in how traditional crime syndicates are monetizing, as more syndicates involved in physical crime shift their business models into cybercrime. Thank you and thank you all for joining us today. I think the tax that we choose to, be very transparent about what the company does is dispelled. Haaretz.com, the online English edition of Haaretz Newspaper in Israel, gives you breaking news, analyses and opinions about Israel, the Middle East and the Jewish World. Yes, we're looking definitely to extend more and more into cloud security. Even beyond security. twitter, follow us on Great. So all in all, I mean, they can actually choose what they want to procure from us, but again apples-to-apples, I think you'll see that prices are very, very similar. Despite the claim, CrowdStrike is more profitable and on the other hand SentinelOnes revenue costs consist mainly of maintaining its cloud. First of all, success would not involve building better algorithms. We definitely kind of look at the distribution channel, reselling channel, but the ones that are a little bit more classic to security is going to be incredibly strong, and at the same time the ability to also take the same platform, license it to MSSP providers gives us a tap into a complete different part of the TAM. Excluding the redundant costs for the Scalyr migration, we estimate fiscal 2022 gross margin would be roughly similar to our gross margin we achieved this quarter. With regard to revenues, SentinelOnes numbers are only slightly lower than CrowdStrikes were back when it was the same size. When it comes to our modules, our innovations help enterprises do more. 2023 And thank you all for joining us today and hopefully in the future. With all of this opportunity in front of us, fiscal 2022 remains an investment year. Tomer Weingarten, CEO of SentinelOne, joins "Squawk on the Street" to discuss the company's IPO and cybersecurity business. This year, more than ever before because of the Covid-19 pandemic, huge droves of workers and consumers have been turning to the internet to communicate, get things done, and entertain themselves. I'm proud of the technology and the innovation we're bringing to customers through our Singularity XDR platform. Youre building for the benefit of the world at the end of the day. In the first few years, it was an absolute battle to get the trust of customers, said Weingarten. This success has attracted some of the worlds largest companies as customers and earned industry accolades, including a spot on the CNBC Disrupter 50 list, being named the highest-rated vendor on Gartner Peer Insights Voice of the Consumer: Endpoint Detection and Response Solutions report, and being listed as the 7th fastest growing company in the latest Deloitte Technology Fast500. SentinelOne. Our open XDR approach is helping unify the entire enterprise view from data to device to cloud. Even after backing out the $10 million and acquired ARR from Scalyr, our organic growth was still well into the triple digits. Thank you, Mr. Essex. I dont see any reason why anyone who needs to protect his end points the devices connected to the internet, or even the cloud should turn to CheckPoint and Palo Alto, he said. We felt the approach we were considering was quite revolutionary, and something that would change the balance of power even between attackers and defenders. I think a lot of it is sometimes about relationships, but I think what's incredibly interesting about the customers that we've displaced is the reference they made to the amounts of infections they have to deal with, which to us is really why you're bringing in cyber security solution. Its a huge undertaking. We see tremendous opportunity for growth and the investments we're making today will put us in a position to succeed for the long-term. Our growth is very well balanced across new and existing customers, as well as large and mid-sized enterprises. Hot Topics 27 Febbraio 2023 | Nuove nomine di executive in SentinelOne; 27 Febbraio 2023 | Artemis nomina Alex Stanic nuovo Head of global equities; 27 Febbraio 2023 | Candriam: nuovo accordo con il Gruppo Sella; 27 Febbraio 2023 | Garbe industrial Real Estate Italy nomina Sara Labrini nel ruolo di Senior Technical Development Manager; 27 Febbraio 2023 | Massimo Braganti nominato Direttore . SentinelOnes figure (85 percent last year) was the highest of them all. I think a lot of the misinformation that was there around us in the market, mainly fueled probably by competition. For example, it can be deployed on environments like Windows, macOS, Linux, and Kubernetes. 2023 Information Security Media Group, Corp. Yes. So for a lot of these new accounts that we're winning that the net new logo motion that we have is already going into other adjacencies in the enterprise, whether it's IoT security or cloud security. You call that the success with tears in modules, wondering if you can talk about the impact of cloud workload protection? Dave, when we think about your Czech Republic R&D facility, is that driven by global lack of talent? The migration will result in some duplicative storage and processing costs as we ensure data and performance continuity. Prior to that, Mr. Weingarten co-founded Carambola Media Ltd., a publisher focused platform that creates new ad revenue streams through engaging content formats, where he served as Chief Technology Officer from May 2011 to May 2012. Our focus with Scalyr is obviously been on implementing the technology not on really pushing our go-to-market. This was the first public offering for Weingarten. So we're seeing massive traction with that. Is it driven by higher R&D costs, in the West Coast or in Israel or is pretty much all the above? in Manufacturing Engineering from Boston University, and a Ph.D. in Operations Research from the Massachusetts Institute of Technology. The key point is that as we progress to our long-term targets, we intend to invest in growth while also improving our margins and profitability. youtube. Over the last eight years at SentinelOne, we've developed AI and machine learning models built patented storyline technology and created an in-house cloud data platform. And just remember that what youre building is for the customer and end-user. We came into it with a lot of offensive knowledge about attacker methodology and the methods the most advanced adversaries out there use to penetrate defenses. The dollar-based gross retention rate: 97%. We ended Q2 with total basic shares outstanding of 265 million. Thank you. We also expanded our marketplace ecosystem through new partnerships with Zscaler and Cloudflare, partnering with other zero trust leaders strengthens our customers' security postures. Can you characterize the competition? Now we'll discuss our costs and margins and then provide our guidance outlook. As we spend more, we grow more. Before our founding, Mr. Weingarten held various positions, including Vice President of Products, at Toluna Holdings Limited, a technology company that delivers real-time consumer insights, from May 2007 to December 2012, which he joined following the acquisition of Dpolls, a startup he had previously co-founded. facebook, follow us on So I think there are many different drivers to what we're seeing right now in endpoint security. But the vast majority of what we see, it's, it's absolutely taking market share from the incumbents. Its listening on one end, grabbing as much data as you can, taking that data, distilling it, and building the best prediction that you can for the future and for your product. For the full year, we expect revenue of $188 million to $190 million or 103% growth at the midpoint. We caution you that such statements reflect our best judgment based on factors currently known to us and that actual results and events could differ materially. They wanted a solution that can actually remediate and clean up all the infections they were seeing. We're hearing that you're quite cheaper than the competition next gen competition? And I think if you're looking at all these incumbent vendors and incumbent footprints, obviously there's massive, massive amounts of breaches there. Obviously there are areas that are, economically more viable in terms of full strategy. Our net retention rate was the highest it's ever been at 129%. He was recognized for his breaking news coverage of the August 2019 coordinated ransomware attack against local governments in Texas as well as for his continued reporting around the SolarWinds hack in late 2020 and early 2021. In 2019, Weingarten told me the company was enjoying300% growth year-on-year. 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