twitter, follow us on And it's kind of a game that we saw a film that we already saw and we see it growing over time. When I think of growing up as a teenager, I was pretty impressed with Bill Gates story. Hey guys, congrats on a great quarter. These companies are more identified with firewall solutions. Its a huge undertaking. And once again, we do look at the peers they're focused on detection and response. In the unfortunate, but often common case of a company being breached, IR partners are called in to identify and remediate the attack. If it beats expectations and raises guidance, I expect the stock to go up. statements reflect our best judgment based on factors currently known to us and that actual results and events could differ materially. Attacks and threats are only becoming more sophisticated and more common and legacy solutions and human defenses just can't keep up. We value trust and transparency, and I'll have the opportunity to model this as a public company. Qualcomm Incorporated includes Qualcomm's licensing business, QTL, and the vast majority of its patent portfolio. And I think if you're looking at all these incumbent vendors and incumbent footprints, obviously there's massive, massive amounts of breaches there. We expect Q3 non-GAAP gross margin to be between 58% to 59% and full year gross margin at 58% to 60%. Opinions expressed by Forbes Contributors are their own. Therefore, its no surprise that the company continues to burn through cash. Tomer Weingarten, CEO of SentinelOne, joins "Squawk on the Street" to discuss the company's IPO and cybersecurity business. And about pricing, is it is being cheaper than the next gen competition is the strategic strategic goal for you? Prior to joining us Mr. Srivatsan, served as President and Chief Operating Officer at ColorTokens Inc., from April 2021 to April 2022 and in various leadership roles at Palo Alto Networks, Inc. (PANW), a global cybersecurity company, including most recently as Chief Strategy Officer from January 2019 to March 2021. It's a big difference on what the others are doing in this space. Clearly competition in this industry will remain fierce. So we think the the market momentum in customers understanding that they need to change the mindset and we move over to a next gen offering is not really mainstream. We expect the strong momentum we saw in Q2 to continue next quarter and our structural tailwinds to persist. Cybersecurity is fundamentally a data problem. These are all things that our platform can cover today. But no one is showing them how - Its Singularity platform does this in a highly autonomous fashion deflecting attacks in real-time with no human intervention. Enterprises represent about two thirds of our business today, and we're gaining even more traction. Thank you. We use AI to parse petabytes of data, identify anomalies and autonomously mitigate attacks in real-time. The dollar-based gross retention rate: 97%. He is responsible for the company's direction, products, and services strategy. We feel like for a lot of these customers, I mean, they're going more and more frustrated frustrated by this need to constantly put down fires. Previously, Ms. Ghatak led talent and implementation of people strategy at several global business units at Cisco Systems, from June 2007 to October 2013. Thanks a lot. The colleagues of Tomer Weingarten. But we thought that an IPO was critical. I think the tax that we choose to, be very transparent about what the company does is dispelled. After all, there are stringent disclosure and audit requirements. Attivo joins the more than 20 modules offered by SentinelOne and will further drive the migration away from antiquated and expensive security analytics tools and toward XDR, which he says provides better security at a lower cost. And I think it's 99% displacing an incumbent. And to us, we also continue to bolster that capability. In other words, write the rules once and let it trigger automatic alerts and instant responses enterprise wide. Customers give CrowdStrike high marks. 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. The financial outlook that we provided today excludes stock-based compensation expense, which cannot be determined at this time and are therefore not reconciled in today's press release. We're excited about the future of go-to market synergies. Thanks. I think it's just fair to ask the question, if you can refer to their statements and announcements on this customer? In Q2, we added over a dozen additional IR partners and are bringing more online in Q3 and beyond. From heightened risks to increased regulations, senior leaders at all levels are pressured to The estimated net worth of Tomer Weingarten is at least $3.91 million as of December 12th, 2022. Its just code, and it becomes this important part of pretty much everything. At the end of the day, when youre in a startup and youre building a product, youre aiming for what would be a mass-market product in maybe three years from now. In Q2, we added the highest number of customers with ARR over $1 million compared to prior quarters. Contact support. Additionally, we're also starting to see benefits from our renegotiated cloud hosting agreement, which we signed earlier this year to align with our expected growth. Let's discuss the business. So I think there are many different drivers to what we're seeing right now in endpoint security. In fact, our IR partner ecosystem is our fastest growing channel. We'll continue to drive it. If youre able to react and deflect at scale in real-time, then you have a unique advantage you have a system that protects from attacks in a manner that no one else does. One of the reasons that we're looking at the Czech Republic is because they do have an excellent amount of cybersecurity talent that, assets is it allows in next. His background was mostly in analytics. So we're really starting to see that, that flywheel kick-in, in all the different facets of go-to-market channel partner ecosystem. Two years ago, when SentinalOne raised $120 million, it was valued at $500 million. And as a result, we're delivering real-time industry leading threat detection and response from endpoint to IoT to cloud. And our platform is a 100% cloud native. Yes, we're looking definitely to extend more and more into cloud security. That's because of vision, execution and listening to the needs of our customers. That means fewer and more accurate alerts based on data. Theres no way to know whether this figure is correct, but one thing is certain SentinelOne will fight an uphill battle luring the customers who have already chosen CrowdStrike. Cyber defense should be even more holistic. In the latest development, an Israel-hatched, [], As cybercrime continues to evolve and expand, a startup that is building a business focused on endpoint security has raised a big round of funding. The CEO and cofounder of SentinelOne is Tomer Weingarten. Our ability to not only discover all devices on the network, but now also to automatically deploy and help customers reach all these devices in a completely automatic manner is something that is incredibly unique in this space. This is an improvement upon our fiscal year 2021 operating margin of negative 107%. And to what extent that partnership integration makes your partners more sticky over time and amplifies that loyalty? Got it. Or is there a big opportunity with those going forward? So all in all, we feel that mix is a healthy one and one that we would like to carry into the future. But at the same time we feel presence in the mid-market is important and it's something that actually is a very efficient go-to-market for us. Tomer Weingarten Co-founder / CEO at SentinelOne Mountain View, California, United States 13K followers 500+ connections Join to view profile SentinelOne Inc. Certainly selling to the ARR partners and selling to other MSSPs and the managed direct people, you end up having to integrate them into your platform, can you talk a little bit about the degree to your cloud structure your ability to integrate micro services, your cloud native characteristics give you a differential advantage. You may proceed. Prior to that he held several . That is the way to make an impact in this world.. Prior to joining ISMG, he spent four and a half years covering all the major cybersecurity vendors at CRN, with a focus on their programs and offerings for IT service providers. Not If We Focus on Cyber Resilience, Protecting the Hidden Layer in Neural Networks, Crime Blotter: Hackers Fail to Honor Promises to Delete Data, How the Economic Downturn Has Affected Security Funding, M&A. He adds that SentinelOne stacks up favorably against any other data analytics vendor when it comes to both cost and performance. 670 customers gave it 4.9/5 stars, according to Gartner PeerInsights. in Personnel Management and Industrial Relations, from the Tata Institute of Social Sciences in India. Our strong channel metrics are leading pipeline and traction indicators. Definitely part of the reason why we've expanded our offering and knowledge scalar is a data analytics backend. Its Singularity Platform incorporates AI into an extended detection and response (XDR) platform to enable autonomous cybersecurity defense, according to CNBC. When we started, we had 35 competitors, said the companys founder and CEO, Tomer Weingarten, in an interview with the business daily Globes a year and a half ago. We're rapidly expanding this ecosystem and its driving meaningful growth for us. Our channel partners are bringing us into an increasing number of opportunities, giving our sales teams access, scale and reach around the globe. I mean, we feel like our traction in the enterprise and definitely 140% growth year-over-year and 100,000 deals and above is a good reflection of how much bigger we're landing in accounts. What do you think one for Tomer, to what extent does that validate your technology given that you're partnering with other next-gen vendors on the network security side? Just some of the key rivals include CrowdStrike and Palo Alto Networks. You may proceed. Thank you. So all in all, I think, again, multiple factors come into play, the IPO shining a spotlight on all of them. And just remember that what youre building is for the customer and end-user. So our thesis was that we can create a piece of security technology thats incredibly autonomous, works by itself, makes decisions without human intervention, and does it at scale. How's it going versus legacy players and what drives corporates that were on legacy system for a long time? twitter, follow us on You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com. We enable and embrace the channel. We got $9 million ARR when we acquired Scalyr. Another player in this market is the Israeli firm SentinelOne. Where do you think you are in that opportunity? SentinelOne has expanded the scope of its business since I first spoke with Weingarten about two years ago. Yet the market is massive. We're also expanding with existing customers to securing more devices and services along with bringing new security control and visibility modules. As we look at customer acquisition, typically who are you going up again? The initial price range was $26-to-$29 but this was lifted to $31-to-$32. Thank you. Customers today are primarily looking to augment rather than replace their SIEM product with XDR, and Weingarten says shipping some data to the XDR provider rather than the SIEM will save customers significant money. Ranger identifies and tracks all rogue IoT devices and we've just released Auto Deploy. This means distilling a solution that would be battle-tested through time, something that serves your customers for years to come. After speaking with CEO, Tomer Weingarten, a few hours prior to its IPO, I see three reasons to consider buying the stock: Large Addressable Markets Superior Product Performance Aiming For. "The Holy Grail is real-time security - being able to find something on one system and inoculate and immunize your entire environment in a complete, automated way. The reality was that traditional systemssuch as those based on human-powered signatureswere failing even more. The only way to ensure safety and security is with zero trust. Microsoft back then wasnt about hardware, there was nothing to feel. With Rob Owens [Piper Sandler], you may proceed. Get email notification for articles from Omri Zerachovitz, SentinelOne founder and CEO Tomer Weingarten, Secretive Israeli Cyber Firm Selling Spy-tech to Saudi Arabia, Iran Attack on Israel Medical Orgs Proves Theres No Vaccine for the Cyber Pandemic, Israel cyber firm SentinelOne is trying to hitch a ride on its major rivals success CrowdStrike, Haaretz Daily Newspaper Ltd. All Rights Reserved. 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 . We just, turns out to be a much more efficient model than the platforms that they've been using in the past which obviously, were more on-prem down. So we really think about growing the business from a new model perspective, as well as learning to extend, someone asked a question on that the answer is yes, we're doing both. Tomer Weingarten, SentinelOne co-founder and CEO, joins 'TechCheck' to discuss the current status of Microsoft's vulnerability to cyber attack, what measures need to be taken to deter a future. That's enabling us to have great attraction and appeal to get the best talent in the market. One thing I would add to that, this is Nick here is, from a budget perspective. And with an eye to the future, we just announced that we'll be opening an R&D facility in the Czech Republic to support our growing scale and global presence. 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. "Our competitors have gone down the path of multiple platforms and multiple offerings, beaming data from their EDR into their XDR. 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. Most importantly, this remains well above 53% we reported in the first fiscal quarter of this year and at or above 58% we delivered in fiscal 2021. Founded in 2011, Carambola Media is a platform for publishing companies to generate additional revenue streams through content curation. Thanks for the questions, Hamza. It jumped in Q2 to above 70. Are you still seeing a lot of replacement of legacy out there, which would imply that there's still a long way to go in this markets? We feel as far from it and it can vary significantly. Cybersecurity startup . How so? Hear how and why we're today's fastest growing cybersecurity platform . Yes. For the full year, we expect revenue of $188 million to $190 million or 103% growth at the midpoint. We also offer more than 10 modules that extend our platform value to more enterprise needs from IoT discovery and security to cloud and container workload protection. Our new Auto Deploy capability tackles one of the oldest problems in enterprise IT, quickly deploying protection to unmanaged and sometimes unreachable assets with ease. Again Ranger is one of our fastest growing modules and same goes for data retention. We have two triggers. Thank you to all of our employees and also our customers and partners. So we're going to continue to monitor that. Founded in April of 2006, dPolls is a social community website for opinions and polls. SentinelOne is competing effectively with rivals such as CrowdStrike and Palo Alto Networks. Please disable your ad-blocker and refresh. Mr. Weingarten owns 259,427 shares of SentinelOne stock worth more than $3,914,753 as of February 1st. The endpoint security market is large and growing and we're just at the beginning. Our full year operating margin guidance is for negative 99% to 104%. Our modules help customers with today's critical management protection and visibility challenges. There was certainly substantial demand from investors. Could I just, I guess follow on about the connected environment. It's always going to be competitive with at least one other next gen competitor. Identity protection is one of the most desired capabilities right now, given the shift in the threat landscape toward more user-based attacks, Weingarten says. Tomer, Nick and Dave will begin with prepared remarks, and then we'll open the call for questions. The company's approach to the cloud limits trade-offs between performance and security and, unlike competitors, embraces an architecture that's compatible with the needs of cloud-native companies. 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. Implementing AI Systems: Transform Your Business in 6 Steps. Hi, good afternoon. Prior to that he held several application security and consulting roles at various enterprises, and was . The company raised close to $700 million over eight rounds of funding. 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. And I would now like to pass the call back over to Tomer Weingarten, CEO of SentinelOne. And so that's the right way to think about our global field presence is adding all of those folks up and understanding that each time we're adding a partner behind that are hundreds of sales reps, doing 2000 plus accreditations to date, that's really building that flywheel, but we're absolutely going to continue to invest in our own SentinelOne personnel as it relates to go-to-market. 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