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SentinelOne Considering Potential Sale Following Mixed Quarterly Performance



Cybersecurity provider SentinelOne Inc. has engaged the services of an investment bank to explore the possibility of a sale, according to a report by Reuters today. The company is collaborating with Qatalyst Partners, a San Francisco-based bank renowned for its expertise in mergers and acquisitions, to “explore various options.” These options reportedly encompass potential sales to private equity firms.

Sources mentioned in the report indicate that SentinelOne is currently in talks with potential buyers. Despite this, the company has yet to receive an offer that aligns with its “valuation expectations.” It’s worth noting that SentinelOne might ultimately decide to discontinue the sale discussions.

SentinelOne, listed on the NYSE, is recognized for its cybersecurity platform named Singularity. This platform plays a crucial role in safeguarding cloud workloads and employee devices from cyber threats. Furthermore, it can secure deployments of Active Directory, a Microsoft Corp. tool utilized by enterprises to manage employee access to business applications.

A notable feature of Singularity is its automation capabilities, aimed at streamlining administrative tasks. According to SentinelOne, the platform can autonomously identify all devices connected to a company’s network. Additionally, an integrated tool enables administrators to remove malware from a device with a single click.

Having gone public in June 2021, SentinelOne marked its trading debut with a valuation of $8.9 billion after raising $1.2 billion from investors. This valuation was nearly twice the amount attained by CrowdStrike Holdings Inc., a significant competitor in the cybersecurity sector, during its public offering two years earlier.

SentinelOne boasts that its Singularity platform served over 10,680 customers at the close of its latest quarter, reflecting a 43% increase from the previous year. Moreover, the number of companies investing a minimum of $100,000 annually in SentinelOne’s software surged by 61%.

The strong demand played a pivotal role in the company’s achievement of a 70% year-over-year increase in quarterly revenue, amounting to $133.4 million. Despite this, SentinelOne fell short of its revenue guidance, which had projected slightly higher sales of $137 million.

The company’s losses, on the other hand, widened and impacted its recent quarterly results. The net loss for the three months ending April 30 reached $106.86 million, compared to $89.83 million the previous year. Additionally, the company revised its annual recurring revenue data and lowered its full-year sales guidance.

Following the publication of its quarterly earnings report, SentinelOne’s shares experienced a decline of over 30%. However, investor optimism regarding the potential sale led to a partial recovery of those losses. The company’s stock concluded the trading session with a 16% increase.

Currently, SentinelOne holds a market capitalization of around $4.23 billion. Should the company’s reported intention to find a buyer materialize, the sale could become one of the cybersecurity industry’s most significant acquisitions this year. It would overshadow various other notable deals that have been finalized since January, including Thales SA’s recent acquisition of Imperva Inc. for $3.6 billion.

Cyber Security

ManageEngine Intros Enhanced SIEM with Dual-Layered System for Better Precision in Threat Detection



ManageEngine, the enterprise IT management division of Zoho Corporation, today unveiled the industry’s first dual-layered threat detection system in its security information and event management (SIEM) solution, Log360. The new feature, available in Log360’s threat detection, investigation and response (TDIR) component, Vigil IQ, empowers security operations centre (SOC) teams in organizations with improved accuracy and enhanced precision in threat detection.

A quality SOC ensures people, processes, and cutting-edge technology function well. However, enterprise security is made difficult by staffing shortages and solution orchestration complexities. Following recent upgrades to the security analytics module of Log360 designed to facilitate SOC optimization through key performance metric monitoring, the company has focused on addressing pressing challenges in security operations.

“In a recent ManageEngine study, a majority of respondents revealed that their SOCs are understaffed. These resource-constrained SOCs grapple with significant obstacles, such as process silos and manual investigation of alerts, which are often non-threats, low-priority issues or false positives. These lead to extended detection and response times for actual threats. To overcome these challenges, we recognize the imperative adoption of AI & ML for contextual event enrichment and rewiring threat detection logic,” said Manikandan Thangaraj, vice president at ManageEngine.

“We pioneered a dual-layered, ML approach to heighten the precision and consistency of threat detection. First, Vigil IQ ensures genuine threats are discerned from false positives. Second, the system facilitates targeted threat identification and response. This advanced system significantly improves the accuracy of identifying threats, streamlining the detection process and allowing SOC analysts to focus their valuable time on investigating real threats.”

Key Features of the Dual-Layered Threat Detection System of Vigil IQ in Log360:
Smart Alerts: Vigil IQ, the TDIR module of Log360, now combines the power of both accuracy and precision in threat detection. With its dynamic learning capability, Vigil IQ adapts to the changing nature of network behaviour to cover more threat instances accurately. It will spot threats that get overlooked due to manual threshold settings, thereby improving the detection system’s reliability.

Proactive Predictive Analytics: Leveraging predictive analytics based on historical data patterns, Vigil IQ predicts potential security threats, facilitating the implementation of proactive measures before incidents occur. This predictive intelligence drastically reduces the mean time to detect (MTTD) threats.

Contextual Intelligence: Vigil IQ enriches alerts with deep contextual information, providing security analysts with comprehensive threat insights. This enrichment of alerts with non-event context accelerates the mean time to respond (MTTR) by delivering pertinent, precise information.

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Proofpoint Appoints Sumit Dhawan as Chief Executive Officer



Proofpoint has announced that Sumit Dhawan has been appointed chief executive officer, effective immediately. Rémi Thomas, Proofpoint’s chief financial officer, who has been acting as Proofpoint’s interim CEO since October 25th, will continue to serve as the company’s CFO. “The Proofpoint board of directors could not be more excited to partner with Sumit as he joins Proofpoint to usher in a new stage of growth,” said Seth Boro, managing partner at Thoma Bravo. “Sumit brings a wealth of valuable experience and expertise in building category-leading, scaled companies and businesses. We are confident his customer-centric passion and strong legacy of leadership will continue to carry Proofpoint’s mission forward in providing people-centric cybersecurity solutions that address some of the most challenging risks facing organizations today.”

Dhawan is a highly respected and seasoned technology leader with a proven track record of building market-leading security, cloud, and end-user computing businesses. In his most recent role as president of VMware, Dhawan was responsible for driving over $13B of revenue and led the company’s go-to-market functions including worldwide sales, customer success and experience, strategic ecosystem, industry solutions, marketing, and communications. Before that, he was chief executive officer of Instart, a cybersecurity business delivering innovations in web application security services. He has held senior executive and general management roles at both VMware and Citrix and has successfully established category-leading businesses at scale.

“Over the years, Proofpoint has built an exceptional brand and is trusted by some of the world’s leading organizations as their cybersecurity partner of choice,” said Sumit Dhawan. “I’m honoured to join a leader at the forefront of cybersecurity innovation and to shepherd its continuing and unwavering commitment to helping organizations across the globe protect people and defend data.”

Proofpoint recently announced it has entered into a definitive agreement to acquire Tessian, a leader in the use of advanced AI to automatically detect and guard against both accidental data loss and evolving email threats. Tessian’s cloud-native, API-enabled inbound and outbound email protection solution will extend Proofpoint’s award-winning offering to address the most frequent form of data loss including, misdirected email and data exfiltration.

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Google Clarifies the Cause of Missing Google Drive Files



Many Google Drive users recently experienced the unsettling disappearance of their files, prompting concerns. Google has now identified the root cause, attributing the issue specifically to the Google Drive for Desktop app. While assuring that only a limited subset of users is affected, the tech giant is actively investigating the matter and promises timely updates.

To prevent inadvertent file deletion, Google provides the following recommendations:

  1. Avoid clicking “Disconnect account” within Drive for desktop.
  2. Refrain from deleting or moving the app data folder, located at:
    • Windows: %USERPROFILE%\AppData\Local\Google\DriveFS
    • macOS: ~/Library/Application Support/Google/DriveFS
  3. Optionally, create a copy of the app data folder if there is sufficient space on your hard drive.

Before Google officially addressed the issue, distressed users took to the company’s support forum to report deleted files. One user from South Korea highlighted a particularly severe case where their account reverted to May 2023, resulting in the loss of anything uploaded or created after that date. Additionally, the user emphasised that they had not synced or shared their files or drive with anyone else.

As Google delves deeper into resolving this matter, affected users are advised to heed the provided precautions. The company’s commitment to ongoing updates reflects its dedication to swiftly addressing and rectifying the situation. The incident serves as a reminder of the importance of proactive measures to safeguard digital data, especially as users navigate cloud-based platforms such as Google Drive.

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