Prior to joining us, Mr. Smith served in various leadership positions at Medallia, Inc., a customer experience platform company, including as Senior Vice President of Engineering, from January 2016 to March 2021. He would team up with Almog Cohen, who was a security expert at Check Point Software Technologies. We started with two people and a nice idea. For us it's about technology. And following the call, an audio replay will be available on the Investor Relations section of our website. He is responsible for the company's direction, products, and services strategy. So yes 37. Enterprises represent about two thirds of our business today, and we're gaining even more traction. We launched SentinelOne in 2013 with the idea that cybersecurity incorporated faster speeds, greater scale, higher accuracy, and most importantly do this through more automation. Now its worth about $10 billion, according to MarketWatch. 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. In Q2, we added the highest number of customers with ARR over $1 million compared to prior quarters. SentinelOne has focused on protecting workloads and delivering EDR for the cloud, which Weingarten says is very different from others in the space who've concentrated primarily on posture management. I mean, how is going public helps in the enterprise or I guess landing kind of our partners or SI partners is, has the I guess the publicity and profile of being a public company assisted in that? 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. I think we're definitely seeing an elevation of the brand. Remember that what youre building is for the customer and the end user. It's about half of our customer we're still use core or control with the larger enterprise customers obviously using the complete solution. Mr. Conder brings over 25 years of experience scaling high-growth, public companies in the technology sector. Many customers are using XDR as a filtering mechanism for their SIEM tools, Weingarten says, putting all of their data initially into XDR since it's much more cost-effective. And I think that's why you see customers its scale against multi-million dollar ACVs shifting away. Thank you, Tomer, and I'd also like to welcome everyone. Any forward-looking statements made during this call are being made as of today. 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. We enable and embrace the channel. When customers run a search or query in SentinelOne's EDR platform, it can return results from any other security product in the customer's IT ecosystem without having to deploy multiple consoles or duplicate or transport data, Weingarten says. And more importantly, really implement that technology fully to get the best protection and visibility on the planet. We look at it as a contextual narrative, such as like telling a story, said Weingarten. 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. The dollar-based net retention rate: 124%. Yes. Nothing is trivial. Finally, we're focused on data. Before launching the company in 2013, he had helped to create several other tech startups. 12 -, ? : , . The more conversations you have with your target market customers, the better you design your solution. Prior to joining us, Ms. Ghatak led HR globally as Vice President, People at Nevro Corp., a global medical technology company, from April 2017 to April 2020. Mr. Parrinello holds a B.A. If this call is replayed or reviewed after today, the information presented during the call may not contain current or accurate information. These and others are global leaders with extensive enterprise relationships. That's something we'll advance, once we get it completely tied into the SentinelOne back end. 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. Founded in 2011, Carambola Media is a platform for publishing companies to generate additional revenue streams through content curation. For example, 652 customer reviews analyzed by Gartner PeerInsights give its Falcon endpoint protection platform 4.9/5 stars. "The rest of the competitors have just chosen an architecture that is not well received by a lot of the cloud-native companies that are looking to secure their cloud environments," Weingarten says. I am proud of the scale of our business and the triple digit growth rates we've now delivered for two consecutive quarters. in Personnel Management and Industrial Relations, from the Tata Institute of Social Sciences in India. After seeing the immediate value of our technology, we see extremely high adoption rate at post-breach as post-breach enterprise is standardized on SentinelOne as a modern approach to cybersecurity. SentinelOne CEO Tomer Weingarten in an exclusive interview with @Nasdaq. 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. Nick will talk a lot more about our differentiated go-to market and how that's fueling growth. In the shareholder letter, we've reiterated our long-term margin targets. It's two quick questions for you. 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. Thank you. Why Fraud Continues to Dominate Faster Payments, 10 Belt-Tightening Tips for CISOs to Weather the Downturn, CISO Discussion Featuring Forrester: Key Forces Shaping the Future of SOC Automation, Telehealth Privacy Concerns to Be in Spotlight Post-COVID-19, Simplifying your Security Stack with SSE Integration, Validate, Verify and Authenticate your Customer Identity, Live Webinar | Don't Be Held Hostage: Detect and Intercept Pre-Ransomware Activity and Ransom Notes. SentinelOnes figure (85 percent last year) was the highest of them all. Learn the fundamentals of developing a risk management program from the man who wrote the book From June 2014 to February 2017, Mr. Parrinello served as Vice President of American Sales at Nimble Storage, Inc., a data storage solutions company that was acquired by Hewlett Packard Enterprise Company in April 2017. What was the mix in the quarter? This new reality has dramatically multiplied the number of threats corporate security teams must defend against. Prior to that he held several . Our website uses cookies. in Computer Science from the University of Arizona and an M.B.A. from the Wharton School of the University of Pennsylvania. 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. Opinions expressed by Forbes Contributors are their own. According to its prospectus, revenue grew 108% in the latest quarter ending in April to $37.4 million, while its net losses more than doubled from $26.6 million to $62.6 million. Our customers choose us as their cybersecurity partner and we take the responsibility and trust seriously. 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.. Their platform, which automates endpoint protection, detection, response, and remediation, offers large organizations a . You may proceed. Before SentinelOne, Tomer led product development and strategy for the Toluna Group as a VP of Products. I mean, that just comes to show that home prevention and all the way to detection, response and remediation. Finally, we have two quick housekeeping items. Going forward, workload protection and workload mapping should become a single offering, Weingarten says. Prior to joining us, Mr. Bernhardt served in various leadership positions at Chegg, Inc., an educational technology company, including as Vice President of Finance and Principal Accounting Officer, from July 2011 to September 2020. That has created a huge bonanza for cybercriminals, but also companies that are building tools to combat them. After speaking with CEO, Tomer Weingarten, a few hours prior to its IPO, I see three reasons to consider buying the stock: To be sure, there are risks to buying it now. documents contain and identify important risk factors and other information that may cause our actual results to differ materially from those contained in our forward-looking statements. in Broadcast Journalism from Arizona State University. 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. Where is the battle coming down to more of the next gen providers? Clearly competition in this industry will remain fierce. 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. I'm wondering, if you could just give us any more color in terms of maybe how many agents those deals typically involve? Hey guys, congrats on a great quarter. The chief information security officer of a Fortune 500 oil company captured it well saying SentinelOne's storyline technology fundamentally changes EDR. Okay. Today, theres only us and CrowdStrike.. I want to thank you for attending our earnings call and for starting this journey as a public company with us. 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. How is that coming to play and also pricing differences. You may proceed, Mr. Weingarten. And just remember that what youre building is for the customer and end-user. Bloomberg says the firm is interviewing bankers for a share offering this year; the Tel Aviv based company was founded in 2013 by Tomer Weingarten, its CEO, and Almog Cohen 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 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. This is truly a testament to the hard work of the entire team at SentinelOne. Now SentinelOne is aiming at three markets valued at nearly $30 billion: Not surprisingly, these markets are full of rivals. SentinelOne invests a lot more in research and development than CrowdStrike did in 2018, when it was the same size (74 percent of revenues rather than 48 percent). 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. I'm proud of the technology and the innovation we're bringing to customers through our Singularity XDR platform. Our strong channel metrics are leading pipeline and traction indicators. Time and time again, what we've seen for several years now is folks go with SentinelOne for really a unique combination of prevention alas coverage and support, automation, and then lastly as Tomer had mentioned efficacy. The next question is from the line of I apologize one moment, please. 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. 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. If it beats expectations and raises guidance, I expect the stock to go up. The biggest benefits are coming from our increasing scale and business expansion. The Movie The Professional is what made Natalie Portman a Lolita. The colleagues of Tomer Weingarten. Our decision was to create a solution that doesnt just observe but reacts and deflects in real time. Great, and appreciate you guys taking my question. Congrats, guys on the strong debut quarter. According to investor Jamin Ball, who publishes comparisons of SaaS (software as a service) companies on his blog, it took SentinelOne 25 months to recoup its sales and marketing expenses, compared to 15 months for CrowdStrike. The focus instead should be on having the right data that produces signals that can be modelled. twitter, follow us on Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Our focus on automation, speed and accuracy is critical to any enterprise, in fact, all enterprises. Most organizations dont have hundreds of people in their security teams; you have to find a way to deal with that scale. What that enables customers to do is achieve the outcome we're driving for them and our prospects and customers, which is protection and prevention. Combined with ongoing benefits from our product innovation, improved brand awareness and continuing to scale our go-to-market, this collectively supports our triple-digit growth outlook. 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. This was the first public offering for Weingarten. That means fewer and more accurate alerts based on data. Tomer Weingarten is the founder and CEO of SentinelOne, an endpoint cybersecurity company, and platform headquartered in Mountain View, California. You may proceed. This is the new normal forcing the revolution of how we work, where we work from and fundamentally how we secure the future of work. 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. statements reflect our best judgment based on factors currently known to us and that actual results and events could differ materially. 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. Our open XDR approach is helping unify the entire enterprise view from data to device to cloud. 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. The Mountain View, California-based company was founded in 2013 by Israelis Tomer Weingarten, its CEO, and Almog Cohen. Call and for starting this journey as a VP of products two thirds of our customer 're. 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