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Sentinel One (New York Stock Exchange:S) CEO Tomer Weingarten said that since CrowdStrike (NASDAQ: CRWD) incident that occurred in July, received a lot of interest in his cybersecurity company.
“I've gotten tons of calls,” he said during Goldman Sachs' Communacopia and technology conference on Wednesday, after… Asked about the issue, he said: “I swear I haven't called any clients. People want to make sure they can offload some of the risk. Some just want to get out of this. People are upset, for sure. Some can get out in three days. For others, it's a more complicated process.”
He said some of the affected parties he spoke to want to add another layer of security, while others want to move forward entirely, what he calls “rip and replace.”
“They want to know how we do it,” he said. “We work with them at their own pace. We don't push them.”
“I'm very, very encouraged by what I'm seeing,” he added. “We're seeing very significant pipeline construction. That's something we'll be able to quantify soon.”
SentinelOne has been slowly gaining ground in the cybersecurity market. Just a couple of years ago, it had a 1% market share. This year, it has risen to 5%.
Still, he said each potential client is unique and needs to find the security platform or service that best fits their particular business.
“There are no perfect solutions,” Weingarten said. “We all have strengths and weaknesses. Some of these platforms are good for some things and some are good for other things. The idea of winner-take-all is impossible. You can't meet all needs effectively.”
SentinelOne also announced today the hiring of Barbara Larson as its new Chief Financial Officer, effective immediately.
Larson previously served as CFO of Workday (WDAY), where she saw the business scale to $6 billion in annualized revenue with non-GAAP operating margins of 20%.
“We're very excited to have Barbara join us,” Weingarten said. “It's been carefully planned. We're getting close to a goal of $1 billion in annual recurring revenue. We want to leverage the experience of a seasoned SaaS leader. We're starting a new chapter.”
Former SentinelOne CFO Dave Bernhardt will remain as an advisor through the end of the calendar year to ensure a smooth transition.
