Identity security firm SailPoint sells majority stake for big money

Today, Chicago based investment firm Thoma Bravo announced it is taking a majority ownership stake in identity and access management software company SailPoint.

While neither company is disclosing details, a source close to the deal told VentureBeat that Thoma Bravo made a sizable investment of several hundred million dollars.

SailPoint’s IAM business is enterprise focused and competes with big players like IBM and Oracle. Enterprise security is an increasingly hot market with many companies rushing to secure the cloud. As an example, on Monday IBM snapped up Lighthouse Security, a cloud-based IAM company, for an undisclosed amount.

“The complexities of identity and access management have created significant security concerns within the enterprise. SailPoint’s platform was purposely built to specifically address these concerns, making it uniquely positioned in the IAM marketplace,” Chip Virnig, a vice president at Thoma Bravo, said in a press release.

SailPoint recently reported record operating profits, and in 2013 the company surpassed the $100 million mark in cumulative revenue.

Though the company has a fairly strong business, the influx of cash from Thoma Bravo will help SailPoint solidify its position in the enterprise security arena and roll out new products.