SailPoint Achieves FedRAMP ‘In Process’ Designation for its SaaS Identity Security Offerings

Rhea-AI Summary

SailPoint Technologies Holdings (NYSE: SAIL) has achieved the “In Process” designation under the Federal Risk and Authorization Management Program (FedRAMP) for its multi-tenant SaaS identity security platform. This milestone indicates plans for FedRAMP Authorization within 12 months. The federal program aims to enhance the adoption of secure cloud services by government agencies. With over three million identities currently managed by its on-premises solutions, SailPoint anticipates expanding its offering to federal clients, indicating significant growth potential in the federal market.

Positive

• Achieved 'In Process' designation for FedRAMP, indicating potential future growth.
• Plans to achieve full FedRAMP authorization within 12 months.
• Current management of over three million federal identities, suggesting established trust and market presence.

Negative

• None.

The designation is an important step toward SailPoint being able to deliver multi-tenant SaaS identity security to federal government agency customers

AUSTIN, Texas--(BUSINESS WIRE)-- SailPoint Technologies Holdings, Inc. (NYSE: SAIL), the leader in enterprise identity security, today announced it has achieved the “In Process” designation for the Federal Risk and Authorization Management Program (FedRAMP) for its SaaS identity security platform. The FedRAMP “In Process” designation indicates that SailPoint plans to achieve a FedRAMP Authorized product within 12 months of the “In Process” date.

FedRAMP is the U.S. Government’s standardized approach to providing security authorizations for the adoption and use of cloud services by the federal government. The government-wide program’s goal is to accelerate the use of secure cloud technologies by government agencies. The “In Process” designation is an important step toward full FedRAMP authorization process. Once SailPoint is fully FedRAMP Authorized, it will have what it believes to be one of the only multi-tenant SaaS identity security offerings in the federal marketplace, allowing federal organizations that seek a cloud-based solution to put SailPoint at the core of securing their organization.

SailPoint’s SaaS offering balances agility and quick time-to-value with the intelligent and always-on innovative approach to identity security that today’s federal agencies increasingly expect.

“We have been deliberate in our pursuit of FedRAMP authorization because we recognize the importance of the federal market and the value of the opportunity that lays ahead of us,” said Jim Russell, Vice President of Federal at SailPoint. “More than three million federal government identities are already being managed by our primarily on-premises software offering, and once fully FedRAMP Authorized, we will be able to put our SaaS offering in the hands of the federal market, defense industrial base and government contractors. This gives us the opportunity to expand how we support this important market, giving them the freedom to select the identity security offering from SailPoint that meets them where they are, which today is increasingly leaning towards SaaS-first.”

Federal identity security teams are mission-driven to protect federal agencies and the nation. Once fully FedRAMP Authorized, SailPoint will be able to provide these agencies and commands with the technology to protect across multi-cloud environments and enable rapid deployment and upgrades.

Go here for more information, where SailPoint is listed on the FedRAMP Marketplace website.

About SailPoint

SailPoint is the leading provider of identity security for the modern enterprise. Enterprise security starts and ends with identities and their access, yet the ability to manage and secure identities today has moved well beyond human capacity. Using a foundation of artificial intelligence and machine learning, the SailPoint Identity Security Platform delivers the right level of access to the right identities and resources at the right time—matching the scale, velocity, and environmental needs of today’s cloud-oriented enterprise. Our intelligent, autonomous, and integrated solutions put identity security at the core of digital business operations, enabling even the most complex organizations across the globe to build a security foundation capable of defending against today’s most pressing threats.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including regarding the Company’s expectations regarding FedRAMP authorization. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “will be,” “will likely result,” “should,” “expects,” “plans,” “anticipates,” “could,” “would,” “foresees,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. These forward-looking statements are not guarantees of future performance, but are based on management's current expectations, assumptions and beliefs concerning future developments and their potential effect on us, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Our expectations expressed or implied in these forward-looking statements may not turn out to be correct. Our results could be materially different from our expectations because of various risks.

Important factors, some of which are beyond our control, could cause actual results to differ materially from our historical results or those expressed or implied by these forward-looking statements. These and other important risk factors are described in our reports and other documents filed with the Securities and Exchange Commission including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections in our most recently filed Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Any forward-looking statement speaks only as of the date as of which such statement is made, and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise.

In addition, the development, release, and timing of any features or functionality described for our products that are not currently available remains at our sole discretion on a when, and if available, basis and may not be delivered at all and should not be relied on in making a purchasing decision.

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Investor Relations

ICR for SailPoint

Brian Denyeau, 512-664-8916

investor@sailpoint.com

Media Relations

Natalie Reina

Sr. PR & Corp Comms Manager, 956-878-9176

Natalie.reina@sailpoint.com

Source: SailPoint Technologies Holdings, Inc.

FAQ

What does the 'In Process' designation for SailPoint mean?

The 'In Process' designation indicates that SailPoint is on track to achieve FedRAMP Authorization for its SaaS identity security platform within 12 months.

How does SailPoint's FedRAMP designation impact its business?

The FedRAMP designation allows SailPoint to provide its identity security solutions to federal agencies, potentially increasing revenue and market share in the federal sector.

How many federal identities does SailPoint currently manage?

SailPoint manages over three million federal identities with its on-premises software solutions.

What is FedRAMP and why is it important for SailPoint?

FedRAMP is the U.S. Government's standardized approach to security authorization for cloud services, crucial for SailPoint to expand its SaaS offerings to federal clients.