TPG to Consider Public Offering for Software Firm Delinea

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Bailey Lipschultz and Gillian Tan

Mon, Mar 24, 2025, 10:16 AM 2 min read

(Bloomberg) -- Delinea Inc., a cybersecurity institution controlled by TPG Inc., is exploring an archetypal nationalist offering, according to radical with cognition of the matter.

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The San Francisco-based institution hired Goldman Sachs Group Inc. and Morgan Stanley up of a imaginable listing, said 1 of the people, each of whom asked not to beryllium identified discussing confidential information. Deliberations are ongoing and details of immoderate offering could change, the radical said.

Representatives for TPG and Goldman declined to comment. A spokesperson for Delinea said the steadfast is “unable to speculate connected aboriginal plans astatine this time.” Morgan Stanley didn’t instantly respond to a petition for comment.

An IPO could physique connected momentum for first-time stock income successful the US. New listings person raised $10.5 cardinal truthful acold successful 2025, though tech companies person mostly been absent from debuts implicit the past fewer years, information compiled by Bloomberg show. That’s expected to alteration successful the coming months, with cloud-computing steadfast CoreWeave Inc. selling its IPO to investors and digital-payments steadfast Klarna Group Plc and ticket-selling level StubHub Holdings Inc. filing for listings.

The fistful of tech IPOs successful the past fewer years has mostly rewarded investors arsenic they flocked to firms seen arsenic benefiting from the artificial-intelligence boom. Just 17 tech firms person raised much than $100 cardinal successful US IPOs since the extremity of 2021, information compiled by Bloomberg show. Not each of those firms person done well, with shares of Thoma Bravo-backed SailPoint Inc. slumping 11% since it raised $1.38 cardinal successful February.

TPG formed Delinea successful 2021 done the merger of Thycotic and Centrify, creating a supplier of privileged-access absorption solutions for seamless security, according to a institution statement. Delinea, led by Chief Executive Officer Art Gilliland, helps organizations unafraid captious data, devices, codification and unreality infrastructure to assistance trim risk, guarantee compliance and simplify security.

Delinea’s yearly recurring gross is approaching $400 million, with specified gross present comprising 95% of full gross nether mostly accepted accounting principles, the institution said past week.

(Updates with Goldman declining to remark successful 3rd paragraph.)