Aug 25 (Reuters) – Cybersecurity startup Wiz said on Friday it is considering a potential bid for SentinelOne (S.N) after the $4.9 billion company started exploring strategic options.
SentinelOne has struggled to become profitable, with clients slashing their information technology spending amid an uncertain economy and sticky inflation.
Earlier in the week, people familiar with the matter told Reuters the SentinelOne was exploring options that could include a sale.
SentinelOne has hired investment bank Qatalyst Partners to advise on discussions with potential acquirers, including private equity firms, the sources had said.
Wiz and SentinelOne in March had announced an exclusive partnership to deliver end-to-end cloud security.
Reporting by Jaspreet Singh in Bengaluru; Editing by Krishna Chandra Eluri
Our Standards: The Thomson Reuters Trust Principles.