Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>In October 2025, Veeam agreed to acquire Securiti AI for about $1.73B in cash and stock, with the deal expected to close the first week of December 2025.</li><li>Veeam's competitive advantage stems from its early focus on virtualized environments and subsequent expansion into cloud backup.</li><li>Veeam has tailwinds from the rapid growth in data generation and cloud migration, with opportunities to expand beyond its core backup business into adjacent markets like cybersecurity and data governance.</li></ul>

In October 2025, Veeam agreed to acquire Securiti AI for about $1.73B in cash and stock, with the deal expected to close the first week of December 2025.Veeam's competitive advantage stems from its early focus on virtualized environments and subsequent expansion into cloud backup.Veeam has tailwinds from the rapid growth in data generation and cloud migration, with opportunities to expand beyond its core backup business into adjacent markets like cybersecurity and data governance.

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Netskope Inc., a cloud-native cybersecurity company that redefines security and network for the era of cloud and AI, has announced the initial price range for its US IPO.</li>
<li>The offering is expected to be between $15.00 and $17.00 per share, implying a market cap of ~$6.2B at midpoint, ~22% discount to last round valuation of $7.5B.</li>
<li>IPO valuation at midpoint is very attractive valuation for a company that grows 30%+ per year. I have a positive view of upcoming Netskope IPO and see substantial “IPO pop”.</li>
</ul>


Netskope Inc., a cloud-native cybersecurity company that redefines security and network for the era of cloud and AI, has announced the initial price range for its US IPO.
The offering is expected to be between $15.00 and $17.00 per share, implying a market cap of ~$6.2B at midpoint, ~22% discount to last round valuation of $7.5B.
IPO valuation at midpoint is very attractive valuation for a company that grows 30%+ per year. I have a positive view of upcoming Netskope IPO and see substantial “IPO pop”.


Netskope IPO (NTSK.US): Very Attractive Valuation For a Company That Grows 30%+ Per Year

<ul>
<li>Netskope Inc., a high growth provider of enterprise network security platform called Netskope One platform, is expected to IPO in September.</li>
<li>The amount the cybersecurity company is planning to raise is not yet disclosed, but it’s likely to exceed $800M.  </li>
<li>Netskope’s growth profile at scale looks strong coupled with leadership position, large TAM and the company’s FCF-breakeven. Thus, a premium multiple is deserved.  </li>
</ul>


Netskope Inc., a high growth provider of enterprise network security platform called Netskope One platform, is expected to IPO in September.
The amount the cybersecurity company is planning to raise is not yet disclosed, but it’s likely to exceed $800M.  
Netskope’s growth profile at scale looks strong coupled with leadership position, large TAM and the company’s FCF-breakeven. Thus, a premium multiple is deserved.  


Netskope IPO Valuation Analysis: Multiple In Excess of the Security Software Market Is Well Deserved

<ul><li>Lacework hit about $60M ARR at the end of 2021.</li><li>Lacework was acquired by Fortinet in June 2024 for an estimated $200–230 million, a significant drop from its last private valuation of $8.3B in November 2021.</li><li>Their average deal size grew from $100,000 in 2019 to $150,000 by the end of 2021.</li></ul>

Lacework hit about $60M ARR at the end of 2021.Lacework was acquired by Fortinet in June 2024 for an estimated $200–230 million, a significant drop from its last private valuation of $8.3B in November 2021.Their average deal size grew from $100,000 in 2019 to $150,000 by the end of 2021.

<ul>
<li>Figma Inc., a fast-growing design software maker with strong VC backing, is expected to price the offering this week.</li>
<li>The company’s amended S-1 puts the initial price range per share at $25.00 to $28.00, implying a market cap of roughly $13B at the midpoint.</li>
<li>I have a positive view of upcoming Figma IPO and expect a strong first trading-day performance. The stock will begin trading on the NYSE on July 28, 2025.</li>
</ul>


Figma Inc., a fast-growing design software maker with strong VC backing, is expected to price the offering this week.
The company’s amended S-1 puts the initial price range per share at $25.00 to $28.00, implying a market cap of roughly $13B at the midpoint.
I have a positive view of upcoming Figma IPO and expect a strong first trading-day performance. The stock will begin trading on the NYSE on July 28, 2025.


Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range

United States

Rubrik, Inc. operates as a cloud data management and data security company. The Company offers a platform which helps enterprises to achieve resilience against cyber-attacks, malicious insiders, operational disruptions, cloud mobility, and regulatory compliance. Rubrik serves government, health care, education, legal, and financial industries worldwide.

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Rubrik (RBRK US)

Primer: Veeam - 21 Oct 2025

Software for data backup, recovery, and security across cloud, virtual, and physical environments

Sacra

Netskope IPO (NTSK.US): Very Attractive Valuation For a Company That Grows 30%+ Per Year

Cloud-native cybersecurity unicorn Netskope announces IPO price range of $15.00-$17.00 per share, with a market cap of ~$6.2B at midpoint,...

Andrei Zakharov

Netskope IPO Valuation Analysis: Multiple In Excess of the Security Software Market Is Well Deserved

In my insight, I dive deeper into the company's business and metrics. Moreover, I discuss IPO valuation and key investment risks

Andrei Zakharov

Primer: Lacework - 15 Aug 2025

Security tool for cloud environments to detect threats and misconfigurations across workloads

Sacra

Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range

Figma Inc. finally sets terms for long-awaited IPO in the United States. In my insight, I discuss IPO valuation, post-listing trading dynamics and...

Andrei Zakharov

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Primer: Veeam - 21 Oct 2025

Software for data backup, recovery, and security across cloud, virtual, and physical environments

Sacra

Netskope IPO (NTSK.US): Very Attractive Valuation For a Company That Grows 30%+ Per Year

​Cloud-native cybersecurity unicorn Netskope announces IPO price range of $15.00-$17.00 per share, with a market cap of ~$6.2B at midpoint,...

Andrei Zakharov

Netskope IPO Valuation Analysis: Multiple In Excess of the Security Software Market Is Well Deserved

In my insight, I dive deeper into the company's business and metrics. Moreover, I discuss IPO valuation and key investment risks

Andrei Zakharov

Primer: Lacework - 15 Aug 2025

Security tool for cloud environments to detect threats and misconfigurations across workloads

Sacra

Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range

​Figma Inc. finally sets terms for long-awaited IPO in the United States. In my insight, I discuss IPO valuation, post-listing trading dynamics and...

Andrei Zakharov

Cloud-native cybersecurity unicorn Netskope announces IPO price range of $15.00-$17.00 per share, with a market cap of ~$6.2B at midpoint,...

Figma Inc. finally sets terms for long-awaited IPO in the United States. In my insight, I discuss IPO valuation, post-listing trading dynamics and...