Jonathan Ruykhaver

Jonathan Ruykhaver inquired about the AI-driven connector integration and its potential to enable more intelligent and automated actions.

Answer

CEO Mark McClain emphasized the importance of tight alignment with deep entitlement data in the agent world and tying identity, data, and security.

Jonathan Ruykhaver inquired about SailPoint's success with data security, the potential attach rate with agent identity, the use cases driving this success, and the company's broader strategy regarding the importance of data to identity security.

Answer

Brian Carolan (CFO, SailPoint) highlighted that cross-sell motions, including data access security, more than doubled year-over-year, contributing to the 114% NRR, with over 40% attach rate for new SaaS customers. Mark McClain (Founder and CEO, SailPoint) and Matt Mills (President, SailPoint) explained the evolution from application protection to direct access to structured and unstructured data, emphasizing the full connection thread from human/business function to data access, which will be crucial for future agentic offerings.

Jonathan Ruykhaver inquired about the success of data security solutions, the potential attach rate with agent identity, the use cases driving this success, and SailPoint's broader strategy regarding the importance of data in identity security.

Answer

Brian Carolan, CFO, highlighted that cross-sell motions, including Non-Employee Risk Management, Machine Identity Security, and Data Access Security, more than doubled year-over-year, contributing to a 114% NRR. Mark McClain, Founder and CEO, emphasized SailPoint's long-standing focus on direct identity access to structured and unstructured data, which is critical for Agentic security. Matt Mills, President, confirmed that the new Agentic product will likely drive adoption of Data Access Security.

Jonathan Ruykhaver inquired about SailPoint's AI-driven connector integration, its potential to enable more intelligent and automated actions, use cases like risk detection and access control context, and whether it's part of the upcoming Agent Identity Security solution or a separate monetization opportunity.

Answer

Mark McClain, SailPoint's CEO, discussed the unique characteristics of the emerging agent world, including vendor-introduced and bespoke agents. He emphasized the critical need for tight alignment between identity, deep entitlement data, and the security landscape to understand agent access and risk. McClain noted that enterprises struggle with mapping entitlements for human identities, making this even more challenging for rapidly evolving AI agents.

Jonathan Ruykhaver asked about the potential of AI-driven connector integration to enable more intelligent and automated actions, enhance risk detection, and provide better context for access control, questioning if it will be part of the upcoming SailPoint Agent Identity Security solution or a separate monetization opportunity.

Answer

Mark McClain, Founder and CEO, SailPoint, emphasized the critical need for tight alignment between identity and deep entitlement data in the emerging agent world, where agents will seek data to solve problems. He stated that understanding all data elements an identity can access, and mapping this to the security ecosystem, is crucial for managing agent risk. McClain indicated that while new developments are coming to support this, enterprises currently struggle with mapping entitlements and data for human identities, making the agent challenge significant.

Jonathan Ruykhaver inquired about AI-driven connector integration, its potential to enable more intelligent and automated actions, use cases like risk detection and better access control context, and whether it's part of the upcoming Agent Identity Security solution or a separate monetization opportunity.

Answer

CEO Mark McClain addressed the emerging agent world, emphasizing the critical need for tight alignment between identity and deep entitlement data to understand what data agents can access. He explained that this complete picture of identity, data, and security is essential for understanding agent access and potential risks, especially as enterprises currently struggle with mapping entitlements for human identities.

Jonathan Ruykhaver of Cantor Fitzgerald asked Jay Chaudhry about Zscaler's SquareX acquisition, specifically the strategy of embedding browser security via an extension versus a dedicated secure browser, and the trade-offs in control/functionality, as well as the browser layer's criticality for broader Zero Trust deals.

Answer

Jay Chaudhry, Chairman and CEO, Zscaler, explained that SquareX allows adding security functions like device posture checks via browser extensions for unmanaged devices, which is a cleaner solution than a full-blown third-party enterprise browser. He noted this approach addresses a market gap, expands Zscaler's TAM, and has received positive early market reaction.

Jonathan Ruykhaver inquired about SquareX, specifically the browser extension approach versus a dedicated secure browser, potential trade-offs, and the browser layer's criticality for broader Zero Trust deals.

Answer

Chairman and CEO Jay Chaudhry explained that SquareX's browser extension for device posture checks on unmanaged devices is a cleaner, superior solution compared to a full-blown third-party enterprise browser, which often introduces vulnerabilities and agent overhead. He believes it expands Zscaler's TAM and effectively addresses a gap for third-party access from unmanaged devices.

Jonathan Ruykhaver inquired about the synergies between Red Canary and Zscaler's data security portfolio, specifically regarding remediation and governance, and how this integration drives differentiation in AI-related data security.

Answer

Chairman and CEO Jay Chaudhry highlighted three differentiators: a comprehensive data security portfolio, AI-driven data classification for better detection, and the Red Canary synergy. He emphasized a closed-loop feedback system between agentic operations and inline functions, using Zero Trust Exchange signals to quickly detect and block data loss, setting Zscaler apart from other vendors.

Jonathan Ruykhaver inquired about the synergies between Red Canary and Zscaler's data security portfolio, specifically regarding remediation and a potential governance layer for DSP and DLP, and how this integration drives differentiation against other AI-related data security vendors.

Answer

Chairman and CEO Jay Chaudhry highlighted three key differentiators: Zscaler's comprehensive data security portfolio, AI's role in improving data classification for better detection, and the Red Canary synergy. He explained that signals from the Zero Trust Exchange are fed into the Data Fabric platform to detect threats and breaches, enabling a closed-loop feedback system for inline blocking of data loss. This real-time, inline capability is a significant differentiator from other SASE and AI security vendors.

Jonathan Ruykhaver asked about the competitive landscape, specifically regarding Sandvine, and if Allot is seeing any incremental changes in market share. He also questioned how Allot's future investment in AI aligns with potential increases in network traffic driven by AI, and the benefits for the SG-Tera III platform. Finally, he sought more details on the advantages of Allot's telco infrastructure deployment for cybersecurity, particularly for AI-driven malware, phishing, and identity theft, and the timing for monetizing these new capabilities.

Answer

CEO Eyal Harari declined to comment on specific competitors but emphasized Allot's focus and investment in cybersecurity. He noted that the Smart product line is performing well, with recent high 7-digit agreements providing good revenue visibility into 2026 and 2027. Mr. Harari confirmed that AI increases network traffic, creating demand for traffic intelligence and QoS for AI workloads, which benefits the Smart product line. He highlighted Allot's unique network visibility to identify fraud faster, leveraging this for innovations in identity protection and scam prevention. He expects these new capabilities to launch in 2026, contributing to revenue in 2026 and 2027.

Jonathan Ruykhaver asked about the competitive landscape with Sandvine, specifically if Allot is seeing any incremental share gains given Sandvine's apparent shift towards enterprise, cloud, and MSPs. He also inquired about how Allot's investment strategy aligns with the potential increase in network traffic driven by AI, particularly for the SG-Tera III platform, and sought more details on the timing and specific products related to Allot's advantages in telco infrastructure deployment for AI-driven malware, phishing, and identity theft.

Answer

CEO Eyal Harari stated that Allot does not comment on competition, emphasizing its focus on cybersecurity and the strong performance of its Smart product line, including a recent high single-digit million agreement and a robust backlog. He confirmed that AI adds network traffic, creating demand for traffic intelligence and QoS for AI workloads, which benefits the SG-Tera III platform. Eyal Harari further explained Allot's focus on enhancing protection around identity and using network data to identify fraud, such as phishing attempts. He noted that these new capabilities would launch during 2026, contributing to revenue in both 2026 and 2027.

Jonathan Ruykhaver asked about the convergence of DevOps and MLOps toolchains, specifically customer understanding of a unified pipeline's benefits for security and governance, and the adoption trends and 2026 expectations for JFrog ML.

Answer

JFrog CEO Shlomi Ben Haim stated that JFrog ML, included in the platform in Q2 or Q3, is already being used by customers to manage their full model lifecycle, treating models as packages/binaries. This reinforces JFrog as a central, trusted source of truth for both legacy and new artifacts. He noted that the MLOps landscape is evolving with LLMs and code agents interacting with the platform, and JFrog is tracking these changes.

Jonathan Ruykhaver inquired about the convergence of the DevOps toolchain to address MLOps, customer understanding of a unified pipeline's benefits (especially for security and governance), and adoption trends/expectations for JFrog ML in 2026.

Answer

JFrog CEO Shlomi Ben Haim explained that JFrog ML is already being used by customers to manage the full model lifecycle, treating models as packages/binaries and reinforcing JFrog as a central, trusted source of truth. He noted the evolving MLOps landscape and increasing interaction of code agents with the JFrog platform.

Jonathan Ruykhaver asked about the opportunity around JFrog's MCP server for securing AI agents, its competitive positioning, and whether the target market is foundational model providers or enterprises.

Answer

CEO Shlomi Ben Haim described the MCP server as a critical integration point for all AI agents to interact with the JFrog platform. He noted that as MCP adoption grows, so do the associated threats, positioning JFrog's security research as a key differentiator. He clarified the opportunity applies to any company using any type of agentic AI, not a specific segment.

Jonathan Ruykhaver asked for perspective on how heightened competition among AI platforms, such as OpenAI's M&A activity, might impact the repository opportunity for JFrog and whether it would drive more strategic partnerships.

Answer

CEO Shlomi Haim viewed the developments positively, stating 'the more the merrier.' He explained that AI code-generation tools do not overlap with JFrog's core offerings like model registry, binary management, or model security scanning. He currently sees the trend leading to more collaboration and synergy rather than direct competition.

Jonathan Ruykhaver from Cantor Fitzgerald asked about CrowdStrike's strategy for "shifting left" in cloud security, inquiring if the company plans to move further into the development stage beyond its current application and container scanning capabilities.

Answer

Founder & CEO George Kurtz affirmed the value of moving left to catch issues before production. He mentioned that CrowdStrike has already invested in this area with technologies like ASPM and container scanning to identify vulnerabilities and manage golden images. He believes the AI story will be a big part of this, helping to understand interdependencies in build environments. Kurtz concluded that CrowdStrike continues to invest in this area and that its existing AI elements will be helpful in solving future challenges.

Jonathan Ruykhaver of Cantor Fitzgerald asked for Okta's view on whether Privileged Access Management (PAM) can be delivered cost-effectively to all employees and how the Acxiom acquisition fits into a strategy of deploying PAM broadly across both human and non-human identities.

Answer

CEO Todd McKinnon agreed that every identity and resource requires a secure experience, which is what Okta aims to provide comprehensively. He pivoted to the importance of neutrality, recounting a CISO's need for an identity platform that connects to all their disparate security tools (e.g., CrowdStrike, Zscaler, Palo Alto Networks), which he identified as a core strength and winning formula for Okta.

Jonathan Ruykhaver of Cantor Fitzgerald inquired about the sales motion and any specific incentives driving the strong new enterprise platform and six-figure customer additions, and asked about the outlook for new ads versus expansion.

Answer

Co-CEO Mark Thurmond stated that there were no major structural or compensation changes. He attributed the success to the market's adoption of the Tenable One platform, a loyal and increasingly comfortable channel, strong pipeline growth, and validation from third-party analysts. He emphasized that the company's 100% channel model is a key factor in this momentum.

Jonathan Ruykhaver asked about the go-to-market strategy for Varonis's new Database Activity Monitoring (DAM) offering, specifically whether it's positioned as a replacement for legacy vendors or as part of a broader data security platform.

Answer

CEO Yaki Faitelson explained that the strategy is both. The offering was developed in response to customer demand to replace legacy vendors who they felt had not innovated. He stated that customers want a single, coherent data security platform, and Varonis is positioned to capitalize on a significant replacement cycle for these legacy DAM tools.

Jonathan Ruykhaver from Cantor Fitzgerald asked about the most differentiating features in the upcoming GitLab 18 release and the rationale for including Duo features in existing tiers without an additional charge.

Answer

CEO Bill Staples explained that including Duo Chat and Code Suggestions in Premium and Ultimate is a strategic decision to eliminate adoption friction and make GitLab an obvious choice for AI. This approach, with usage limits, creates a smooth upgrade path. For GitLab 18, he highlighted centralized artifact management, CI/CD enhancements, and improved security dashboards as key differentiators, alongside a new AI vision.

Jonathan Ruykhaver from Cantor Fitzgerald asked about Rubrik Anapurna in the context of GenAI projects failing due to disparate data stores, and how Rubrik specifically differentiates in real-time data identification and classification.

Answer

Co-Founder, CEO & Chairman Bipul Sinha explained that Rubrik's platform was built from the beginning to combine data management and security, requiring a deep understanding of data integrity and sensitivity. This foundational capability is now being leveraged for GenAI through the Anapurna initiative, which aims to supply secure, governed data to LLM applications. He stressed that Anapurna is a long-term, multi-year effort to build a new 'S-curve' for the company, positioning Rubrik at the intersection of data security and AI as part of its long-term vision.