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Managing Director and Senior Equity Research Analyst at Stephens Inc. /ar/
Todd Weller is a Managing Director and Senior Equity Research Analyst at Stephens, specializing in cybersecurity and infrastructure software with nearly 30 years of industry and capital markets experience. He covers leading technology companies including CrowdStrike, Zscaler, CyberArk, SentinelOne, Check Point, Fortinet, Okta, Palo Alto Networks, Rapid7, and Tenable, maintaining a coverage list of 12 publicly traded companies and posting a 75% success rate on analyst calls per TipRanks, with a balanced distribution of buy and hold recommendations. Weller joined Stephens after 10 years in senior leadership roles in cybersecurity firms, preceded by over 17 years as a sell-side analyst at Stifel, with a foundation of operational and research excellence. He holds an M.B.A. from the University of Maryland College Park, a B.A. in Economics from the University of Maryland Baltimore County, is a CFA charterholder, and maintains FINRA registrations for equity research.
Todd Weller asked about machine identity, specifically where SailPoint is seeing the most opportunity and the use cases driving the solution.
CEO Mark McClain explained the machine identity approach focuses on governance of non-human identities, excluding agentic, and highlighted discovery and ownership.
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Todd Weller asked about the potential for newly launched capabilities at Navigate to catalyze more SaaS migrations and for an update on the acceleration in legacy displacements mentioned last quarter.
Brian Carolan, CFO, reported a strong platform modernization quarter, with customers migrating from on-prem to Identity Security Cloud (ISC). He noted that all new offerings are SaaS, serving as an 'innovation carrot.' Over half of these migrations include emerging cross-sell modules, leading to a 2-3x ARR uplift. With only 15% of the historical maintenance base migrated, the remaining 85% represents a significant tailwind for the next 2-3 years.
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Todd Weller inquired about the potential for newly launched capabilities at Navigate to drive more SaaS migrations and requested an update on the acceleration in legacy displacements mentioned last quarter.
Brian Carolan (CFO, SailPoint) confirmed a strong platform modernization quarter, noting that all new offerings are SaaS and serve as an 'innovation carrot' for customers. He stated that over half of these migrations include emerging cross-sell modules, leading to a 2-3X ARR uplift. With only 15% of the historical maintenance base migrated, there's a significant tailwind for the next 2-3 years, compounded by new product offerings addressing Agentic challenges.
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Todd Weller asked about SailPoint's machine identity solution, focusing on where the most opportunity lies, the driving use cases, and the competitive landscape in this complex market.
Mark McClain, SailPoint's CEO, explained that their machine identity approach aligns with governance of non-human identities like service accounts, software bots, and RPA. He highlighted the unique challenges of discovery and ownership assignment for machine identities, followed by familiar governance lifecycle processes. McClain noted customer interest and differentiation from authentication-focused offerings.
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Todd Weller sought details on SailPoint's machine identity strategy, including the types of identities covered, the primary use cases driving adoption, and the competitive landscape in this complex market.
Mark McClain, Founder and CEO, SailPoint, explained that their machine identity solution covers service accounts, software bots, RPA, and intelligent devices, distinct from the upcoming Agentic product. He highlighted that while machine identities aren't new, they are now recognized as a critical attack vector, necessitating unique challenges like discovery and ownership assignment. McClain noted that ongoing governance and security for machines largely mirrors human identity processes, and SailPoint's offering differs from others focused solely on authentication by providing a traditional lifecycle approach.
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Todd Weller asked Mark McClain about the machine identity market, specifically where the most opportunity lies, the use cases driving SailPoint's solution, and the competitive landscape in those instances.
CEO Mark McClain clarified that SailPoint's machine identity approach covers service accounts, software bots, RPA, and intelligent devices, distinct from the upcoming agentic product. He highlighted unique challenges in machine identity: discovery of existing non-human identities and assigning human ownership. McClain noted that ongoing governance, such as lifecycle management and certification, is similar to human identity, differentiating SailPoint's governance lifecycle approach from competitors focused on server authentication.
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Todd Weller inquired about the anticipated availability of Zscaler's full-fledged next-gen SOC platform, its filtering pipeline capabilities, and thoughts on combining data fabric with Cribble, referencing a partner presentation.
Chairman and CEO Jay Chaudhry outlined a phased approach to the next-gen SOC platform, focusing on exposure management (Unified Vulnerability Management, asset exposure management, Risk360) and security operations/threat management. He emphasized Zscaler's data fabric approach to synthesize logs and create entity relationships, aiming for outcome-based pricing and leveraging Red Canary's agentic technology for detection and investigation.
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