Big ARR Targets

研报英文原文证据摘录

Big ARR Targets

M of $90 billion, which

is meaningfully expanded from the $55 billion TAM provided at the time of the company’s CY25 IPO.

Management stated that much of the recent TAM growth has been driven by AI/agents, and that the

agent to human ratio has exceeded 100:1, and is on its way to exceed 1,000:1. Management added that

enterprises are no longer questioning if they should adopt agents, but are now committed to adopting

them, and are deciding when and how to deploy agents. For SAIL, management suggested that new

logos represent an incremental $10 billion opportunity, and that 2/3 of new logos come from failed

competitive deployments. Hence, legacy and competitive displacements can continue to drive new

logo growth for SAIL, in our opinion. Management has created a 15k target account list that they will

pursue over the next several years. Moreover, SAIL’s on-prem migration potential and installed base

platform expansion to non-human identities each represent $1+ billion opportunities. SAIL continues to

expect growth to be driven by half new logos and half existing customers, in line with past trends. More

broadly, we believe that SAIL’s depth in governance positions the company increasingly well to address

real-time, adaptive identity needs across both human and non-human identities. Further, we think that

SAIL’s scale and breadth enable ISC and its Agent Fabric to manage the AI-driven democratization of

privilege.

Expanding Platform Capabilities: Management announced several platform capability improvements

that expand SAIL functionality beyond core governance and discovery to real-time protection. Protection

capabilities are included in SAIL’s new SailPoint Agentic Fabric, which is expected to GA in August, and