Competitive RiskExpansion outside of the company's core Identity Governance and Administration market poses incremental risk as their offering will increasingly converge with peers across Access Management and Privileged Access Management.
Ownership StructureThere are concerns regarding large deal volatility and the fact that Thoma Bravo still owns approximately 85% of the company.
Revenue RiskFederal-related headwinds could materially impact SailPoint's business, with the company deriving 12-14% of its revenue from federal, state, local, and foreign governments.