🟢 +280% Bull Potential — The Data Security Platform That Gets More Valuable Every Time a Company Deploys AI. At 5× ARR.
$745M ARR. SaaS ARR growing +32%. 110% SaaS NRR. FCF +21% YoY. By end of 2026 the transition is complete and the market has not repriced what that means.
From our scenario math below, expected 5-year total return ≈ +163% (~21.3%/yr).
Here is the setup in one sentence: this business is currently being priced as a company in the middle of a messy transition. By end of 2026, the transition is over — and the clean SaaS business that emerges has a fundamentally different financial profile than what the market is pricing today.
The product protects enterprise data. Every file, every database, every cloud storage bucket — the platform automatically discovers what sensitive data exists, who has access to it, whether that access is appropriate, and alerts on any anomalous behaviour in real time. In a world where AI systems like Microsoft Copilot are being given access to every file in an enterprise network, this is not a nice-to-have. It is infrastructure.
The SaaS transition explained.
Until 2022, the product was sold primarily as on-premise software. Customers installed it on their own servers. The model generated lumpy licence revenue and required significant customer IT involvement. In 2022, management made the call to migrate entirely to SaaS — a subscription delivered via cloud, fully managed, automatically updated.
The transition compresses near-term revenue because on-prem customers signing multi-year licences get converted to monthly SaaS subscriptions. Short-term: lower recognised revenue. Long-term: higher recurring, higher-margin, faster-growing business.
Where things stand at end of FY2025:
Total ARR: $745M — +16% YoY
SaaS ARR: 86% of total — up from 53% just 12 months earlier
SaaS ARR excl. conversions: +32% YoY — the organic new business number
SaaS NRR: 110% — existing customers expanding spend
FCF: $131.9M — +21% YoY
By end of 2026: zero on-prem ARR remaining — the transition is over
That last point is the key. By Q4 2026, the company will be reporting a single clean SaaS ARR number — no conversion noise, no legacy drag, no two-company confusion. The market will be forced to price a pure-play data security SaaS platform growing 18-20% organically with 110%+ NRR and expanding FCF margins.
The current valuation does not reflect that business. It reflects the transition.
Why AI makes this more valuable, not less.
Every enterprise deploying Microsoft Copilot, Google Gemini, or internal AI agents is creating a new category of data security risk. These AI systems need broad access to enterprise data to be useful. That access — if unmonitored — creates exposure that compliance, legal, and security teams cannot tolerate.
The CEO noted on the Q4 call that AI adoption, including Copilot, was “a significant driver of demand.” Every company deploying AI is becoming a potential new customer — or a customer expanding their existing deployment. This is a structural tailwind that compounds with every AI product launched into the enterprise market.
👉 Inside the Paid Tile: full company reveal, how the business works, the BETI story explained, condensed 10× Checklist, valuation table, Bull/Base/Bear scenarios, weighted expected return, and KPIs to watch.
🔒 PAID TILE
🏷 Company Reveal + How the Business Works
