<SEC-DOCUMENT>0001193125-25-024763.txt : 20250313
<SEC-HEADER>0001193125-25-024763.hdr.sgml : 20250313
<ACCEPTANCE-DATETIME>20250212065058
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-25-024763
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20250212

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SailPoint Parent, LP
		CENTRAL INDEX KEY:			0002030781
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				882001765
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		11120 FOUR POINTS DRIVE
		STREET 2:		SUITE 100
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78726
		BUSINESS PHONE:		(512) 346-2000

	MAIL ADDRESS:	
		STREET 1:		11120 FOUR POINTS DRIVE
		STREET 2:		SUITE 100
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78726

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SailPoint Parent, LP
		DATE OF NAME CHANGE:	20240717
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Bradley C. Reed, P.C.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">To Call Writer Directly:</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">+1 312 862
7351</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">bradley.reed@kirkland.com</P></TD>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">333 Wolf Point Plaza</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Chicago, IL 60654</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">United States</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">+1 312 862 2000</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">www.kirkland.com</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Facsimile:</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">+1 312 862 2200</P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;12, 2025 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VIA EDGAR SUBMISSION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and
Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office
of Technology </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">Attention:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#8195;&#8194;&#8201;&#8201;</P>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Joseph Kempf</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Robert Littlepage</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Alexandra Barone</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Mitchell Austin</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Re:</P></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SailPoint Parent, LP</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Registration
Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response dated January&nbsp;29, 2025</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Amendment No.&nbsp;1 to Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Filed February&nbsp;4, 2025</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Amendment No.&nbsp;2 to
Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Filed February&nbsp;11, 2025</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-284339</FONT></B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of SailPoint Parent, LP, a Delaware limited partnership (the &#147;Company&#148;), we are writing to respond to the comments raised
in the letter to the Company, dated February&nbsp;11, 2025, from the staff of the Division of Corporate Finance (the &#147;Staff&#148;) relating to the above-referenced Amendment No.&nbsp;2 to Registration Statement on Form <FONT
STYLE="white-space:nowrap">S-1</FONT> (the &#147;Registration Statement&#148;). The Company&#146;s responses below correspond to the captions and numbers of those comments (which are reproduced below in bold and italics). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Concurrently with the submission of this letter, the Company is submitting Amendment No.&nbsp;3 to Registration Statement on Form <FONT
STYLE="white-space:nowrap">S-1</FONT> (the &#147;Revised Registration Statement&#148;), and where applicable, we have referenced in the Company&#146;s responses set forth below the appropriate page </P>
<P STYLE="margin-top:120pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Austin Bay&nbsp;Area Beijing Boston Brussels Chicago Dallas Hong&nbsp;Kong Houston London Los&nbsp;Angeles Miami Munich New&nbsp;York Paris
Riyadh Salt&nbsp;Lake&nbsp;City Shanghai Washington,&nbsp;D.C. </P>
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 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 12, 2025 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">numbers of the Revised Registration
Statement that address the Staff&#146;s comments. Capitalized terms used in this letter but not otherwise defined have the meanings assigned to them in the Revised Registration Statement, and all references to page numbers and captions correspond to
the Revised Registration Statement unless otherwise specified. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Amendment No.&nbsp;2 to Registration Statement on Form <FONT
STYLE="white-space:nowrap">S-1</FONT> </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>4. Notes to the Offering Adjustments for Unaudited Pro Forma Condensed Balance Sheet, page 82
</U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note in footnote 4.viii it is your intent to accelerate unvested incentive units in connection with
the offering. Please disclose in detail how you calculated the amount of the impact on the affected line-items. Also, please disclose as a subsequent event and discuss in MD&amp;A the facts and circumstances concerning the decision to accelerate the
vesting terms including the anticipated charge to be incurred in your future results of operations, the purpose of the acceleration, who holds the units, and clarify if these are redeemable convertible units. Also, explain to us your accounting for
this modification. Please refer us to the supporting accounting literature. </I></B> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company advises the Staff that the Company will account for the acceleration of unvested incentive units by recognizing the modification
of such units as an exchange of the original awards for new awards. The original awards were expected to vest as of the modification date based on their original terms. Accordingly, the Company determined that there was no change in the fair value
between the modified awards and the original awards as of the modification date, and there was no <I>incremental</I> compensation expense in excess of their grant date fair values recognized. The Company will recognize the compensation expense
associated with the accelerated awards immediately upon completion of the offering because all vesting requirements will be satisfied. This is reflected in the pro forma statement of operations in each financial statement line item. The Company
refers the Staff to ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">718-20-35-3(a)</FONT></FONT></FONT> to (c). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has revised its disclosure on page 84 of the prospectus to disclose<I> </I>how the Company calculated the amount of the impact on
affected line items by including the <B>bolded</B> language below: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Represents the impact of the modification to
accelerate the vesting terms of certain unvested incentive units. In connection with this Offering, our Board approved the acceleration <B>of</B> 3,606,434 unvested incentive units. <B>The settlement amount is </B>
</P>
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 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 12, 2025 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>determined based
on the unrecognized compensation cost associated with the grant date fair value of awards that were accelerated to vest immediately. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has revised its disclosure on pages 95 and 96 of the prospectus to include the below discussion in its MD&amp;A, which the Company
hopes the Staff finds responsive to its requests to supplement the MD&amp;A in Comments <FONT STYLE="white-space:nowrap">1-4</FONT> and Comment 6: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><B><I>Impact of the Offering on Employee Incentive Plans and Operating Results </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with this offering, we will incur additional compensation related costs associated with modifications to
outstanding EARs and incentive units and the issuance of new restricted stock units under the Omnibus Plan to certain of our employees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Specifically, the modifications and actions that will be effected upon this offering and the estimated accounting charges to
be recognized in connection therewith, based on the initial public offering price, assuming an initial public offering price of $22.00 per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, are:
(1)&nbsp;the accelerated vesting of certain unvested EARs and to remeasure all vested awards, which will result in a charge of approximately $19.2&nbsp;million; (2)&nbsp;the accelerated vesting of all outstanding unvested equity awards that were
issued in connection with the Take-Private Transaction, which will result in a charge of approximately $60.3&nbsp;million; (3)&nbsp;modifying certain outstanding incentive awards to accelerate the vesting of 3,606,434 incentive units, which will
result in a charge of approximately $46.0&nbsp;million; and (4)&nbsp;modifying 934,022 performance-based incentive units to fully vest upon the offering, which will result in a charge of approximately $20.5&nbsp;million. The EARs, unvested equity
awards, and incentive units that will be accelerated or modified, as applicable, are held by our directors, executive officers, and employees, representing nearly 1,000 of our employees. Our Board determined to take the foregoing actions in order to
recognize and reward those individuals for their contributions to our performance since the Take-Private Transaction, and to transition our historic incentive award program to a more traditional &#147;public company&#148; incentive equity program
under the Omnibus Plan. None of the accelerated or modified incentive units are redeemable convertible units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will
also issue 17,209,594 restricted stock units to certain of our employees (including our executive officers) upon the closing of this offering, which we refer to as the IPO Grants. The expense related to these IPO Grants will be based on the initial
public offering price. Assuming an initial public offering </P>
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 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 12, 2025 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">price of $22.00 per
share, the midpoint of the estimated price range set forth on the cover page of this prospectus, which would result in stock-based compensation expense of approximately $378.6&nbsp;million will be recognized subsequent to the date of this offering
over the vesting terms, which will be predominately two or four year terms. The IPO Grants and related expense will be determined based on the initial public offering price. Our Board determined to make the IPO Grants in order to further align the
interests of our employees with those of our stockholders and our long-term corporate success. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based on the estimated
initial public offering price of $22.00 per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, we estimate that, in connection with the foregoing modifications and actions, we will recognize an
additional $26.1&nbsp;million of expense in costs of revenue &#150; subscription, $22.2&nbsp;million of expense in costs of revenue &#150; services and other, $67.1&nbsp;million of expense in research and development expenses, $119.8&nbsp;million of
expense in sales and marketing expenses, and $94.0&nbsp;million of expense in general and administrative expenses, in each case, for the fiscal year ending January&nbsp;31, 2026. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has also revised its disclosures in <I>Note 16 Subsequent Events</I> on Page
<FONT STYLE="white-space:nowrap">F-71</FONT> to include the language below: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">On January&nbsp;31, 2025, the Board of
Managers of the Company approved modifications to accelerate vesting of certain Incentive Units, Equity Appreciation Rights, and cash settled awards subject to the pricing of the initial public offering and immediately prior to the contemplated
conversion from a Delaware limited partnership to a Delaware corporation. The estimated equity-based compensation expense of $146.0&nbsp;million is calculated using an assumed initial public offering price of $22.00 per share, which is the midpoint
of the estimated price range, where appropriate. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please disclose how you valued the grant of 934,022 fully vested incentive units and advise us. Explain
to us how your estimate of fair value relates to the Offering price per share. Please also fully disclose this pending grant as a subsequent event and discuss the facts and circumstances in MD&amp;A, including the associated expense. </I></B>
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has revised its disclosure on page 84 of the prospectus to delete the <STRIKE>struck through</STRIKE> language and to include the
<B>bolded</B> language below: </P>
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 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 12, 2025 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Represents the impact for <STRIKE>grants of</STRIKE> <B>performance-based</B> incentive units <STRIKE>which were fully vested
upon grant</STRIKE> <B>that were previously legally granted to employees but were not previously determined to have an accounting grant date as the performance targets had not been set prior to the Offering</B>. <STRIKE>In connection with this
Offering, our Board granted</STRIKE> 934,022 <STRIKE>fully vested</STRIKE> incentive units<I> </I><B>were modified to vest immediately upon the completion of the Offering and an expense will be recognized based on the initial public offering price.
The estimated expense reflects $22.00 per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has also revised the description of &#147;grant of fully vested incentive units&#148; to &#147;modification of performance-based
incentive units&#148; on pages 76, 80, 84, 85, and 86. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has revised its MD&amp;A disclosure on pages 95 and 96 of the
prospectus consistent with its response to Comment 1 above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has revised its subsequent events disclosure on page F-71 of the
prospectus consistent with its response to Comment 1 above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please disclose your calculation of the settlement amount of the outstanding equity awards that were
issued in connection with the Take-Private Transaction. Please also fully disclose the pending settlement as a subsequent event and discuss the facts and circumstances in MD&amp;A including the expense that will be incurred. Explain to us your
accounting for the settlement. </I></B> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company advises the Staff that the Company accounts for the equity awards issued in connection with the Take-Private Transaction as
liabilities since they are required to be settled by cash based on the <FONT STYLE="white-space:nowrap">pre-determined</FONT> value of $65.25 less any <FONT STYLE="white-space:nowrap">per-share</FONT> exercise price (not appliable to restricted
stock units). The Company will recognize the compensation expense associated with the accelerated awards immediately upon completion of the offering because all vesting requirements will be satisfied. This is reflected in the pro forma statement of
operations in each financial statement line item. The Company refers the Staff to ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">718-10-25-11(b).</FONT></FONT></FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has revised its disclosure on page 83 of the prospectus to<I> </I>disclose its calculation of the settlement amount of the
outstanding equity awards that were issued in connection with the Take-Private Transaction by including the bolded language below: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Immediately prior to the Take-Private Transaction, all unvested equity awards were converted into the contingent right to
receive an amount in cash equal to $65.25 less any <FONT STYLE="white-space:nowrap">per-share</FONT> exercise price (not applicable to restricted stock units) </B></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g906470ke03.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 12, 2025 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 6
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>multiplied by the
total number of shares of common stock underlying the unvested stock option or restricted stock unit. The settlement amount is determined based on $65.25 multiplied by the remaining awards outstanding as of the Offering and the associated payroll
taxes. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has revised its MD&amp;A disclosure on pages 95 and 96 of the prospectus consistent with its response to Comment 1
above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has revised its subsequent events disclosure on page F-71 of the prospectus consistent with its response to Comment 1
above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please disclose in sufficient detail how you calculated the amounts associated with the settlement and
modification of EARs. Also disclose as a subsequent event and discuss the facts and circumstances in MD&amp;A, including the associated expense that will be incurred. Also, explain to us how you are accounting for the settlement and modification.
Please refer us to the supporting accounting literature. </I></B> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE:</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company advises the Staff that the Company accounts for the EARs as liabilities since they are required to be settled by cash based on the
fair value of the underlying shares. These awards are remeasured at each reporting period. The Company will recognize the compensation expense associated with the accelerated awards immediately upon completion of the offering because all vesting
requirements will be satisfied. In addition, the Company remeasured all vested awards. This is reflected in the pro forma statement of operations in each financial statement line item. The Company refers the Staff to ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">718-10-25-11(b)</FONT></FONT></FONT> and ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">718-30-35-1.</FONT></FONT></FONT> The Company has revised its disclosure on page 83 of the prospectus to disclose how it calculated the amounts
associated with the settlement and modification of EARs by including the <B>bolded</B> language below: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>The
Company&#146;s outstanding vested EARs will be settled in cash. The awards are classified as liabilities and are remeasured each reporting period. The settlement amount will be determined based on the initial public offering price. The estimated
settlement amount reflects $22.00 per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has revised its MD&amp;A disclosure on pages 95 and 96 of the prospectus consistent with its response to Comment 1 above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has revised its subsequent events disclosure on page F-71 of the prospectus consistent with its response to Comment 1 above. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Unaudited Pro Forma Condensed Consolidated Financial Information </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>5. Notes to the Offering Adjustments for Unaudited Pro Forma Condensed Statements of Operations, page 85 </U></B></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g906470ke03.jpg" ALT="LOGO" STYLE="width:2.34583in;height:0.286111in;">
 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 12, 2025 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 7
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>It is unclear why in footnote 5.aa. you refer to certain operating expenses such as employee compensation
as <FONT STYLE="white-space:nowrap">&#147;non-recurring&#148;</FONT> and as &#147;Offering&#148; expenses. We note you historically incurred similar compensation expense and will continue to report the cost of granting and vesting of awards in
future periods. Please revise your characterization of these operating expenses.</I></B> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has revised its disclosure on page 85 of the prospectus to delete the <STRIKE>struck through</STRIKE> language and to include the
<B>bolded</B> language below: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>The following summarizes the incremental expenses to be incurred in connection with the
Offering and their impact on </B><STRIKE>for the <FONT STYLE="white-space:nowrap">non-recurring</FONT> Offering adjustments to</STRIKE><B> </B>cost of revenue&#151;subscription, cost of revenue&#151;services and other, research and development,
sales and marketing and general and administrative for the year ended January&nbsp;31, 2024 (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note the disclosure of IPO Grants on page 181. Give pro forma effect to the expected grant of
17,209,594 restricted stock units or advise us. Also, disclose in MD&amp;A and elsewhere, as applicable. </I></B> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company
has revised its disclosure on pages <FONT STYLE="white-space:nowrap">76-86</FONT> of the prospectus to give pro forma effect to the expected grant of restricted stock units. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has revised its MD&amp;A disclosure on pages 95 and 96 of the prospectus consistent with its response to Comment 1 above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We hope that the foregoing has been responsive to the Staff&#146;s comments. Should you have any questions relating to any of the foregoing,
please feel free to contact Michael P. Keeley, P.C. at (312) <FONT STYLE="white-space:nowrap">862-2144</FONT> or, in his absence, Lanchi D. Huynh at (214) <FONT STYLE="white-space:nowrap">972-1673.</FONT> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Bradley C. Reed, P.C.&#8195;<U> </U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Bradley C. Reed, P.C.</TD></TR>
</TABLE></DIV> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Mark McClain, Chief Executive Officer, SailPoint Parent, LP </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#8201;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Chris Schmitt, Executive Vice President, General Counsel and Secretary, SailPoint Parent, LP
</P></TD></TR></TABLE>
</DIV></Center>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
