“Solve your SASE and zero trust transformation challenges with one platform”

Netskope, Inc. is a leading cybersecurity and networking company specializing in cloud security solutions. Founded in 2012 by Sanjay Beri (CEO), Krishna Narayanaswamy (CTO), Ravi Ithal, and Lebin Cheng, and headquartered in Santa Clara, California, Netskope has built a reputation for delivering advanced security services that protect web, cloud, SaaS, private apps, and increasingly, AI-driven digital environments. The company’s flagship Netskope One platform unifies a broad suite of security offerings—including Secure Access Service Edge (SASE), Security Service Edge (SSE), Cloud Access Security Broker (CASB), Next-Generation Secure Web Gateway (SWG), Zero Trust Network Access (ZTNA), and Cloud Firewall (FWaaS). Its solutions emphasize real-time, context-driven visibility, data protection, threat prevention, and optimized user access. Netskope is recognized for serving thousands of organizations globally, including about one-third of the Fortune 100.

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Business Model

Netskope operates a subscription-based, Software-as-a-Service (SaaS) business model, generating recurring revenue mainly through enterprise contracts. Customers subscribe to its comprehensive cloud security platform and related services, with pricing typically based on the number of users, data processed, features deployed, and level of support required. The company’s direct-sales-led motion is targeted at CISO and IT security leaders at the world’s largest enterprises, emphasizing a premium offering over freemium or low-margin products. Netskope frequently starts engagements with core offerings (such as CASB or SWG) and then drives further value by cross-selling additional modules like ZTNA, Cloud Firewall, and advanced analytics.

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Scale and Growth

Netskope’s growth trajectory has been remarkable: as of mid-2024, it surpassed $500 million in annual recurring revenue (ARR), serving more than 3,400 customers—including a large share of Fortune 500 firms in financial services, healthcare, telecommunications, and retail. Despite volatility elsewhere in the SaaS sector, Netskope has consistently reported year-over-year revenue growth exceeding 30%, vastly outpacing the industry median and many direct competitors. This success is attributed to rising enterprise cloud adoption, a strong focus on cloud-native security, and the growing need to secure generative AI and distributed workforces.

Netskope’s customer base is global, and the company supports tens of millions of end users. It is widely recognized in industry analyst reports (such as Gartner Magic Quadrant for SASE and SSE Leaders) and has a clear pipeline for continued growth—including ongoing R&D investment, new global partnerships, and preparations for an anticipated IPO in the U.S. market.

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Competitive Edge

The SSE market exhibits clear polarization between comprehensive platforms and specialized solutions. Netskope leads with its unified approach integrating CASB, SWG, ZTNA, and FWaaS capabilities, while competitors like Zscaler and Palo Alto Networks offer similar breadth with varying degrees of integration. As organizations increasingly prioritize vendor consolidation to reduce complexity, market dynamics favor comprehensive platform providers that can deliver seamless security coverage across cloud, web, and private applications without sacrificing performance.

Gartner ranked Netskope, Zscaler, and Palo Alto Networks as Leaders in the SSE market in its Magic Quadrant released in May 2025. Unlike the other two SSE leaders, Netskope remains privately held, but is preparing for a U.S. IPO—led by Morgan Stanley—that could raise over $500 million and value the cybersecurity firm at more than $5 billion.

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Targeted Impact

Netskope advances sustainability through ESG initiatives and supports global communities via Netskope for Good programs.

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What Comes Next?

Netskope is enhancing its SASE platform with zero-trust features to increase its share in the $44.68 billion 2030 SASE market.

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Who will benefit?

Enterprises and government agencies benefit from Netskope's advanced cloud security, data protection, and secure network access.

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System Integrators and Service Providers

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Netskope's Timeline

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Prominent News

Netskope is recognized as a Leader again in the Gartner® Magic Quadrant™ for SASE Platforms, May 23, 2025 - Netskope and Zscaler Secure ‘Leaders’ Spot in Gartner’s SSE Magic Quadrant for Fourth Consecutive Year Click here to read more.‍

Netskope Prepares $500 Million U.S. IPO Led by Morgan Stanley,  May 20, 2025 - Netskope is preparing for a U.S. IPO led by Morgan Stanley that could raise over $500 million and value the cybersecurity firm at more than $5 billion.  Click here to read more.

Netskope CEO On The Cloud And AI Push To ‘Modernize Everything', March 20, 2025 - Netskope CEO Sanjay Beri says the planned U.S. IPO, expected in the second half of 2025, is aimed at boosting awareness rather than raising capital, as the company rides strong momentum from cloud modernization and GenAI-driven security demand. Click here to read more.

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Revenue

The graph below displays the revenue and revenue growth of Netskope from 2019 to 2024.

• Revenue is up 2.67% in 2024 from $487 million in 2023

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Return on Investment (ROI)

The graph below displays Netskope’s ROI over the past 180, 90, and 30 days, computed as of August 11, 2025.

• 180D: ↓ -2.95% since February 13, 2025
• 90D: ↑ +24.93% since May 14, 2025‍
• 30D: ↑ +8.20% since July 13, 2025

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Funding Round in USD

• Primary Funding Round: Netskope raised $300 million in Series H on July 7, 2021, at a $7.5 billion valuation and a share price of $20.45
• Investors: Series H was led by ICONIQ Growth with participation from existing investors Lightspeed Venture Partners, Accel, Sequoia Capital Global Equities, Base Partners, Sapphire Ventures, and Geodesic Capital‍
• Current Implied Valuation: $5.12 billion, according to PM Insights‍
• Change Since Last Primary Round: Down 31.73% from its Series H valuation

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Series H Valuation

<span class="date">2021-07-07</span>
<span class="value">$7.50B</span>

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Implied Valuation

<span class="date">2025-08-11</span>
<span class="value">$5.12B<span>

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Change Since Last Round

<span class="date">2021-07-07 → 2025-08-11</span>

<span class="value red">-31.73%</span>

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Quarterly Bid:Ask Volume Ratio

PM Insights highlights the quarterly bid:ask volume ratio of Netskope where there were at least three institutionally-sized broker contributions within that period. The stacked bar chart below shows the total quarterly bid and ask volumes alongside their relative ratios.

• Highest volume: $111.65 million in Q3 2024‍
• Lowest volume: $15.00 million in‍ Q2 2025‍
• Largest bid-side activity: 93% of $59.65 million in Q4 2024‍
• Largest ask-side activity: 57% of $18.48 million in Q1 2025

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Quarterly Bid to Ask Spread

The plot below illustrates the quarterly average bid-to-ask spread.

• Highest spread: 16.69% in Q2 2025‍
• Lowest spread: 2.10% in Q4 2024

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Volatility of Composite Price

The volatility of the composite price is calculated based on price movements within a 90-day rolling window ending on each respective date. The graph below illustrates the trend in volatility of composite price for Netskope for a one year period from August 13, 2024 until August 11, 2025.

• Peak volatility of 59.40% during the start of the observed timeframe, decreased drastically during Q3 2024 and Q4 2024
• Relatively low volatility around 15% during Q2 2025

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