AI Analysis | Feedback

1. Netskope is like Palo Alto Networks or Fortinet, but instead of securing a traditional network perimeter with hardware, it provides all of that security as a cloud service to protect modern hybrid workforces and cloud applications.

2. Netskope is like Cloudflare, but for internal enterprise security, protecting employees and data as they access the web and cloud applications from anywhere.

3. Netskope is like Zscaler, providing a unified cloud-native security platform (SSE) to protect users and data as they access the internet and cloud applications from any location.

AI Analysis | Feedback

• Netskope Intelligent SSE (Security Service Edge) Platform: A unified, cloud-native security platform delivering secure access and threat protection for users, data, and applications everywhere.
• Cloud Access Security Broker (CASB) Service: Provides visibility and control over sanctioned and unsanctioned cloud applications to prevent data loss and enforce compliance.
• Secure Web Gateway (SWG) Service: Protects users from web-based threats, filters undesirable content, and enforces internet usage policies.
• Zero Trust Network Access (ZTNA) Service: Delivers secure, least-privilege access to private applications and data without placing users on the network.
• Data Loss Prevention (DLP) Service: Detects and prevents the unauthorized exfiltration of sensitive data across cloud applications, web, and private access.

AI Analysis | Feedback

Netskope (Netskope, Inc.) is a privately held company and does not have a public stock symbol such as NTSK. Therefore, it is not listed on any public stock exchange.

Netskope sells primarily to other companies (B2B) rather than individuals. It is a leading provider of cloud security solutions, including Secure Access Service Edge (SASE), Security Service Edge (SSE), Cloud Access Security Broker (CASB), Secure Web Gateway (SWG), and Data Loss Prevention (DLP) for enterprises.

As a private B2B company, Netskope does not publicly disclose a comprehensive list of its major customers, nor are specific revenue contributions from individual clients typically made public due to confidentiality. However, its customer base generally consists of medium to large enterprises across a wide range of industries that require robust cloud security and data protection.

Based on publicly available information, such as case studies and press releases, Netskope serves organizations in sectors including, but not limited to:

• Financial Services: Banks, insurance companies, and other financial institutions.
• Healthcare: Hospitals, pharmaceutical companies, and other healthcare providers.
• Manufacturing: Global manufacturers across various industries.
• Retail: Large retail chains and e-commerce businesses.
• Government and Public Sector: Federal, state, and local government entities.
• Technology and SaaS: Software companies and cloud service providers.

While specific "major" customers by revenue are not publicly available, examples of companies that have publicly shared their use of Netskope's solutions include:

• SITA (private, a technology provider for the air transport industry)
• Arcadis (ARCAD.AS on Euronext Amsterdam, a global design and consultancy firm)
• P&O Ferries (private, part of DP World)
• Yamaha Motor Europe (private, part of Yamaha Motor Co., Ltd.)
• Riverbed Technology (private, formerly public)

These examples illustrate the type of enterprise customers Netskope serves, but do not constitute an exhaustive list of its "major" customers by revenue contribution.

AI Analysis | Feedback

Alphabet Inc. (GOOGL)

AI Analysis | Feedback

Sanjay Beri, Chief Executive Officer, Co-founder

Sanjay Beri co-founded Netskope in 2012 and serves as its CEO. Prior to Netskope, he was the Vice President and General Manager of the Access/Security & Pulse Business Unit at Juniper Networks from 2007 to 2012. He also co-founded Ingrian Networks in 1999, a database security company that was subsequently acquired by SafeNet Inc. His career includes leadership roles at Microsoft and McAfee. Beri has been instrumental in defining the Cloud Access Security Broker (CASB) market and pioneering the Secure Access Service Edge (SASE) architecture. Netskope has received significant funding from venture capital firms like Lightspeed Venture Partners, Accel, and Iconiq Capital.

Drew Del Matto, Chief Financial Officer

Drew Del Matto brings over 25 years of technology and finance experience to Netskope, where he serves as Chief Financial Officer. Before joining Netskope, Del Matto was the CFO for Citrix Systems, where he guided the company's cloud and subscription transformation. He also served as CFO of Fortinet, where he contributed to tripling billings growth and driving 300% revenue growth during his tenure. Earlier in his career, Del Matto held various financial leadership roles at Symantec for nearly a decade, departing as acting CFO. He also held senior finance leadership positions at Inktomi Corporation and SGI Corporation and began his career as a CPA with KPMG LLP.

Krishna Narayanaswamy, Chief Technology Officer, Co-founder

Krishna Narayanaswamy is a co-founder and the Chief Technology Officer at Netskope, playing a pivotal role in the company's technological vision and strategy. With over 25 years of experience in deep packet inspection, security, and behavioral anomaly detection, he holds numerous patents in these fields. Prior to Netskope, Narayanaswamy co-founded Top Layer Networks in 1997 and served as a Distinguished Engineer at Juniper Networks from 2006 to 2012.

John Martin, Chief Product Officer

John Martin serves as Netskope's Chief Product Officer, leveraging over 20 years of experience in product management and leadership. Before Netskope, he was the Senior Vice President of Product, Design, and Strategy at Sysdig. His experience also includes a nine-year tenure at Riverbed Technology, where he held roles such as Senior Vice President and General Manager for storage delivery and WAN optimization. Martin has also held leadership positions at NetApp and Pindrop.

Joe DePalo, Chief Platform Officer

As Chief Platform Officer at Netskope, Joe DePalo is responsible for the design, build, and operations of the company's platform infrastructure. His background includes serving as the Global Head of Internet Services for Amazon Web Services (AWS), where he oversaw the AWS Global Network and Amazon's carrier strategy. Earlier, DePalo was the Senior Vice President of Operations and Engineering at Limelight Networks, where he was instrumental in building one of the world's largest content delivery networks.

AI Analysis | Feedback

Key Business Risks for Netskope (NTSK)

1. Intense Competition: Netskope operates within a highly competitive landscape, contending with well-established players such as Zscaler, Palo Alto Networks, Cisco Umbrella, and other specialized firms. This intense competition necessitates continuous innovation and a strong value proposition to maintain and expand market share. Failure to differentiate its offerings or keep pace with competitors could significantly impact its revenue and growth prospects.
2. Widening Net Losses and Prioritizing Growth over Profitability: Despite experiencing substantial revenue growth, Netskope has seen a significant increase in its net losses. This trend is attributed to high operating expenses, particularly in sales, marketing, and research and development (R&D). The company's strategy of prioritizing growth over immediate profitability, while common for high-growth tech firms, raises concerns about its long-term financial stability and ability to achieve profitability if not effectively managed. The accumulated deficit also reflects the financial challenges of sustaining growth in this competitive market.
3. Rapid Technological Changes and the Need for Continuous Innovation: The cybersecurity sector is characterized by rapid technological advancements and evolving threat landscapes. Netskope must consistently invest heavily in R&D to adapt to emerging trends, address new vulnerabilities, and meet changing customer needs. A failure to innovate quickly and effectively could lead to its solutions becoming obsolete, diminishing its competitive edge and market relevance.

AI Analysis | Feedback

The increasing integration and comprehensiveness of native security offerings from major cloud hyperscalers (e.g., Microsoft Azure, Google Cloud) directly competing with components of Netskope's SASE/SSE platform. As these hyperscalers enhance their Zero Trust Network Access (ZTNA), Cloud Access Security Broker (CASB), and Data Loss Prevention (DLP) capabilities and bundle them with their existing enterprise cloud subscriptions, they present a compelling alternative for organizations already deeply invested in their respective ecosystems, potentially reducing the need for standalone SASE solutions.

AI Analysis | Feedback

Netskope operates within several significant addressable markets for its Secure Access Service Edge (SASE) platform and related products, primarily on a global scale.

The main products and services offered by Netskope include:

• Secure Access Service Edge (SASE)
• Security Service Edge (SSE), which is a core component of SASE
• Cloud Access Security Broker (CASB)
• Secure Web Gateway (SWG)
• Zero Trust Network Access (ZTNA)
• Networking components such as Next-Generation Firewall as a Service (FWaaS) and SD-WAN

The addressable markets for these products and services are sized as follows:

• Secure Access Service Edge (SASE) Market:
  • Globally, the SASE market is projected to reach over $25 billion by 2027, with a compound annual growth rate (CAGR) of 29%.
  • Another estimate places the global SASE market at $15.52 billion in 2025, with a projection to reach $44.68 billion by 2030, growing at a CAGR of 23.6%.
  • An additional estimate shows the global SASE market reaching $18.2 billion by 2027.
• Security Service Edge (SSE) Market:
  • The global SSE market was valued at $5.69 billion in 2023 and is projected to reach $17.53 billion by 2028.
  • Another global estimate for the SSE market was $6.26 billion in 2024 and is projected to reach $36.87 billion by 2033, with a CAGR of 21.9% from 2025 to 2033.
  • The global SSE market size is also projected to grow from $6.08 billion in 2024 to $23.01 billion by 2030, at a CAGR of 24.8%.
• Cloud Access Security Broker (CASB) Market:
  • Globally, the CASB market was valued at $8.7 billion in 2024 and is projected to grow from $10.1 billion in 2025 to $33.4 billion by 2033, at a CAGR of 16.12%.
  • Another source estimates the global CASB market size at $11.10 billion in 2025, expected to reach $24.70 billion by 2030, at a CAGR of 18.44%.
  • The global CASB market size is also evaluated at $11.22 billion in 2025 and is forecasted to hit approximately $51.11 billion by 2034, growing at a CAGR of 18.35% from 2025 to 2034.
  • In North America, the CASB market size was accounted at $4.27 billion in 2024 and is expanding at a CAGR of 18.47% during the forecast period.
• Secure Web Gateway (SWG) Market:
  • The global SWG market was valued at $2.8 billion in 2024.
  • Another global estimate values the SWG market at $8.54 billion in 2024, projected to grow to $29.36 billion by 2032, exhibiting a CAGR of 17.5%.
  • The global secured web gateway market size is estimated at $16.88 billion in 2025 and is projected to reach $47.80 billion by 2030, expanding at a CAGR of 23.14%.
• Broader Market Segments (Global, referenced by Netskope from IDC):
  • The overall Security market, which includes secure web gateway, Zero-Trust Network Access (ZTNA), information protection/DLP, and virtual client computing, is projected to be $24.4 billion in 2024, growing at a 15% CAGR to $43.2 billion in 2028.
  • The Networking market, which includes firewall and SD-WAN infrastructure, is estimated at $40.7 billion in 2024, projected to grow at an 18% CAGR to $78.4 billion by 2028.
• Overall Cloud Security Market:
  • The global cloud security market is projected to grow from $40.81 billion in 2025 to $121.04 billion by 2034, at a CAGR of 12.87%.
  • Another projection indicates the cloud security market reaching $77.3 billion by 2024.
• AI Security:
  • Netskope frames AI security as a $30.8 billion opportunity in 2028, without providing a 2024 estimate.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Netskope (NTSK) over the next 2-3 years:

1. Expansion within the Secure Access Service Edge (SASE) and Security Service Edge (SSE) Markets: Netskope is well-positioned in the rapidly growing SASE and SSE markets. Gartner projects the SASE market to expand at a compound annual growth rate of 29%, reaching over $25 billion by 2027. Netskope's unified SASE platform, Netskope One, is designed to capitalize on this increasing global demand for cloud-native security solutions.
2. Customer Acquisition and Expansion within Existing Accounts: The company has demonstrated strong customer growth, serving over 3,400 customers worldwide, including a significant presence among Fortune 500 companies. Netskope employs a "land-and-expand" strategy, with its net retention rate reaching 118% as of Q2 FY25. A substantial portion of its revenue growth, 68% in fiscal year 2025, was driven by expanding contracts with existing customers.
3. Continuous Platform Innovation and AI-Driven Capabilities: Netskope is committed to a multi-year growth path by consistently expanding its Netskope One platform and introducing new products and services, often at a rate of more than two per year. Key to this is the integration of artificial intelligence (AI) and machine learning (ML) to enhance threat detection, data protection, and automated policy enforcement, with over 30% of customers already utilizing its SkopeAI tools. Recent innovations include advanced Digital Experience Management (DEM) features and the Netskope Cloud Risk Exchange.
4. Global Infrastructure Expansion (NewEdge Network): Netskope's proprietary NewEdge network, a global private cloud, is a critical differentiator. The company is actively expanding this infrastructure with new points of presence (PoPs) across various regions, including Europe, Asia-Pacific, and Latin America, to provide low-latency, high-performance security services to its multinational client base.
5. Market Share Gains from Legacy Vendors: Analysts indicate that Netskope is benefiting from a significant "share shift" in the market, gaining traction at the expense of traditional security and networking vendors that have struggled to adapt to the rapid pace of change and innovate sufficiently. Netskope's cloud-native architecture and unique approach are cited as key advantages in this competitive landscape.

AI Analysis | Feedback

Share Issuance

• In September 2025, Netskope completed its Initial Public Offering (IPO), issuing 47.8 million shares of Class A common stock at $19.00 per share.
• The underwriters fully exercised an over-allotment option to purchase an additional 7.17 million shares of Class A common stock.
• The IPO, including the over-allotment option, generated approximately $992.2 million in total net proceeds for Netskope.

Inbound Investments

• Netskope raised $300 million in a Series H funding round in July 2021, led by ICONIQ Growth, bringing the company's post-money valuation to $7.5 billion.
• In January 2023, the company secured $401 million via convertible notes from investors including Morgan Stanley Tactical Value, Goldman Sachs Asset Management, Ontario Teachers' Pension Plan, and CPP Investments.
• A Series G funding round in February 2020 brought in nearly $350 million, valuing Netskope at $2.81 billion, with investments from the Canada Pension Plan Investment Board and Sequoia Capital.

Outbound Investments

• Netskope acquired Kadiska in September 2023, a digital experience monitoring firm, to enhance its digital experience management and AI capabilities.
• In October 2024, Netskope acquired Dasera, a data security posture management startup, to bolster its cloud data security offerings.
• The company acquired Infiot in August 2022 to accelerate its Security Service Edge (SSE) offerings, particularly for cloud-based IoT architecture.