SailPoint, Inc. (SAIL)

SailPoint tracks who has access to what in corporate systems and takes it away in time.

The task sounds dull and costs a great deal: in a large company thousands of employees have access to hundreds of systems, permissions accumulate through transfers and are not removed on departure. Verifying that access matches the role is required by regulators and auditors and cannot be done by hand.

The system builds a map of entitlements, asks managers to confirm them and revokes the surplus automatically. Implementation is slow, but after it a replacement is highly unlikely. It is sold by subscription. Risks: implementation timelines, competition from sign-on vendors and caution in security budgets. The company pays no dividend.