Shares of cybersecurity provider SailPoint Technologies Inc. rose more than 14% today after it posted quarterly results that topped expectations across the board. 

The company also upgraded its full-year guidance.

The earnings report is SailPoint’s second since going public in February. The offering raised $1.18 billion and gave the company a market capitalization of $12.8 billion. SailPoint was taken public by private equity firm Thoma Bravo, which had acquired it for $6.9 billion three years earlier.

Austin-based SailPoint provides a platform that enterprises use to regulate access to their applications. It allows administrators to manage which employees may log into a service, how they may do so and when. The software also automates related tasks such as regulating developers’ access to their company’s public cloud instances.

The platform doubles as a tool for managing service accounts. Those are accounts that applications use to interact with one another. A demand forecasting tool, for example, may use a service account to log into a database that contains historical product demand statistics.

SailPoint’s revenue rose 23% in its fiscal first quarter ended April 30 to reach $230 million. That’s about $5 million higher than what analysts had expected. The increase was driven primarily by SailPoint’s subscription business, which grew sales 27% year-over-year to $215 million.

Much of SailPoint’s subscription revenue comes from the software-as-a-service editions of its cybersecurity platform. In the first quarter, the company’s annualized SaaS revenue grew 39% year-over-year, significantly outpacing the rest of its business. The segment now generates more than $500 million in annual sales.

One contributor to SailPoint’s strong first quarter performance was increased spending on the part of existing customers. According to the company, its dollar-based net retention rate stood at 115% as of April 30. Additionally, SailPoint saw heightened demand from large enterprises. The number of organizations that spend more than $1 million on the company’s software annually jumped 62% year-over-year to 170.

“We delivered another strong quarter, driven by continued expansion across our customer base and strong adoption among Fortune 500 and Forbes Global 2000 companies,” said founder and Chief Executive Officer Mark McClain.

Adjusted income from operations came to $24 million, which translated into a surprise adjusted profit of a penny per share. Analysts had expected an adjusted loss of a penny per share.

SailPoint expects the momentum to continue into the rest of the fiscal year. The company today revised its adjusted profit outlook to between 16 and 20 cents per share, up from a range of 14 to 18 cents per share before. SailPoint’s projected revenue range is now slightly higher as well at $1.034 billion to $1.044 billion.

Image: SailPoint