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REGISTERED NUMBER: 06648439 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2023

for

SAILPOINT TECHNOLOGIES UK LTD

SAILPOINT TECHNOLOGIES UK LTD (REGISTERED NUMBER: 06648439)

Contents of the Consolidated Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Income Statement 11

Consolidated Other Comprehensive Income 12

Consolidated Balance Sheet 13

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Notes to the Consolidated Financial
Statements

17


SAILPOINT TECHNOLOGIES UK LTD

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: M D McClain
C G Schmitt





REGISTERED OFFICE: Fourth Floor St James House
St James' Square
Cheltenham
GL50 3PR





REGISTERED NUMBER: 06648439 (England and Wales)





AUDITORS: HWB Chartered Accountants
Highland House, Mayflower Close
Chandlers Ford
Eastleigh
Hampshire
SO53 4AR

SAILPOINT TECHNOLOGIES UK LTD (REGISTERED NUMBER: 06648439)

Group Strategic Report
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023. Sailpoint Technologies UK Limited is a wholly owned subsidiary of SailPoint Technologies, Inc. and some of the below responses are directly associated with SailPoint Technologies, Inc.

REVIEW OF BUSINESS
The group's principal operation is the provision of sales and marketing services to its parent company, SailPoint Technologies Holdings, Inc. a company incorporated in the United States of America. The group operates from London, United Kingdom.

For the years ended 31 December 2023 and 2022, revenue was £32,225,068 and £30,264,144 respectively.

For the year ended 31 December 2023, net income of £2,837,549 compared to net income of £1,836,607 for the year ended 31 December 2022.

The group has net assets of £20,508,097 (2022: £15,118,064)

In the period the company purchased Osirium Technologies PLC from which the group can benefit from Osirium's ability to solve complex access needs. This acquisition will feed into the SailPoint Groups vision to unify visibility, oversight, and protection across all types of access, both regular and highly sensitive, into one solution.


SAILPOINT TECHNOLOGIES UK LTD (REGISTERED NUMBER: 06648439)

Group Strategic Report
FOR THE YEAR ENDED 31 DECEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The key business risks that could affect the group's ability to achieve its strategic goals are set out below:

If we are unable to maintain successful relationships with our channel partners, our ability to market, sell and distribute our solutions will be limited and our business, financial condition and operating results could be adversely affected. SailPoint has an extensive and diverse network of resellers consisting of over 1,000 channel partners.

Our future revenues and operating results will be harmed if we are unable to acquire new customers, if our customers do not renew their arrangements with us, or if we are unable to expand sales to our existing customers or develop new solutions that achieve market acceptance. SailPoint continues to add customers at an attractive rate and retention rates remain high year over year.

Our success depends on the experience and expertise of our senior management team and key employees. If we are unable to hire, retain, train and motivate our personnel, our business, operating results and prospects may be harmed. The CEO is the founder of SailPoint. The CRO and EVP-Product are long-tenured executives of the group.

Real or perceived errors, failures, or disruptions, including those caused by cyber-attacks, in the SailPoint platform and solutions could adversely affect our customers' satisfaction with our solutions and harm our business and industry reputation. SailPoint maintains a strong controls around cyber infrastructure, and has a dedicated Compliance Team focussed on adherence to ISO standards.

If we fail to adapt and respond effectively to rapidly changing technology, evolving industry standards, changing regulations, customer needs, requirements or preferences, the SailPoint platform and solutions may become less competitive. SailPoint's product strategy is to (1) accelerate innovation within the company's core identity security SaaS offerings, (2) deliver continued innovation as we execute against our vision for SailPoint identity security, and (3) ensure that as the group delivers these new innovations, they work in concert with our SaaS offerings in addition to our on-premises offerings.

STRATEGY
The group's overriding strategy is to drive new customer growth through expanding its footprint through both new, greenfield deployments and displacements of competitive legacy solutions. We plan to expand our customer base by continuing to grow our sales organization, expand and leverage our channel partnerships and enhance our marketing efforts. In addition, we plan to further penetrate our existing customer base. Our customers have the flexibility to start with a single use case or project and expand over time. As they realize the value of their investment, new use cases and deployments are identified, allowing us to sell more products to existing customers and to expand the number and typed of identities, including non-human and machine identities, and governed systems we cover within their organizations.

RESEARCH AND DEVELOPMENT
During the year the group invested in research and development activities in relation to software developed by Osirium Limited.


SAILPOINT TECHNOLOGIES UK LTD (REGISTERED NUMBER: 06648439)

Group Strategic Report
FOR THE YEAR ENDED 31 DECEMBER 2023

FINANCIAL KEY PERFORMANCE INDICATORS
The group has made significant progress in the year on the overriding strategic objectives. The board monitors progress on the overall strategy by reference to our KPI's set forth by the parent company, SailPoint Technologies Holdings, Inc. The main KPI used by SailPoint Technologies Holdings, Inc. that is applicable to the group is the number of customers. In 2023, the approximate number of customers for SailPoint Technologies Holdings, Inc. was 2,760 as compared to 2,510 for 2022.

FUTURE DEVELOPMENTS
General worldwide economic conditions could experience significant downturns and instability, including as a result of changes in global trade policies, trade disputes and increased tariffs between the United States and China, or other political or economic developments. This uncertainty may cause some of our customers or potential customers to curtail spending and may ultimately result in new regulatory and cost challenges to our United Kingdom and global
operations. These conditions, make it extremely difficult for our customers and us to forecast and plan future business activities accurately, and they could cause our customers to re-evaluate their decisions to purchase our products, which could delay and lengthen our sales cycles or result in cancellations of planned purchases. Furthermore, during challenging economic times and/or during times of rising interest rates, our customers may tighten their budgets and face issues in gaining timely access to sufficient and/or affordable credit, which could result in an impairment of their liability to make timely payments to us. In turn, we may be required to increase our allowance for doubtful accounts, which would adversely affect our financial results.

As the pandemic caused more of our customers to shift to a virtual workforce, we believe the value and scalability of our identity platform has become even more evident. We believe that the pandemic has not had a material adverse impact on our financial performance during 2023, and indeed, our revenue and customer base grew throughout 2023. As expected, we saw a higher level of travel expenses in 2023. Nevertheless, we recognize that the uncertainty related to worldwide economic conditions may result in increased volatility in the financial projections we use as the basis for our estimates and assumptions used in our financial statements.

ON BEHALF OF THE BOARD:





M D McClain - Director


12 June 2025

SAILPOINT TECHNOLOGIES UK LTD (REGISTERED NUMBER: 06648439)

Report of the Directors
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITIES
The principal activities of the group in the year under review were those of sales and marketing services to its parent company, Sailpoint Technologies Holdings, Inc.

DIVIDENDS
The profit of the year, after taxation, amounted £2,837,549 (2022: £1,836,607).

No dividends were proposed or paid during the year.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

M D McClain
C G Schmitt

BRANCHES OUTSIDE OF THE UK
During the year, the company had operations in Norway and Sweden.

RISK MANAGEMENT
The activities of the business expose it to a number of financial risks. The controls in place to mitigate these risks are detailed within the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SAILPOINT TECHNOLOGIES UK LTD (REGISTERED NUMBER: 06648439)

Report of the Directors
FOR THE YEAR ENDED 31 DECEMBER 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





M D McClain - Director


12 June 2025

Report of the Independent Auditors to the Members of
Sailpoint Technologies UK Ltd


Opinion
We have audited the financial statements of Sailpoint Technologies UK Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Report of the Independent Auditors to the Members of
Sailpoint Technologies UK Ltd


Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Sailpoint Technologies UK Ltd


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to thecompany, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Practice and the relevant tax compliance regulations for the company.

- We obtained an understanding of how the company is complying with these frameworks through discussions with management.

- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence.

- We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.

- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Sailpoint Technologies UK Ltd


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




James Flood (FCA) (Senior Statutory Auditor)
for and on behalf of HWB Chartered Accountants
Highland House, Mayflower Close
Chandlers Ford
Eastleigh
Hampshire
SO53 4AR

13 June 2025

SAILPOINT TECHNOLOGIES UK LTD (REGISTERED NUMBER: 06648439)

Consolidated
Income Statement
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 3 32,225,068 30,264,144

Cost of sales 1,303 128,604
GROSS PROFIT 32,223,765 30,135,540

Administrative expenses 28,886,185 27,895,689
OPERATING PROFIT 5 3,337,580 2,239,851

Profit/loss on sale of tang fa 6 389 1,109
3,337,969 2,240,960

Interest receivable and similar
income

16,154

3,181
3,354,123 2,244,141

Interest payable and similar
expenses

7

-

976
PROFIT BEFORE TAXATION 3,354,123 2,243,165

Tax on profit 8 516,574 406,558
PROFIT FOR THE FINANCIAL YEAR 2,837,549 1,836,607
Profit attributable to:
Owners of the parent 2,837,549 1,836,607

SAILPOINT TECHNOLOGIES UK LTD (REGISTERED NUMBER: 06648439)

Consolidated
Other Comprehensive Income
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 2,837,549 1,836,607


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,837,549

1,836,607

Total comprehensive income attributable to:
Owners of the parent 2,837,549 1,836,607

SAILPOINT TECHNOLOGIES UK LTD (REGISTERED NUMBER: 06648439)

Consolidated Balance Sheet
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 11,886,418 -
Tangible assets 11 705,179 750,997
Investments 12 - -
12,591,597 750,997

CURRENT ASSETS
Debtors: amounts falling due within
one year

13

14,091,401

16,612,104
Cash at bank 1,325,806 2,089,602
15,417,207 18,701,706
CREDITORS
Amounts falling due within one year 14 7,500,707 4,229,915
NET CURRENT ASSETS 7,916,500 14,471,791
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,508,097

15,222,788

PROVISIONS FOR LIABILITIES 16 - 104,724
NET ASSETS 20,508,097 15,118,064

CAPITAL AND RESERVES
Called up share capital 17 1,000 1,000
Capital contribution reserve 18 10,489,683 7,937,199
Retained earnings 18 10,017,414 7,179,865
SHAREHOLDERS' FUNDS 20,508,097 15,118,064

The financial statements were approved by the Board of Directors and authorised for issue on 12 June 2025 and were signed on its behalf by:





M D McClain - Director


SAILPOINT TECHNOLOGIES UK LTD (REGISTERED NUMBER: 06648439)

Company Balance Sheet
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 676,376 750,997
Investments 12 9,500,271 -
10,176,647 750,997

CURRENT ASSETS
Debtors: amounts falling due within
one year

13

13,852,110

16,612,104
Cash at bank 1,237,230 2,089,602
15,089,340 18,701,706
CREDITORS
Amounts falling due within one year 14 5,850,785 4,229,915
NET CURRENT ASSETS 9,238,555 14,471,791
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,415,202

15,222,788

PROVISIONS FOR LIABILITIES 16 - 104,724
NET ASSETS 19,415,202 15,118,064

CAPITAL AND RESERVES
Called up share capital 17 1,000 1,000
Capital contribution reserve 18 10,489,683 7,937,199
Retained earnings 18 8,924,519 7,179,865
SHAREHOLDERS' FUNDS 19,415,202 15,118,064

Company's profit for the financial
year

1,744,654

1,836,607

The financial statements were approved by the Board of Directors and authorised for issue on 12 June 2025 and were signed on its behalf by:





M D McClain - Director


SAILPOINT TECHNOLOGIES UK LTD (REGISTERED NUMBER: 06648439)

Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up Capital
share Retained contribution Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 1,000 5,343,258 4,480,987 9,825,245

Changes in equity
Total comprehensive income - 1,836,607 - 1,836,607
Capital contribution for
equity settled share based
payments - - 3,456,212 3,456,212
Balance at 31 December 2022 1,000 7,179,865 7,937,199 15,118,064

Changes in equity
Total comprehensive income - 2,837,549 - 2,837,549
Capital contribution for
equity settled share based
payments - - 2,552,484 2,552,484
Balance at 31 December 2023 1,000 10,017,414 10,489,683 20,508,097

SAILPOINT TECHNOLOGIES UK LTD (REGISTERED NUMBER: 06648439)

Company Statement of Changes in Equity
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up Capital
share Retained contribution Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 1,000 5,343,258 4,480,987 9,825,245

Changes in equity
Total comprehensive income - 1,836,607 - 1,836,607
Capital contribution for
equity settled share based
payments - - 3,456,212 3,456,212
Balance at 31 December 2022 1,000 7,179,865 7,937,199 15,118,064

Changes in equity
Total comprehensive income - 1,744,654 - 1,744,654
Capital contribution for
equity settled share based
payments - - 2,552,484 2,552,484
Balance at 31 December 2023 1,000 8,924,519 10,489,683 19,415,202

SAILPOINT TECHNOLOGIES UK LTD (REGISTERED NUMBER: 06648439)

Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

SailPoint Technologies UK Limited is a private company limited by shares, incorporated and domiciled in England and Wales.

The address of the registered office is Fourth Floor, St James House, St James' Square, Cheltenham, Gloucestershire, England, GL50 3PR, with its principal place of business at New Broad Street House, 35 New Broad Street, London, EC2M 1NH.

The company is registered at Companies House England and Wales. Its registered number is 06648439.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

This information is included in the consolidated financial statements of Sailpoint Technologies, Inc. as at 31 December 2023 and these financial statements may be obtained from 11120 Four Points Drive, Suite 100, Austin, Texas 78726, United States of America.

Financial Reporting Standard 102 - reduced disclosure exemptions
The group has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv),
11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of paragraphs 29.28(b) and 29.29;
the requirement of paragraph 33.7;
the requirements of paragraph 24(b) of IFRS 6.

Basis of consolidation
The consolidated financial statements include the results of the Company and all its subsidiary undertakings made up to the same accounting date. All intra-Group balances, transactions, income and expenses are eliminated in full on consolidation. The results of subsidiary undertakings acquired of during the period are included from the consolidated income statement from the effective date of acquisition.

SAILPOINT TECHNOLOGIES UK LTD (REGISTERED NUMBER: 06648439)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company is contracted by its parent company Sailpoint Technologies Holdings, Inc. to deliver sales and marketing services under an intercompany agreement. The turnover in respect of these services provided is calculated as attributable costs plus 8% in accordance with the transfer pricing agreement between the company and its parent company.

Sales of software licence subscriptions are recognised over the period of the contract with the deferred income being recognised in the statement of financial position. Sales of one-off installation services are invoiced and recognised fully on completion of the installation.

Change in accounting policy - Turnover
In the year the group changed its turnover recognition policy in relation to licence and maintenance income to agree to that of the wider group. Previously this income had been recognised evenly over the period of the agreement. In 2023 this was changed to recognise 60% of the value at point of sale and 40% over the maintenance period. This has resulted in an increase in revenue in the year of £1,548,385 (2022: £nil) and a decrease in deferred revenue by the same amount.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of six years.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:
- Leasehold improvements - Earlier of 5 years or the lease end date
- Fixtures and fittings - 5 years
- Computer equipment - 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying
amount and are recognised in profit or loss.

SAILPOINT TECHNOLOGIES UK LTD (REGISTERED NUMBER: 06648439)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Basic financial assets and liabilities that are payable or receivable within one year, typically trade payables and receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

SAILPOINT TECHNOLOGIES UK LTD (REGISTERED NUMBER: 06648439)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Internally-generated development intangible assets
An internally-generated development intangible asset arising from the group's product development is recognised if, and only if, the group can demonstrate all of the following:
- The technical feasibility of completing the intangible asset so that it will be available for use of sale.
- Its intention to complete the intangible asset and use or sell it. - Its ability to use or sell the intangible asset.
- How the intangible asset will generate probable future economic benefits.
- The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset.
- Its ability to measure reliably the expenditure attributable to the intangible asset during its development.

Internally-generated development intangible assets are amortised on a straight-line basis over their useful lives. Amortisation commences in the financial year of capitalisation. Where no internally generated intangible asset can be recognised, development expenditure is recognised as an expense in the period in which it is incurred. The amortisation cost is recognised as part of administrative expenses in the statement of comprehensive income.

Development costs are amortised at 20% per annum, straight line.

Foreign currencies
The company's functional and presentational currency is pound sterling (GBP).

Monetary amounts in these financial statements are rounded to the nearest £1 sterling.

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

SAILPOINT TECHNOLOGIES UK LTD (REGISTERED NUMBER: 06648439)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Share based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Statement of financial position date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable
without penalty on notice of not more than 24 hours.

Creditors
Short term creditors are measured at the transaction price.

Provision for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Intercompany 30,241,041 30,264,144
License & Maintenance 1,984,027 -
32,225,068 30,264,144

SAILPOINT TECHNOLOGIES UK LTD (REGISTERED NUMBER: 06648439)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. TURNOVER - continued

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 1,764,770 -
United States of America 30,282,969 30,264,144
Rest of the world 177,329 -
32,225,068 30,264,144

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 16,369,399 9,726,701
Social security costs 2,863,112 3,070,828
Other pension costs 680,290 443,282
19,912,801 13,240,811

The average number of employees during the year was as follows:
2023 2022

Corporate 5 4
Customer success 12 11
Marketing 3 3
PS 17 14
Sales 85 78
122 110

The average number of employees by undertakings that were proportionately consolidated during the year was 45 (2022 - NIL ) .

2023 2022
£    £   
Directors' remuneration - -

SAILPOINT TECHNOLOGIES UK LTD (REGISTERED NUMBER: 06648439)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Other operating leases 211,990 211,990
Depreciation - owned assets 397,429 362,400
Goodwill amortisation 246,155 -
Development costs amortisation 329,933 -
Auditors' remuneration 16,659 16,500
Foreign exchange differences 34,441 41,265

6. EXCEPTIONAL ITEMS
2023 2022
£    £   
Profit/loss on sale of tang fa 389 1,109

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Interest expense - 976

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 598,659 416,238
Adjustments in respect of
prior periods (13,002 ) (13,718 )
Foreign tax 37,012 -
Total current tax 622,669 402,520

Deferred tax (106,095 ) 4,038
Tax on profit 516,574 406,558

SAILPOINT TECHNOLOGIES UK LTD (REGISTERED NUMBER: 06648439)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 3,354,123 2,243,165
Profit multiplied by the standard rate of corporation tax in the
UK of 23.500 % (2022 - 19 %)

788,219

426,201

Effects of:
Expenses not deductible for tax purposes 98,984 323,540
Capital allowances in excess of depreciation (42,553 ) (26,694 )
Adjustments to tax charge in respect of previous periods 8,145 (13,717 )
Balancing charge 31,766 -
Fixed asset profit on disposals (91 ) -
Other permanent differences - (303,740 )
Remeasurement of deferred tax for changes in tax rates - 969
Unexplained difference / other differences (1,103 ) (1 )
Deferred tax (106,095 ) -
Research and development expenditure credit (260,698 ) -
Total tax charge 516,574 406,558

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. INTANGIBLE FIXED ASSETS

Group
Development
Goodwill costs Totals
£    £    £   
COST
Additions 8,701,416 3,761,090 12,462,506
At 31 December 2023 8,701,416 3,761,090 12,462,506
AMORTISATION
Amortisation for year 246,155 329,933 576,088
At 31 December 2023 246,155 329,933 576,088
NET BOOK VALUE
At 31 December 2023 8,455,261 3,431,157 11,886,418

SAILPOINT TECHNOLOGIES UK LTD (REGISTERED NUMBER: 06648439)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to and Office
property fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 582,374 65,092 939,862 1,587,328
Additions - 33,176 453,245 486,421
Disposals - (17,752 ) (204,781 ) (222,533 )
Transfer to ownership - - 5,275 5,275
At 31 December 2023 582,374 80,516 1,193,601 1,856,491
DEPRECIATION
At 1 January 2023 310,041 29,291 496,999 836,331
Charge for year 136,167 18,572 242,690 397,429
Eliminated on disposal - (17,727 ) (65,909 ) (83,636 )
Transfer to ownership - - 1,188 1,188
At 31 December 2023 446,208 30,136 674,968 1,151,312
NET BOOK VALUE
At 31 December 2023 136,166 50,380 518,633 705,179
At 31 December 2022 272,333 35,801 442,863 750,997

SAILPOINT TECHNOLOGIES UK LTD (REGISTERED NUMBER: 06648439)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. TANGIBLE FIXED ASSETS - continued

Company
Improvements Fixtures
to and Office
property fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 582,374 65,092 939,862 1,587,328
Additions - 32,655 421,502 454,157
Disposals - - (204,781 ) (204,781 )
Transfer to ownership - - 5,275 5,275
At 31 December 2023 582,374 97,747 1,161,858 1,841,979
DEPRECIATION
At 1 January 2023 310,041 29,291 496,999 836,331
Charge for year 136,167 18,515 239,311 393,993
Eliminated on disposal - - (65,909 ) (65,909 )
Transfer to ownership - - 1,188 1,188
At 31 December 2023 446,208 47,806 671,589 1,165,603
NET BOOK VALUE
At 31 December 2023 136,166 49,941 490,269 676,376
At 31 December 2022 272,333 35,801 442,863 750,997

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
Additions 9,500,271
At 31 December 2023 9,500,271
NET BOOK VALUE
At 31 December 2023 9,500,271

SAILPOINT TECHNOLOGIES UK LTD (REGISTERED NUMBER: 06648439)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Osirium Limited
Registered office: 4th Floor St James' House, St James' Square, Cheltenham, Gloucestershire, United Kingdom, GL50 3PR
Nature of business: 62020 - Information technology consultancy
%
Class of shares: holding
Ordinary 100.00

Osirium Technologies Limited
Registered office: 4th Floor St James' House, St James' Square, Cheltenham, Gloucestershire, United Kingdom, GL50 3PR
Nature of business: 62020 - Information technology consultancy
%
Class of shares: holding
Ordinary 100.00


Fixed asset investments are valued at cost inclusive of associated expenditure less any necessary impairment.

Osirium Limited (Registered number: 06736750) and Osirium Technologies Limited (Registered number: 09854713) are exempt under s479A Companies Act 2006 from the requirements of the same act relating to the audit of their financial statements.

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 154,453 - - -
Amounts owed by group undertakings 13,324,627 16,113,917 13,484,926 16,113,917
Other debtors 198,548 119,582 - 119,582
Other taxation - 12,798 - 12,798
VAT 132,177 222,962 125,303 222,962
Deferred tax asset 1,371 - 1,371 -
Prepayments 280,225 142,845 240,510 142,845
14,091,401 16,612,104 13,852,110 16,612,104

Deferred tax asset
Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 1,371 - 1,371 -

SAILPOINT TECHNOLOGIES UK LTD (REGISTERED NUMBER: 06648439)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade creditors 319,441 733,116 216,080 733,116
Amounts owed to group undertakings 1,678,695 519,401 1,678,695 519,401
Corporation tax 101,727 84,360 101,727 84,360
Other taxation 7,076 - 7,076 -
Social security and other taxes 408,926 343,722 394,117 343,722
Other creditors 120,901 333,787 109,581 333,787
Accrued expenses 3,584,632 2,215,529 3,343,509 2,215,529
Deferred income 1,279,309 - - -
7,500,707 4,229,915 5,850,785 4,229,915

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 162,251 158,993
Between one and five years - 169,011
162,251 328,004

Company
Non-cancellable operating leases
2023 2022
£    £   
Within one year 162,251 158,993
Between one and five years - 169,011
162,251 328,004

16. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax - 104,724 - 104,724

SAILPOINT TECHNOLOGIES UK LTD (REGISTERED NUMBER: 06648439)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


16. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 January 2023 104,724
Provided during year (106,095 )
Balance at 31 December 2023 (1,371 )

Company
Deferred
tax
£   
Balance at 1 January 2023 104,724
Provided during year (106,095 )
Balance at 31 December 2023 (1,371 )

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

Ordinary shares hold full voting rights, are entitled to dividends and are entitled to a distribution arising from winding up the company.

18. RESERVES

Group
Capital
Retained contribution
earnings reserve Totals
£    £    £   

At 1 January 2023 7,179,865 7,937,199 15,117,064
Profit for the year 2,837,549 2,837,549
Capital contribution for
equity settled share based
payments - 2,552,484 2,552,484
At 31 December 2023 10,017,414 10,489,683 20,507,097

SAILPOINT TECHNOLOGIES UK LTD (REGISTERED NUMBER: 06648439)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


18. RESERVES - continued

Company
Capital
Retained contribution
earnings reserve Totals
£    £    £   

At 1 January 2023 7,179,865 7,937,199 15,117,064
Profit for the year 1,744,654 1,744,654
Capital contribution for
equity settled share based
payments - 2,552,484 2,552,484
At 31 December 2023 8,924,519 10,489,683 19,414,202

Called up share capital - represents the nominal value of shares that have been issued.
Profit and loss account - represents accumulated profits and losses.
Capital contribution - represents the accumulated share based payments expense.

19. PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £653,207 (2022: £443,282). Contributions totalling £109,581(2022: £79,791) were payable to the fund at the reporting date and are included in creditors.

20. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

SAILPOINT TECHNOLOGIES UK LTD (REGISTERED NUMBER: 06648439)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


21. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Sailpoint Holdings, Inc., a company incorporated in the United States of America, therefore Sailpoint Holdings, Inc. is the immediate parent undertaking.

SailPoint Parent, LP. a company incorporated in the United States of America, is considered to be the ultimate parent undertaking who indirectly holds 100% of the issued share capital in the company.

The smallest group in which the results of the company are consolidated is that headed by Sailpoint Holdings, Inc.

The largest group in which the results of the company are consolidated is that headed by Sailpoint Technologies Holdings, Inc. with its registered office at 11120 Four Points Drive, Suite 100, Austin Texas, 78726, United States of America.