Saviynt Raises $130M to Further Accelerate Its Growth in Enterprise Identity Security Market Following Record First Half of 2021
Identity Solution Provider Realized 64% Year-Over-Year Growth in New Business and Expanded Both its Customer Base & Employees by 48%
Saviynt, a leading provider of intelligent identity and access governance solutions, today announced that it has closed $130 million in financing from HPS Investment Partners and PNC Bank after driving record company growth in the first half of 2021. The latest funding brings Saviynt’s total capital raised to $170M. The company will use the additional resources to meet the increasing demand for its cloud-based identity solution by significantly growing its investments in R&D and personnel.
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“Demand for our cloud identity solutions has never been higher as companies continue prioritizing business transformation with a focus on an identity-defined security perimeter to reduce hybrid workforce risks, meet evolving regulations, and protect multi-cloud environments”
The announcement follows the company’s exceptional growth in 2020, which was driven by the market’s continued cloud adoption, increased focus on cybersecurity, support for digital transformation initiatives, and the shift to remote work. Saviynt’s growing leadership position in the market is reflected by its product innovation, Global 2000 customer wins, expansion to new regions, and launching of key strategic partnerships.
Saviynt’s success comes as rising cyber risks and identity-related security breaches have forced enterprises worldwide to rethink their approach to security, with identity management becoming the foundation for Zero Trust. In response, the Identity Defined Security Alliance reports that 97% of organizations will accelerate identity investments over the next two years.
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“Demand for our cloud identity solutions has never been higher as companies continue prioritizing business transformation with a focus on an identity-defined security perimeter to reduce hybrid workforce risks, meet evolving regulations, and protect multi-cloud environments,” said Amit Saha, CEO, Saviynt. “With our additional funding, we can meet that demand head-on by doubling down on product innovation, continuing our rapid global growth, and bringing Saviynt’s platform to new industries and regions.”
In the first half of the year, Saviynt is new product bookings grew by 64% year-over-year. This record growth was driven by best-in-class customer loyalty, further product expansion, and the acquisition of new marquee customers at a rate of 48% year-over-year.
Customers also quickly adopted new product capabilities on Saviynt’s converged Enterprise Identity Cloud platform. Saviynt’s emerging products’ new bookings, including Cloud PAM, Application Access Governance, and Third-Party Access Governance, grew 184% year-over-year – demonstrating the significant value of a unified identity and security SaaS platform versus traditional siloed software applications.
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