Saviynt raises $130M to accelerate its growth in enterprise identity security market
Saviynt 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.
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.
“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’s 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.
In addition to this significant growth across its customer base, top analysts acknowledged Saviynt’s product vision and leadership. Gartner awarded Saviynt the Gartner Peer Insights Customers’ Choice 2021 award as well as the highest rating of any vendor in the Gartner 2021 IGA Solution Scorecard, and KuppingerCole listed the company as an Overall Leader in Privileged Access Management (PAM) within its 2021 Leadership Compass Report. Saviynt is the only SaaS vendor to be listed as a leader in both the IGA & PAM reports.
In 2021, Saviynt ranked among Inc. Magazine’s list of the top growing private companies in America coming in at #1,585 with 295% growth. This recognition was a direct result of the company’s growth in annual recurring revenue (ARR), and was supported by the expansion of the Saviynt team – led by the company’s newly appointed Head of People, Anne Ceruti.
Saviynt expanded its partner program in the first half of the year to accelerate growth and bring Enterprise Identity Cloud to key markets through significant global solution integrators, technology partners, and managed service providers.