Saviynt said the investment would help the company meet a growing demand for its cloud identity software.
“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,” Amit Saha, the company’s chief executive, said in a statement.
HPS Investment Partners, a New York-based private equity investment firm, and PNC Bank, a Pittsburgh-based banking institution, led the latest round of financing, which will be put toward investments in staffing, and research and development.
The investment multiplies the company’s previous funding by more than four times, bringing its total to $170 million.
In the first half of 2021, Saviynt said, its new product bookings, or commitment from customers to pay for its software, grew by 64% year over year. The company’s number of new customers increased 48% year over year in the first half of 2021.
The company attributes its growth to the continued adoption of cloud technology, increased focus on cybersecurity, the increase in paperless workplaces and the shift to remote work amid the pandemic.
“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 multicloud environments,” Saha said in a statement.
Founded in 2010, Saviynt operates a cloud cybersecurity platform that protects applications, data and digital infrastructure for businesses. The company released its first software solution in 2015 and closed its first major funding round of $40 million in 2018. Saviynt’s major clients include London-based BP; San Jose-based Western Digital Technologies Inc.; Springfield, Mass.-based Massachusetts Mutual Life Insurance Co.; and Wichita, Kan.-based Koch Industries Inc.
In November, the company released its latest platform, Enterprise Identity Cloud, which consolidates traditional cybersecurity solutions with other tools, such as centralized controls, advanced analytics and automated workflow.
“Saviynt is witnessing firsthand the massive shift in the business needs of organizations, specifically in the realm of intelligent identity and cloud transformation,” Saha said in a statement. “We listened carefully to our customers and partners, developing innovative solutions to help them persevere through these challenging times.”
Saviynt operates in a growing worldwide industry. According to market research firm Mordor Intelligence, the global cybersecurity market was worth $156 billion in 2020 and is expected to reach $352 billion by 2026. North America is the largest market for this technology, according to the firm.
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