Saviynt, a leading provider of identity governance and cloud security solutions, announced that it has raised $205 million in a new round of financing. The funding will enable Saviynt to continue driving innovation in its product capability, expand geographically in existing and new markets, and scale operations to a larger customer base.
In conjunction with the financing, Prakash Linga, Saviynt’s founder and former CEO, returns to the company as chief executive officer. Joining Linga as part of this announcement, Aharon Apradiq, CEO of Brodmann17 and a veteran software executive, has been appointed as the chairman of Saviynt’s board of directors.
Saviynt, founded in 2013, explains the goal of its technology is to help organizations manage identities and secure access across applications and cloud environments. The company’s proprietary technology platform offers a unique approach to identity governance and cloud security, relying on a combination of automation, machine learning, and data analytics to identify and prevent malicious behavior by both employees and external stakeholders.
In the most recent funding round, Sumeru Equity Partners led the financing as the primary investor. Other investors in the round include DN Capital, Inevitable Ventures, and MassMutual Ventures.
“In the past 16 months, we’ve achieved so much at Saviynt, from the disruptive launch of the Saviynt Platform no-code automation solution to our continued engagement with the world’s leading enterprises” said Linga. “The pandemic has dramatically altered the security landscape, and I am thrilled to join forces with Sumeru Equity Partners and this team of investors to meet the challenges of the new security reality and make enterprises significantly more efficient and secure.”
Saviynt’s new technology helps organizations overcome challenges associated with identity and access security while staying compliant with a variety of local, regional, and global regulations. Apradiq commented on the round of financing “We are confident in the long-term growth prospects of Saviynt. We are excited to partner with Prakash, and the experienced team, as they continue on their journey of becoming a security powerhouse that continues to revolutionize how access and identity security is made easier and more efficient for its clients”.
Saviynt’s mission is to help clients become secure, compliant, and efficient. With the new $205 million round of financing and the return of founder Prakash Linga as CEO, Saviynt is well-equipped to achieve its goal.
Saviynt, which provides intelligent identification and obtain governance remedies, has raised $205 million in personal debt. The financing was presented by AB Personal Credit Buyers’ Tech Funds Methods group and brings the whole lifted by the California corporation to $375 million.
The announcement comes at the same time as the company’s founder Sachin Nayyar returns to Saviynt as CEO. Former Saviynt CEO Amit Saha will be taking on the new job of Chief Development Officer. Paul Zolfaghari also joins the enterprise as its newly-appointed president.
Saviynt’s Most up-to-date Credit card debt Elevate
These bulletins occur amidst outstanding firm development pushed by ongoing powerful desire for its Company Identification Cloud, a cloud-native converged identity system for workforce, enterprise programs, privileged and third-social gathering identities, in accordance to the company.
The company says it will use the new cash to fulfill the market’s growing desire for its converged identification system and accelerate innovation.
Lewis Leavitt, Director for AB Tech Funds Remedies, commented:
“The company’s solid fiscal functionality and market prospect supports our expectation for a very long-phrase, productive connection.”
Saviynt’s Returning CEO
Nayyar led Saviynt from its founding in 2011 until eventually 2018. Right before commencing the corporation, Nayyar was the main identification strategist at Sunlight Microsystems and president of Brinqa, a cybersecurity hazard management system.
Soon after leaving Saviynt, Nayyar served as the CEO of cybersecurity organization Securonix. There, he led a $1 billion-plus development financial commitment from Vista Fairness Companions in 2021.
Commenting on his return, Nayyar said:
“I am thrilled to return to Saviynt. Contemporary enterprises now understand they have to have a converged solution to identification stability, 1 that is agile, cloud-centered and will seamlessly scale to take care of and mitigate danger. Saviynt anticipated this require when it was launched in 2011. Nowadays, the firm is positioned to meet this demand and speed up our disruption of legacy identification protection suppliers, which includes SailPoint. The new funding will allow us to lengthen our Business Identity Cloud platform advantage via ongoing innovation, enhance consumer expertise, extend the system to guidance rising technologies these types of as OT and IoT and mature our technological innovation spouse ecosystem.”