SAN FRANCISCO--(BUSINESS WIRE)--Saviynt, a leading global provider of Identity Governance and Administration (IGA) solutions, announced today that Carrick Capital Partners ("Carrick"), an investment firm with a focus on technology-enabled businesses, including enterprise software, has committed $40 million to its Series A financing round. The announcement was made from RSA Conference 2018 taking place April 16th to 20th in San Francisco.
Saviynt delivers next-generation IGA solutions for organizations to secure their most critical assets, manage data privacy and risk, meet continuous compliance needs and securely adopt new technologies with confidence. Saviynt’s unique approach provides Identity Governance, Cloud Security and Application GRC capabilities as an integrated platform delivered as an efficient cloud-based service. With some of the largest global corporations now relying on Saviynt’s solution to ensure the security of their company’s applications, data, and infrastructure, Saviynt is poised for a new chapter of exponential growth.
An Identity Governance solution is fundamental to organizations’ cyber security strategy, with more enterprises opting for a cloud-based delivery model than on-premise solutions. According to Gartner “By 2021, IGA as a service becomes the dominant delivery model for new deployments, where 40% of new buyers will opt for cloud-architected IGA and 15% for cloud-hosted IGA software, up from 5% and less than 5%, respectively, in 2018.”
Carrick's financing will be used by Saviynt to expand U.S. and international field operations, further build out its ecosystem of technology and system integration partners, accelerate delivery product roadmap of advancements and deepen the company's customer service and support functions to meet the needs of a growing global customer base.
“We are very excited to be partnering with Carrick because they have a deep understanding of our market and they are committing the financial and operating resources necessary for us to realize the full value of our opportunity," said Amit Saha, CEO of Saviynt. “Working with a partner with relevant experience in the enterprise software industry to obtain the resources necessary to scale our operations ensures we are positioned to help customers easily adopt next-generation of IGA.”
"Carrick identified Saviynt as one of the leaders in our thematic thesis on identity management's importance within cyber security. We believe there will be continued opportunity for investment in cyber, but Saviynt stands out today for its powerful product suite, impressive revenue and customer growth, and the management team's clear commitment to excellence," explained Carrick co-founder and Managing Director Marc McMorris.
As part of its investment, Carrick Managing Director Paul Zolfaghari will be joining Saviynt's board of directors. He is a veteran of the enterprise software industry. “We are very impressed with Saviynt’s vision and the breadth of their solution portfolio,” said Zolfaghari. “They offer the most feature-rich solution in this market segment that serves the needs of the largest companies, while their cloud-based delivery makes it accessible to organizations of all sizes. We are looking forward to working with the exceptional team at Saviynt to accelerate the company's already impressive growth.”
Gartner, Magic Quadrant for Identity Governance and Administration, Felix Gaehtgens, Kevin Kampman, Brian Iverson, 21 February 2018
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Saviynt is a leading provider of Cloud Security and Identity Governance solutions. Saviynt enables enterprises to secure applications, data and infrastructure in a single platform for Cloud (Office 365, AWS, Salesforce, Workday) and Enterprise (SAP, Oracle EBS). Saviynt is pioneering IGA 2.0 by integrating advanced risk analytics and intelligence with fine-grained privilege management.
About Carrick Capital Partners
Headquartered in San Francisco and Newport Beach, Carrick Capital Partners is a growth-oriented investment firm that utilizes ABV (Approach to Building Value) to operationally scale fast-growing, technology-enabled businesses. Carrick adds value by taking a concentrated approach and dedicating significant resources post-investment. Leveraging decades of experience, Carrick helps scale great companies that deliver excellent returns for investors, stimulating economic growth and positively impacting the industry landscape. Working directly with CEOs and entrepreneurs, Carrick fulfills a vital need for investment capital and growth expertise.