Identity management company JumpCloud has closed a funding round on $50m to grow its team by 200 people.
General Atlantic, a global growth equity firm, led the round, with previous backers of JumpCloud, Foundry Group and OpenView Partners, also contributing to the investment.
With this batch of funding, the RegTech hopes to increase its head count by 200 staff members over the next two years, expanding its engineering, sales, and marketing. Additionally, capital is being spent on further innovation, expanding its global presence and setting up a physical presence in strategic areas around the world, it said.
Colorado-based JumpCloud Is an identity and authentication solution which gives IT teams tools to manage user identities and connect them to resources regardless of provider, vendor or location. The services support SSO, LDAP, RADIUS, Mac, Windows, Linux, and others.
Once the identity of a user or group has been verified, they can be connected to all their resources through cloud-based applications. Depending on their access levels, users can remotely access their systems, applications, file shares, networks, and directory integrations.
Earlier in the year, General Atlantic made a $715m minority investment into the portfolio and risk management software company Axioma. The deal was part of a wider acquisition in which German stock exchange operator Deutsche Börse picked up the RegTech company.
Identity solutions witnessed the largest amount of deals within the RegTech sector, RegTech Analyst data shows. Of the 164 deals completed within the RegTech sector during 2018, 19.7 per cent (32) involved identity management companies.
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