Saviynt, an identity and access governance firm, has raised $205m in growth financing from AB Private Credit Investors’ Tech Capital Solutions group.
Saviynt will use this funding to meet the market’s growing demand for its converged identity platform and accelerate innovation.
Alongside the funding, Sachin Nayyar has been appointed as the company CEO. Nayyar previously led Saviynt from inception in 2011 to leadership in the identity governance market in 2018.
Nayyar rejoins Saviynt after serving as founder and CEO of cyber company Securonix, which he led to a $1bn plus growth investment led by Vista Equity Partners in 2022.
Seasoned executive Paul Zolfaghari joins Saviynt as President with over twenty years of software company operating experience.
In October 2022, Saviynt released major new platform capabilities that build on key areas of identity governance, cloud privileged access management (and identity analytics to help organizations embrace Zero Trust principles.
The firm claims its latest growth funding represents its unwavering commitment to deliver the best identity solution to its customers, including in innovation and customer support.
Nayyar said, “I am thrilled to return to Saviynt. Modern enterprises now realize they require a converged approach to identity security, one that is agile, cloud-based and will seamlessly scale to manage and mitigate risk.
“Saviynt anticipated this need when it was founded in 2011. Today, the company is positioned to meet this demand and accelerate our disruption of legacy identity security providers, including SailPoint. The new funding allows us to extend our Enterprise Identity Cloud platform advantage through continued innovation, enhance user experience, expand the platform to support emerging technologies such as OT and IoT and grow our technology partner ecosystem.”
Saviynt president Paul Zolfaghari added, ““Saviynt is proud of our leading product innovation and our customer-centric philosophy, which we will maintain in our relentless pursuit to deliver a best in class experience, highest ROI, and lowest TCO for our growing customer and partner ecosystem.”
Gem Security has recently emerged from a period of stealth, launching its Cloud TDIR platform and landing $11m in seed funding from Team8.
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