Summit Partners invests in Keeper Security, fuels expansion in cybersecurity solutions

Summit Partners invests in Keeper Security, fuels expansion in cybersecurity solutions

Keeper Security, a leading provider of zero-trust and zero-knowledge cybersecurity software, announced today that global growth equity firm Summit Partners has completed a significant minority investment in the company.

This investment marks the second significant funding round from a leading technology growth equity firm.

Keeper Security, since raising its last funding round in August 2020, has witnessed strong growth in its global operations. The company has added several hundred new employees, acquired remote network access provider Glyptodon, and expanded its industry certifications, including earning FedRAMP and StateRAMP Authorization. Keeper has opened new data centers in Australia, Canada, and Japan, and expanded its partner ecosystem across the NorAm, EMEA, and APAC regions. The company doubled its revenue, maintained strong gross margins, and marked Q1 2023 as its strongest quarter on record.

This latest investment will accelerate Keeper’s growth and solidify its position as an innovator in enterprise password management, secrets management, privileged connection management, and privileged access management. The funds will be used to further enhance Keeper’s cybersecurity solutions, enabling organizations worldwide to benefit from best-in-class cybersecurity products.

Keeper Security CEO and Co-Founder Darren Guccione said, “Insight Partners is and has been a fantastic partner that has helped us with go-to-market strategies and best practices. I’ve known Len Ferrington and the Summit team for many years. They have deep experience investing in cybersecurity and a shared passion for the Keeper vision. I’m excited about the expanded perspective that both Insight and Summit will bring to Keeper, supporting our exceptional team as we continue to create and deliver industry-leading technology and innovation.”

Len Ferrington, Managing Director at Summit Partners, said, “Summit has invested in security software for more than thirty years. We are impressed with the breadth of the Keeper product portfolio as well as the Company’s growth, and we are excited to see Keeper work to further disrupt the cybersecurity industry.”

Thomas Krane, Managing Director at Insight Partners, said, “We saw great potential in Keeper and they’ve surpassed our expectations as a consistently high-performing company in the industry. This strategic investment will elevate Keeper even further, expanding its ability to provide best-in-class cybersecurity solutions to organizations around the world.”

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