Capital to Further Fuel Saviynt’s Impressive Growth, Continue To Scale Go-To-Market Operations, Expand Channel Partner Eco-system, and Extend Product Capabilities.
Saviynt, a leading global provider of Identity, Governance, and Administration (“IGA”) solutions, has 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.
Saviynt delivers next generation IGA solution for organizations to secure their most critical assets, effectively manage data privacy and risk, meet continuous compliance needs and securely adopt new technologies with confidence. Saviynt’s unique approach not only provides Identity Governance, Cloud Security and Application GRC capabilities as an integrated platform, but also delivers this as an efficient cloud-based service. With some of the largest global corporations now relying on Saviynt’s solution to ensure security of their company’s applications, data and infrastructure, Saviynt is poised for a new chapter of exponential growth.
“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. “Gartner has just recognized us as a ‘Leader’ in their 2018 Magic Quadrant for Identity Governance and Administration report, so we feel that we have hit the trifecta: working with a partner like Carrick with relevant experience in the enterprise software industry; gaining significant capital to support our plans for growth; and achieving clear industry recognition for our solution. This makes it a perfect time for us to obtain the resources necessary to scale our operations and double down on our mission,” he concluded.
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. In the 2018 Magic Quadrant for Identity Governance and Administration report, Gartner states as its Strategic Planning Assumptions that, “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.” By offering the most fully featured IGA solution delivered as a service, Saviynt is well positioned to enable customers easily adopt to a new delivery model.
Carrick’s financing will be used by Saviynt to expand its U.S. and international field operations, further build out its eco-system of technology and system integration partners, accelerate the delivery of advancements in its product roadmap, and deepen the company’s customer service and support functions to meet the needs of a growing global customer base.
“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. Mr. Zolfaghari is a veteran of the enterprise software industry and added “We are very impressed with Saviynt’s vision and the breadth of their solution portfolio. They offer the most feature-rich solution in this market segment that serves the needs of the largest companies, while the 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.”
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.