Saviynt Raises $205M; Founder Rejoins as CEO, Appoints Seasoned President to Accelerate its Leadership in Identity Management
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Company’s Converged Identity Platform Has More Than Doubled in Revenue and Customers Since 2020 Launch
LOS ANGELES--(BUSINESS WIRE)-- Saviynt, a leading provider of intelligent identity and access governance solutions, today announced that it has closed $205 million in growth financing from AB Private Credit Investors’ Tech Capital Solutions group, an affiliate of global investment management firm AllianceBernstein. The company will use this funding to meet the market’s growing demand for its converged identity platform and accelerate innovation.
The company also welcomes back its founder Sachin Nayyar as the newly appointed Chief Executive Officer. Nayyar first led Saviynt from inception in 2011 to leadership in the identity governance market in 2018, exponentially increasing its revenue and customers during his initial tenure. Nayyar rejoins Saviynt after serving as founder and CEO of cyber security company Securonix, which he led to a $1 billion+ 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. He was most recently a Managing Director at private equity firm Carrick Capital Partners. Prior to that, Zolfaghari was President of enterprise software company MicroStrategy (NASDAQ: MSTR.) Former Saviynt CEO Amit Saha will be taking on the new role of Chief Growth Officer, where he will develop and execute on strategies to grow the company’s converged identity platform and strategic relationships.
“We look forward to working with such a talented management team and prominent investor base at Saviynt,” said Alex Barry, Head of Originations for AB Tech Capital Solutions, a business unit within AB Private Credit Investors, the middle market direct lending platform of AllianceBernstein. Lewis Leavitt, Director for AB Tech Capital Solutions, continues, “The company’s strong financial performance and market opportunity supports our expectation for a long-term, successful relationship.”
These announcements come amidst exceptional company growth driven by continued strong demand for its Enterprise Identity Cloud, a leading cloud-native converged identity platform for workforce, enterprise applications, privileged and third-party identities.
“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,” said Sachin Nayyar. “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.”
Organizations have increasingly turned to Saviynt EIC to maximize ROI, lower costs, reduce complexity, and streamline IAM processes. In October 2022, the company released major new platform capabilities that build on key areas of identity governance, cloud privileged access management (CPAM) and identity analytics to help organizations embrace Zero Trust principles. Saviynt’s latest growth funding represents its unwavering commitment to deliver the best identity solution to its customers, including:
- Innovation: consistently deliver advanced identity solutions that facilitate digital transformation by leading the market in security, ease of use, and organizational impact
- Customer support: ensure the highest possible customer satisfaction through a dedicated team of professionals available 24/7
“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,” said Paul Zolfaghari, President, Saviynt.
“Saviynt enabled Kraft Heinz Company to transform and modernize our enterprise identity security strategy,” said Ricardo Lafosse, Chief Information Security Officer, Kraft Heinz. “As one of the largest food and beverage companies in the world, we needed a partner that could overhaul our security posture with minimal disruption. Today, with Saviynt we’ve created a dynamic approach to converged identity; one that gives us full access control, protection of critical assets and significant minimization of risk.”
To learn more about Saviynt, please visit www.saviynt.com.
Saviynt's Enterprise Identity Cloud helps modern enterprises scale cloud initiatives and solve the toughest security and compliance challenges in record time. The company brings together identity governance (IGA), granular application access, cloud security, and privileged access to secure the entire business ecosystem and provide a frictionless user experience. For more information, please visit saviynt.com.
About AllianceBernstein, AB Private Credit Investors and AB Tech Capital Solutions
AllianceBernstein is a leading global investment management firm with over $658 billion in assets under management. AB Private Credit Investors is a $15 billion direct lending platform and through AB Tech Capital Solutions, it provides a range of financing solutions for growth stage technology companies, typically backed by leading growth equity and venture capital firms. These financing solutions range from senior and junior debt to equity investments and secondaries, with proceeds typically used to fund organic growth initiatives, acquisitions, and partial liquidity events.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230131005275/en/
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