Saviynt, which provides intelligent identity and access governance solutions, has just closed $205 million in growth financing. The investment came from AB Private Credit Investors’ Tech Capital Solutions group, an affiliate of global investment management firm AllianceBernstein.
The California-based startup will use this funding to meet the market’s growing demand for its converged identity platform and accelerate innovation.
Sachin Nayyar, the founder and CEO of Saviynt said, “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.”
In addition to the investment, Sachin Nayyar has been reappointed as CEO of the company. The company’s founder and CEO Nayyar rejoined Saviynt after leading a $1 billion investment by Vista Equity Partners in 2022 in his previous startup, Securonix.
A 20-year veteran of software company operations, Paul Zolfaghari will join Saviynt as President. His most recent position was Managing Director of Carrick Capital Partners. Also, former Saviynt CEO Amit Saha will take on the role of Chief Growth Officer.
He will focus on the development and execution of 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, continued “The company’s strong financial performance and market opportunity supports our expectation for a long-term, successful relationship.”
“I am thrilled to return to Saviynt. Modern enterprises now realise 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 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.
Develops cloud-ready identity solutions
Founded in 2011 by Sachin Nayyar in California, Saviynt is on a mission to safeguard enterprises through intelligent, cloud-first identity governance and access management solutions.
Saviynt enables organisations to merge divergent identity, role, and group definitions across their on-premise, hybrid, and cloud infrastructures to create a single, authoritative identity source. The platform natively integrates with business-critical IaaS and SaaS products.
Saviynt’s analytics streamline the request/review/certify process by aligning with policy controls. The platform alerts users to anomalous requests/access, which an administrator must approve.
When it comes to products and services, Saviynt’s Enterprise Identity Cloud helps organisations to maximise ROI, lower costs, reduce complexity, and streamline IAM processes. Its cloud-native Converged Identity Platform for workforce, enterprise applications, privileged and third-party identities has over doubled in revenue and customers since 2020 launch.