Business

Cloud-based Saviynt raised $130M led by PNC Bank and HPS Investment

cloud saviynt hps pnc bank 170mnovinsoncrn

According to the recent announcement of Saviynt, a leader in providing intelligent identity and governance solutions accessor, after the commercial development of the company in the first half of 2021, it has closed $130 million in financing from PNC Bank and HPS Investment Partners, which boosted their total capital to $170M. They decided to invest in R&D and personnel using subsidiary resources and thus the cloud-based identity demand will be solved.

They also stated the ascending development of the company in 2020 because of ongoing cloud adoption in the market, promoting digital transformation, focusing on cybersecurity, and changing to work from home. Innovative results and expanding and building crucial partnerships prove the development of Saviynt in the market.

The achievement of Saviynt is possible because worldwide enterprises have been forced to rethink their approach to security against rising cyber risks and security breaches with identity, where identity management became the foundation for Zero Trust. Thus, over the next two years, Identity Defined Security Alliance responded to report acceleration of identity investments by 97% of organizations.

Amit Saha, the CEO of Saviynt, said that the demand for their cloud identity solutions was not increasing because different companies preferred business transformation that focused on security parameters which are defined by evolved regulations, identity for reducing the risks of the hybrid workforce, and protection of the environment of multi-cloud. He also conveyed that with additional funding they will adopt strategies like focusing on positive global growth, amplification of product innovation, and promoting Saviynt’s in new premises will help them to keep up with demand head-on.

Saviynt made a record growth in product booking by 64% YOY (year-over-year). This was guided by premium customer loyalty, diversified product and accretion of canopy customers at the rate of 48% YOY.

Saviynt’s converged Enterprise Identity Cloud platform is user-friendly which helped to increase the customer percentage. The importance of secure SaaS platform and unified identity over the traditional siloed software application became clear when Saviynt’s products turned up new bookings, along with Application Access Governance, Cloud PAM, and Third-Party Access Governance, which grew 184% YOY.

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