Saviynt Raises $205M; Founder Rejoins as CEO
LOS ANGELES – 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…
The Cyber Hut Comment: Saviynt have been around since 2010 and this funding round takes their total take to $375 million. With over 880 employees according to LinkedIn, they have been a strong player in the identity governance and administration space for a long time.
They compete with the likes of Sailpoint and originally Oracle (Oracle Identity Analytics, formerly Sun Role Manager, formerly Vaau RBACx) and face more recent competition from more agile startups like ClearSkye and ConductorOne who tackle IGA in slightly different and more focused directions.
The funding round is large and will enable Saviynt to continue their focus on cloud delivery, the world of machine to machine governance and the world of operational technology (OT) too.
Their narrative focuses on the evolving “identity security” focus - where access governance, authorization, threat intelligence and event identity threat detection start to blur. Their main platform is described as the EIC - the enterprise identity cloud - a suitably generic name that encompasses zero trust and access management principles.
A major issue with any IGA platform, is how quickly and efficiently you can get data into the platform - and the Saviynt Exchange is their answer. A community set of integrations based on templates, that can allow data ingestion from a range of on-prem and cloud systems.
Sachin Nayyar returning as CEO is also interesting. He lead the company in it’s early stages, before spending time on another of this startups at the time Securonix. Nayyar’s experience in building out large scale identity and security organisations will be critical as Saviynt enter this next stage in their journey.
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