Traditional on-premises identity management falls short of meeting today’s demands. Modern organizations require automated, cloud-compatible Identity Access Management (IAM) systems to effectively authenticate and authorize a large number of remote users. In decentralized work settings, agility is crucial.
One company that’s striving to establish a nimble cloud IAM system is Saviynt, a provider of identity and access governance solutions. Saviynt recently announced a successful fundraising round, securing $205 million from AB Private Credit Investors’ Tech Capital solutions group.
Saviynt’s Enterprise Identity Cloud (EIC) is a cloud-native, unified identity platform specifically crafted to streamline identity and access management across various domains, including workforce, enterprise applications, privileged accounts, and third-party identities, all within a single comprehensive solution.
This innovative approach empowers security teams to efficiently oversee the entire identity lifecycle, utilizing automated workflows to govern identities at scale across on-premises, hybrid, and multicloud environments.
Funding is being provided in response to the persistent struggle organizations face in safeguarding identities from malicious actors. Research indicates that within the past year, 80% of organizations have experienced breaches related to identity security.
One of the primary obstacles contributing to this security gap is the absence of necessary technologies and processes within organizations, hindering the consistent enforcement of access management controls across both on-premises and cloud environments.
Sachin Nayyar, CEO and founder of Saviynt, emphasized the critical role applications play in modern organizations and their pivotal role in digital transformation. Managing identity in the cloud presents a central challenge, involving the need for secure and dependable access control to resources, all while preserving user privacy and ensuring compliance with regulatory requirements. This challenge is amplified by the substantial growth in the number of identities, spanning employees, third parties, and machine identities. Additionally, it entails guarding against unauthorized access and preventing over-provisioned access. Furthermore, the integration and synchronization of identities across diverse cloud environments and on-premises systems can pose a significant challenge.
Saviynt operates within the Identity and Access Management (IAM) market, a sector that was valued at $12.3 billion in 2020 and is projected to reach $34.5 billion by 2028 as organizations grapple with increasing security and compliance challenges.
Among its notable competitors is SailPoint Technologies, a cloud-based IAM provider offering the SailPoint Identity Security Platform, incorporating artificial intelligence (AI) and machine learning for real-time access discovery and automation. In the previous year, Thoma Bravo acquired SailPoint Technologies for $6.9 billion.
Another significant contender in this field is Okta, which provides the Workforce Identity Cloud solution. It features single sign-on, adaptive multifactor authentication, and lifecycle management capabilities. Okta anticipates generating total revenue of $1.8 billion in 2023.
Nayyar contends that Saviynt’s distinctive advantage over its rivals lies in its cloud-native approach to identity security. He stated, “Unlike traditional identity security providers like SailPoint, Saviynt offers a cloud-native, unified identity platform encompassing workforce, enterprise applications, privileged, and third-party identities. This approach delivers the optimal user experience for addressing a wide range of use cases with the highest return on investment and lowest total cost of ownership (TCO).”