Keeper Security Announces Minority Growth Equity Investment From Summit Partners
CHICAGO, May 9, 2023 /PRNewswire/ — Keeper Security (“Keeper” or the “Company”), a leading provider of zero-trust and zero-knowledge cybersecurity software, today announced that global growth equity firm Summit Partners has completed a significant minority investment in the Company. With this investment, Len Ferrington, Managing Director at Summit Partners, will join the Keeper Security Board of Directors. The synergy between Keeper, Summit and existing investor Insight Partners will further accelerate product innovation and catalyze strategic expansion of the Company’s prominence as a cybersecurity leader in the public and private sectors.
Keeper has seen strong growth in its global operations since raising its last round of funding in August 2020. The Company has added several hundred new employees, acquired remote network access provider Glyptodon, expanded its industry certifications to include earning FedRAMP and StateRAMP Authorization, opened new data centers in Australia, Canada and Japan, and expanded its partner ecosystem across the NorAm, EMEA and APAC regions. Keeper doubled its revenue while maintaining strong gross margins and continued its trajectory with Q1 2023 marking the Company’s strongest quarter on record. This latest investment will accelerate Keeper’s growth and solidify the Company’s position as an innovator in enterprise password management, secrets management, privileged connection management and privileged access management.
“Insight Partners is and has been a fantastic partner that has helped us with go-to-market strategies and best practices. I’ve known Len Ferrington and the Summit team for many years. They have deep experience investing in cybersecurity and a shared passion for the Keeper vision,” said Darren Guccione, CEO and Co-Founder of Keeper Security. “I’m excited about the expanded perspective that both Insight and Summit will bring to Keeper, supporting our exceptional team as we continue to create and deliver industry-leading technology and innovation.”
“While the current economic environment has led to a contraction in many areas of technology investment, the demand for secure and accessible cybersecurity solutions continues to accelerate,” said Len Ferrington, Managing Director at Summit Partners. “Summit has invested in security software for more than thirty years. We are impressed with the breadth of the Keeper product portfolio as well as the Company’s growth, and we are excited to see Keeper work to further disrupt the cybersecurity industry.”
“We saw great potential in Keeper and they’ve surpassed our expectations as a consistently high-performing company in the industry,” said Thomas Krane, Managing Director at Insight Partners. “This strategic investment will elevate Keeper even further, expanding its ability to provide best-in-class cybersecurity solutions to organizations around the world.”
Keeper was co-founded in 2011 by CEO Darren Guccione and CTO Craig Lurey as a password manager for mobile devices. Since then, the Company has developed a robust cybersecurity platform with a clear focus on fulfilling critical unmet needs of the rapidly growing identity and access management market. Today, Keeper’s solutions include a full suite of award-winning consumer and business offerings in password, secrets and privileged connection management, as well as differentiators including dark web monitoring, secure file storage, single-sign on integration, compliance reporting and detailed event logging. The Company services organizations of all sizes from small home offices to multinational enterprises and the largest public sector organizations. Enterprises select Keeper because of its strong security architecture; ability to support federated and passwordless authentication with any identity provider; seamless integration into on-premises, cloud or hybrid environments; and ease of use across desktop and mobile devices.
Its latest offering, KeeperPAM™, provides a next-generation Privileged Access Management (PAM) solution that is disrupting the traditional PAM market. KeeperPAM delivers enterprise-grade password, secrets and privileged connection management within a unified SaaS platform that is cost-effective, easy-to-use and simple-to-deploy. KeeperPAM enables least-privilege access with zero-trust and zero-knowledge security. Keeper’s patented cybersecurity solution is designed to enable complete visibility, security, control and reporting across every privileged user on every device within an organization.
Keeper is committed to maintaining the highest standards of security through continuous testing and auditing. Keeper holds the longest standing SOC 2 and ISO 27001 certifications in the industry. Keeper is GDPR compliant and CCPA compliant, PCI DSS certified, FedRAMP and StateRAMP Authorized, and certified by TrustArc for online privacy. The Company is consistently ranked as having the top-rated password management platform on the market. Keeper has a 4.9 out of 5-star rating on the App Store and 4.6 out of 5-star rating on Google Play, with more than 250,000 combined reviews.
Evercore served as financial advisor to both Keeper Security and Insight Partners. No other terms of this private transaction are being disclosed.
About Keeper Security, Inc.
Keeper Security is transforming cybersecurity for people and organizations around the world. Keeper’s affordable and easy-to-use solutions are built on a foundation of zero-trust and zero-knowledge security to protect every user on every device. Our next-generation privileged access management solution deploys in minutes and seamlessly integrates with any tech stack to prevent breaches, reduce help desk costs and ensure compliance. Trusted by millions of individuals and thousands of organizations, Keeper is a leader for best-in-class password management, secrets management, privileged access, secure remote access and encrypted messaging. Learn more at KeeperSecurity.com.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $36 billion in capital dedicated to growth equity, fixed income, and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 550 companies in technology, healthcare and other growth industries. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, please see SummitPartners.com or follow Summit on LinkedIn.
About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and internet startup and ScaleUp companies that are driving transformative change in their industries. As of December 31, 2022, the firm has over $75B in regulatory assets under management. Insight Partners has invested in more than 750 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. Insight’s mission is to find, fund and work successfully with visionary executives, providing them with right-sized, right-time practical, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and its investments, visit InsightPartners.com or follow on Twitter @InsightPartners.