Saviynt, which provides intelligent identity and access governance solutions, has raised $205 million in debt. The financing was provided by AB Private Credit Investors’ Tech Capital Solutions group and brings the total raised by the California company to $375 million.
The announcement comes at the same time as the company’s founder Sachin Nayyar returns to Saviynt as CEO. Former Saviynt CEO Amit Saha will be taking on the new role of Chief Growth Officer. Paul Zolfaghari also joins the company as its newly-appointed president.
Saviynt’s Latest Debt Raise
These announcements come amidst exceptional company growth driven by continued strong demand for its Enterprise Identity Cloud, a cloud-native converged identity platform for workforce, enterprise applications, privileged and third-party identities, according to the company.
The company says it will use the new funds to meet the market’s growing demand for its converged identity platform and accelerate innovation.
Lewis Leavitt, Director for AB Tech Capital Solutions, commented:
“The company’s strong financial performance and market opportunity supports our expectation for a long-term, successful relationship.”
Saviynt’s Returning CEO
Nayyar led Saviynt from its founding in 2011 until 2018. Before starting the company, Nayyar was the chief identity strategist at Sun Microsystems and president of Brinqa, a cybersecurity risk management platform.
After leaving Saviynt, Nayyar served as the CEO of cybersecurity firm Securonix. There, he led a $1 billion-plus growth investment from Vista Equity Partners in 2021.
Commenting on his return, Nayyar said:
“I am thrilled to return to Saviynt. Modern enterprises now realize they require a converged approach to identity security, one that is agile, cloud-based and will seamlessly scale to manage and mitigate risk. Saviynt anticipated this need when it was founded in 2011. Today, the company is positioned to meet this demand and accelerate our disruption of legacy identity security providers, including SailPoint. 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.”