News
Keeper Security Announces Minority Growth Equity Investment from Summit Partners
May 2023 by Marc Jacob
Keeper Security 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.
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.
