Cybersecurity firm Keeper Security has secured a significant minority investment from global growth equity firm Summit Partners. Summit’s Len Ferrington has joined the board of directors as part of the deal. The firm said the new partnership will accelerate innovation on its password and secrets management solutions, while expanding its presence in public and private sectors. Keeper has been on a funding run, increasing its certifications with new data centers in Japan, Canada, and Australia, more than doubling its revenue, and acquiring remote network access provider Glyptodon, among other things. The latest deal is set to strengthen Keeper’s position as an innovator in enterprise password management and privileged access management.
Keeper’s co-founder and CEO, Darren Guccione, praised Summit’s experience in investment and cybersecurity, which he insisted was essential to the success of the company. He also expressed excitement at the insight Summit and existing investor Insight Partners would bring, as they aim to continue creating and delivering industry-leading technology and innovation.
Len Ferrington, a managing director at Summit Partners, said the company was committed to investing in security software and was impressed by the breadth of the Keeper product portfolio. He added that despite the challenging economic environment that has affected certain areas of technology investment, the demand for secure and accessible cybersecurity solutions continues to grow. Ferrington went on to express excitement that Keeper was working to expand its role in disrupting the cybersecurity industry further.
Insight Partners’ managing director, Thomas Krane, highlighted the impressive performance of Keeper Security and its potential. Krane expressed confidence that Insight’s strategic investment would elevate Keeper’s ability to provide world-class cybersecurity solutions, expanding its reach to companies worldwide.
Keeper Security was launched in 2011 by Guccione and CTO Craig Lurey as a password manager for mobile devices. Since then, the company has evolved and broadened its cybersecurity platform, with a focus on identity and access management. Keeper’s offers include consumer and business options in password, secrets and privileged connection management, strengthened by other items such as dark web monitoring, secure file storage, single-sign-on integration, compliance reporting, and extensive event logging. Its strong security architecture, ability to support federated and passwordless authentication with any identity provider, and seamless integration into on-premises, cloud or hybrid environments, has endeared the service provider to small home offices, multinational enterprises, and public sector organisations globally.
The firm’s significant investment from Summit Partners is the latest in a series of successes for Keeper, cementing its position as a reputable cybersecurity provider. As the world continues to embrace digital transformation, the demand for cybersecurity solutions will likely continue to grow, presenting Keeper with opportunities to make further investments in innovation and expansion in the near future.