Saviynt Achieves Record Revenue Growth in 2021 by Accelerating Adoption of its Enterprise Identity Cloud
Saviynt, a leading provider of intelligent identity governance solutions, announced record annual revenue for 2021 driven by customers adopting the industry’s only converged Identity platform (CIP) with cloud-native Identity Governance and Privileged Access Management. Organizations embarking on Zero Trust security journeys have turned to Saviynt Enterprise Identity Cloud (EIC) to lower costs, reduce complexity, and streamline IAM operations.
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“As we kick off 2022, we are focused on helping our customers transform identity where it’s needed most by implementing Zero Trust, securing multi-cloud environments, and tightening up third-party access governance.”
Product Innovation Drives Customer Acquisition, Retention, and Success
In November 2021, Saviynt announced the general availability of Enterprise Identity Cloud (EIC) 2021. The latest release delivers deployment and integration cost savings over traditional IGA and PAM products through innovative features such as auto-discovery of unmanaged apps and users, shared identity workflows, as well as faster decision-making with risk insights and recommendations. Saviynt also introduced several improvements for end-users by providing identity services via new channels such as a certified ServiceNow app, Microsoft Teams app, and an enhanced desktop trusted access agent.
Saviynt’s EIC solutions, including its new Application Access Governance (AAG) and Third-Party Access Governance (TPAG) product offerings, saw a 42% annual SaaS revenue growth, most notably driven by a 138% revenue increase in its Cloud PAM solution, which secures sensitive and privileged access across cloud workloads and SaaS apps through zero standing privilege (ZSP).
Saviynt’s continued product innovation and customer-first support strategy delivered an industry-leading 97% net dollar retention rate and a 42% increase in its customer base as Fortune 1000 and Global 2000 companies embraced its converged identity platform to improve their cybersecurity postures.
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“To meet our business and security objectives, we needed an identity solution that is effective and simple to manage,” said Kumar KV, CISO at Narayana Health. “Saviynt has helped us secure access across our application ecosystem and lay the groundwork for the next stage of our identity & security strategy. The EIC platform has delivered on its promise of rapid ‘time to value’ on our journey towards improved audit and security posture with an enhanced user experience.”
Key partnerships also played a critical role in the company’s revenue growth. Saviynt launched its strategic alliance and Managed Services Program with Deloitte, one of the largest cyber risk services providers, to deliver turnkey digital identity solutions.
“Saviynt had an incredible 2021, but there is still so much growth ahead of us,” said Amit Saha, CEO of Saviynt. “As we kick off 2022, we are focused on helping our customers transform identity where it’s needed most by implementing Zero Trust, securing multi-cloud environments, and tightening up third-party access governance.”
Increasing Global Demand Fuels Corporate Growth
The continued demand for its innovative cloud identity solutions pushed Saviynt to significantly expand its workforce, growing employee headcount by 56% over the last twelve months — with teams in the EMEA and APAC regions growing more than 100%. Saviynt’s global headcount reached 850 employees in 2021.
Saviynt Continues to Receive Industry Recognition for Innovation Leadership and Growth
In addition to this significant revenue growth, Saviynt received the highest rating in the 2021 Gartner® IGA Solution Scorecard and was recognized as a Gartner® Peer Insights Customers’ Choice 2021.
KuppingerCole listed the company as an Overall Leader in Privileged Access Management (PAM) within its 2021 Leadership Compass Report, and an Overall Leader in Access Control for SAP and other applications within its 2022 Leadership Compass Report.
In 2021, Saviynt ranked among Inc. Magazine’s list of the fastest growing private companies in America coming in at #1,585 with 295% growth and listed as a member of the Deloitte Technology Fast 500. These recognitions were a direct result of the company’s growth in annual recurring revenue (ARR).
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