SailPoint Adds $6.5M from Existsing Investors
Austin-based SailPoint Technologies [jobs] is announcing that they have raised an additional $6.5M in a Series C financing from existing investors Austin Ventures, Lightspeed Venture Partners, Origin Partners, and Silverton Partners. Austin Ventures general partner John Thornton describes the round as “oversubscribed,” and all previous investors added to their position this round. This brings the total raised to $20.5M so far. The funds will be used to expand sales of their Compliance IQ product in Europe. The company recently opened an office in London as a base for their European operations.
SailPoint, one of the Austin Emerging 100, creates identity governance solutions to reduce the complexity, costs and risks associated with controlling and managing user access to sensitive applications and data – issues that are front and center for organizations worldwide. Recent events in Europe, such as the 4.9 billion euro loss at France’s Société Generale, where a trader bypassed internal trading controls, have focused attention even more intensely on strengthening security and compliance processes.
SailPoint has solidly established itself in European markets and was recently named a finalist for Kuppinger Cole’s “Best Innovation” category in the European Identity Awards. SailPoint’s growing customer base in Europe and North America includes five of the world’s top 12 banks and three of the largest insurance companies, in addition to clients in manufacturing and other industries. SailPoint also has a growing international distributor and implementation partner network, including four European partners: KOGIT in Germany, and Enline, IM Global and Pirean in the UK.
“Our presence in Europe is being driven by the need to address security and privacy risk,” said Mark McClain, CEO and co-founder of SailPoint. “We see very strong customer requirements in this area across all countries and industry sectors. With this additional funding, SailPoint will be able to address the unique customer requirements of the European market by expanding both our direct sales and channel sales capabilities.”
Filed under: Funding
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