SailPoint Secures $6.5 Million from Existing Investors
Third-round Financing Will Support Expansion in European Markets
AUSTIN, Texas, Aug. 19, 2008 – SailPoint Technologies, Inc. has secured a third-round of venture capital funding to support growth in European markets, where the company currently has a rapidly growing list of customers and was recently named a top innovator in identity management. The $6.5 million Series C financing will enable the company to expand its sales, marketing, partner and field support operations in the U.S. and abroad. SailPoint recently opened an office in London to focus on international expansion and will add additional staff to its European-based operations in the coming months.
All of the company's existing investors contributed to this latest financing round. They include Austin Ventures, Lightspeed Venture Partners, Origin Partners and Silverton Partners. This latest round raises to $20.5 million the total amount of venture capital funding the company has received since its inception.
SailPoint's identity governance solution reduces 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.
"We're excited about the market opportunity for identity governance solutions and the incredible rate at which SailPoint is gaining customer traction with Global 1000 organizations," said John Thornton, general partner at Austin Ventures. "This oversubscribed round of funding highlights SailPoint's market momentum and our confidence in the company's continued growth."
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."
SailPoint Technologies, Inc. develops identity governance software that helps organizations gain control over user access to critical systems and data, streamline costly IT compliance processes and reduce the risks of fraud, corporate data loss or theft and failed audits. Founded in December 2005, SailPoint is based in Austin, Texas.