#USA #San Francisco #Identity Security #Carrick Capital #Saviynt

Carrick Capital Partners Closes Oversubscribed Continuation Vehicle

In an impressive move, Carrick Capital Partners, known for its focus on scaling B2B software and technology-enabled enterprises, has successfully closed a single-asset continuation vehicle (CV) with a robust financial backing of approximately $600 million. This notable achievement includes a fresh commitment of $255 million directed towards Saviynt, an esteemed identity security firm, marking Carrick’s largest investment to date in its corporate history.

Strategic Investment amid Growing Demand for Identity Security

Carrick’s leadership, including Co-CEOs Marc McMorris and Jim Madden, aims to leverage this investment as a means to provide liquidity to current Limited Partners while showcasing unwavering faith in Saviynt's long-term strategy. Saviynt has recently reached an impressive milestone, surpassing $300 million in annual recurring revenue (ARR), a stark contrast to about $10 million when Carrick first partnered with them.

Saviynt has been influenced significantly by its impressive growth trajectory, which includes an astounding 80% increase in bookings this year and an astounding 96% customer retention rate. The firm has also launched Zuma, a unique enterprise AI identity security platform aimed at helping organizations manage and govern access for human and non-human identities effectively.

The Growth Journey of Saviynt

Since Carrick’s inception, the investment firm has been strategically focused on identifying impactful opportunities in the cybersecurity domain. It began its journey with a $35 million investment in Saviynt’s Series A and has consistently offered support during subsequent funding rounds, assisting in crucial areas such as leadership enhancement and market strategies.

Chris Wenner, Managing Director at Carrick and member of Saviynt's board, emphasizes the importance of identity in enterprise security. He believes that as businesses increasingly turn to AI, identity security becomes essential. The firm’s dedicated efforts in this regard have established Saviynt as a frontrunner in unified identity security.

Support from Leading Investment Partners

The continuation vehicle saw participation from Coller Capital and HSBC Asset Management who acted respectively as the lead investor and co-lead investor. They offered the existing partners of Carrick the option to roll their equity into the CV or achieve significant returns on previous investments.

With this fresh funding, Saviynt is set to bolster product development across its Identity Cloud and Zuma platform, while fostering collaborations with major technology providers, ensuring it maintains a cutting-edge approach in identity security services.

Conclusion

As Carrick Capital Partners strengthens its partnership with Saviynt through this significant financial maneuver, the dedicated focus on identity security could pave the way for groundbreaking developments in the cybersecurity landscape. With innovations like Zuma, and strategic growth objectives, Saviynt appears primed for success as it navigates the complexities of the modern digital age.

For more insights on Carrick Capital Partners and Saviynt, visit their respective official websites.