With this investment, Len Ferrington, Managing Director at Summit Partners, will join the Keeper Security Board of Directors. The synergy between Keeper, Summit and existing investor Insight Partners will further accelerate product innovation and catalyse strategic expansion of the Company’s prominence as a cybersecurity leader in the public and private sectors.
Keeper has seen strong growth in its global operations since raising its last round of funding in August 2020. The Company has added several hundred new employees, acquired remote network access provider Glyptodon, expanded its industry certifications to include earning FedRAMP and StateRAMP Authorisation, opened new data centres in Australia, Canada and Japan and expanded its partner ecosystem across the NorAm, EMEA and APAC regions.
Keeper doubled its revenue while maintaining strong gross margins and continued its trajectory with Q1 2023 marking the Company’s strongest quarter on record.
This latest investment will accelerate Keeper’s growth and solidify the Company’s position as an innovator in enterprise password management, secrets management, privileged connection management and privileged access management.
“Insight Partners is and has been a fantastic partner that has helped us with go-to-market strategies and best practices. I’ve known Len Ferrington and the Summit team for many years. They have deep experience investing in cybersecurity and a shared passion for the Keeper vision,” said Darren Guccione, CEO and Co-Founder of Keeper Security. “I’m excited about the expanded perspective that both Insight and Summit will bring to Keeper, supporting our exceptional team as we continue to create and deliver industry-leading technology and innovation.”
“While the current economic environment has led to a contraction in many areas of technology investment, the demand for secure and accessible cybersecurity solutions continues to accelerate,” said Len Ferrington, Managing Director at Summit Partners. “Summit has invested in security software for more than thirty years. We are impressed with the breadth of the Keeper product portfolio as well as the Company’s growth, and we are excited to see Keeper work to further disrupt the cybersecurity industry.”
“We saw great potential in Keeper and they’ve surpassed our expectations as a consistently high-performing company in the industry,” said Thomas Krane, Managing Director at Insight Partners. “This strategic investment will elevate Keeper even further, expanding its ability to provide best-in-class cybersecurity solutions to organisations around the world.”
Evercore served as financial advisor to both Keeper Security and Insight Partners. No other terms of this private transaction are being disclosed.