Symplified Closes Breakout 2010 and Adds $9M in Series B FundingProvider of Trust Fabric for the Cloud Grows Revenues 700 Percent, Surpasses 1M Licensed Users, and Secures Financing to Fuel Expansion
BOULDER, Colo.-- Symplified®, the Cloud security company, today announced its business performance in 2010 shattered expectations, as the company grew revenue 700 percent year over year to reach a multi-million dollar run rate and it surpassed one million licensed users for its cloud identity and access management service. The company also closed a $9.2 million Series B round of venture capital financing, bringing its total funding to $18.8M. The company is led by the same experienced management team behind Securant | ClearTrust, the pioneering identity management software vendor acquired by RSA Security for $140 million. The latest financing round was led by existing Symplified investors Granite Ventures and Allegis Capital, and included a strategic investment by Quest Software. The company plans to raise additional Series C expansion capital later in 2011.
“Symplified has developed the first complete identity and access management platform for the cloud”
According to International Data Corporation’s (IDC) latest market report1, SaaS will grow at a 25.3 percent annual compound rate through 2014. However, the true potential of cloud computing will not be realized until the Cloud has an identity and trust foundation on par with the security within enterprise datacenters. Symplified enables companies to embrace cloud infrastructure and applications by providing next generation single sign-on, access control and user management in its identity service. During 2010, the company solidified its cloud identity leadership by introducing the Trust Cloud, which integrates Symplified technology with Amazon Web Services to provide identity services on a massively scalable and global basis.
“2011 will be the year Infrastructure as a Service for the cloud takes off. However, in order for enterprises to take of advantage of the cloud they need fundamental security and identity management capabilities that are built specifically for SaaS apps like Salesforce and cloud platforms like Amazon Web Services,” said Eric Olden founder and CEO of Symplified. “Symplified provides the only comprehensive identity management suite with this capability today for cloud infrastructure services like Amazon EC2 and hundreds of SaaS applications. This latest round of funding will allow us to scale our field organization to meet global demand for a technology that is mature and years ahead of anything else on the market.”
“Symplified has developed the first complete identity and access management platform for the cloud,” said John Millburn, Vice President and General Manager of identity and access management, for Quest Software. “The company’s team is top-notch and proven, having built a successful identity management business once already and having the foresight three years ago to build this critical infrastructure for the cloud. We are excited about the position Symplified has taken as the leading cloud identity provider and the enormous market opportunity they are addressing.”
“Undoubtedly the cloud has quickly emerged as a disruptive force in computing and is transforming the way much of IT is managed. Symplified’s Infrastructure-as-a-Service approach to identity management solves the important security and integration problem in a radically simple way,” said Todd Rowe, a Symplified board member and Head of Global Channel Sales at Google. “The Symplified platform is a powerful solution that addresses the key challenges of single sign-on, identity and access management for cloud applications using a cloud delivery model.”
- A multi-million dollar run rate with more than 700% revenue growth year over year
- More than 1 million seats licensed on Symplified across Fortune 500 and small medium business customers
- Recognized by the Wall Street Journal in its 10th Annual Technology Innovation Awards and also an Always On OnDemand™ Top 100 company
- Moved to new larger headquarters location in Boulder to accommodate significant growth in both engineering and field operations
- Opened regional offices in Silicon Valley, Washington DC, and Boston
- Built out executive team with veterans from Netscape, Oracle, Forte, Zuora
- Announced a strategic partnership with Amazon and launched the Trust Cloud on Amazon Web Services to become the only and largest provider of identity management services on Amazon cloud platform today
- Established Symplified as the world's largest pre-integrated SaaS ecosystem, now supporting 30 times more applications compared to SAML-only federation software
- Optimized Symplified’s technology for leading cloud virtualization platforms including VMware and open source offerings from Xen and Red Hat KVM
- Introduced next generation Cloud security platform that provides complete identity management for public and private clouds.
About Symplified | The Cloud Security Company
Symplified provides the Trust Fabric of the Cloud by enabling companies to extend and enforce identity and access management policies on cloud applications. Symplified offers the only complete identity management suite for the cloud – addressing Single Sign-On, Access Control and Identity Management for public and private cloud applications. Symplified is available as an on-premises or completely hosted solution, and uses a proven proxy architecture that works without agents or custom code to speed deployment and cut management costs by as much as 80 percent. Symplified Trust Cloud is the only identity and access management solution woven into the fabric of the Amazon EC2 platform and capable of delivering cloud security services on a massively scalable and global basis. Symplified’s management team created Web access management, provisioning, and federation pioneer Securant and the ClearTrust product, which was acquired by RSA Security for $140 million. The company is backed by leading venture capital firms Granite Ventures and Allegis Capital. Symplified is headquartered in Boulder, Colo., with offices in Palo Alto, Calif. Visit us on the Web at www.symplified.com.
1 IDC, Worldwide Software as a Service 2010-2014 Forecast: Software Will Never Be the Same, Jun 2010