Centrify Announces $42 Million in Funding; Strategic Investors Include Samsung, Fortinet and NTT DOCOMO
Investment by Leading Mobile and Security Vendors Further Validates Centrify's Vision for Unified Identity Management as Company Charts Record Growth and Adds Key Marketing Veterans
SANTA CLARA, Calif., May 20, 2014-- Centrify Corporation, the leader in Unified Identity Services across data center, cloud and mobile, today announced it has raised $42 million in funding with participation by strategic investors Samsung Ventures, Fortinet Inc. and Docomo Capital. The investment from global leaders in mobile technology and network security validates Centrify's holistic and unified approach to identity management and continued disruption of the Identity and Access Management (IAM) market -- which IDC estimates to be a $6 billion market by 2017.
As noted by Gartner in its October 2013 Market Trends report on cloud-based security services, the explosive demand for mobile and cloud-based security has created tremendous opportunities for identity vendors. Building upon 40 percent revenue growth over its prior year and adding key executive hires to its management team, Centrify is poised to capitalize on transitioning the market to Identity-as-a-Service (IDaaS).
"We believe Centrify is doing big things in the industry and we are confident that they will continue to provide the most comprehensive and cutting edge cloud-based solutions for identity and access management," said Dr. Injong Rhee, senior vice president of KNOX Business Group, IT & Mobile Communications Division, Samsung Electronics. "Samsung is investing in the enterprise and delivering to customers the best mobile solutions and Centrify is an integral partner for that offering."
"We are impressed with Centrify's vision for unified identity, the quality of its technology and the synergies with our industry leading high-performance network security solutions," said Neil Sundstrom, vice president, wireless solutions for Fortinet. "Fortinet is enthusiastic to partner with Centrify as one creative step to offer a solution unique in the market today for our enterprise customers that increasingly demand cutting-edge, cloud-based security services."
"Centrify's innovative approach to mobile security and identity management will be an added benefit to Docomo's millions of customers," said Neil Sadaranganey, managing director, Docomo Capital -- the corporate venture capital arm of NTT Group, Japan's leading ICT service provider. "As Centrify continues to expand its global footprint, Docomo and our customer base benefit. Docomo continues to invest in, and deliver, cutting edge mobile solutions, and our relationship with Centrify is proof of our commitment."
This funding announcement follows a stellar 2013 year as Centrify posted record total sales that grew more than 40 percent over the prior year. Centrify continued to grow its customer installed base while maintaining a 97 percent customer retention rate.
To foster the company's growth, global expansion and brand awareness, Centrify also added two executives -- Mark Weiner and Ally Zwahlen -- to its leadership roster. With extensive experience in cloud, data center and networking sectors, along with a proven track record with the IPO process and advising public companies, Weiner will serve as Centrify's chief marketing officer and join the company's executive management team reporting directly to Centrify CEO Tom Kemp. Formerly of McAfee and AVG, Zwahlen will assume the position of vice president of corporate communications and brings a deep understanding of the security and SaaS markets, trends and influencers.
"Our goal has always been to provide the best identity management solutions for our customers, and with this funding and new talent, I'm confident that we will continue to innovate and find ways to disrupt the industry given our unique ability to address identity across cloud, mobile and the data center," said Tom Kemp, Centrify CEO. "As key partners like Samsung, Fortinet, and NTT DOCOMO validate our unified approach, the future is increasingly bright for the identity market, and even brighter for Centrify."
Centrify provides unified identity services across data center, cloud and mobile environments that result in single sign-on (SSO) for users and a simplified identity infrastructure for IT. Centrify's unified identity management software and cloud-based Identity-as-a-Service (IDaaS) solutions leverage an organization's existing identity infrastructure to enable single sign-on, multi-factor authentication, privileged identity management, auditing for compliance and mobile, and mobile device management. Centrify customers can typically reduce their total cost of identity management and compliance by more than 50 percent, while improving business agility and overall security. Centrify is used by more than 5,000 customers worldwide, including approximately half of the Fortune 50 and more than 60 Federal agencies. For more information, please visit http://www.centrify.com/
Centrify is a registered trademark and Centrify Server Suite and Centrify User Suite are trademarks of Centrify Corporation in the United States and other countries. All other trademarks are the property of their respective owners.
Venture Capital Database