LOS ANGELES--(BUSINESS WIRE)--Saviynt, a leading provider of cloud-native identity and governance platform solutions, today announced select financial and operating results, including Q3, with record revenues and a high contracted ARR. Saviynt’s intelligent cloud-native platform, the Identity Cloud is transforming identity security by providing visibility, control, and intelligence to identity management.
“We are very pleased with our outstanding performance through the first three quarters of 2024, building on the momentum of our successes in 2023 as we continue to deliver solid growth and demonstrate financial strength,” said Sachin Nayyar, chief executive officer at Saviynt. “The partnerships we’ve established with important global customers and systems integrators in today’s highly competitive market are a testament to the fact that our message is resonating. Saviynt’s converged platform built around the Identity Cloud with leading AI and ML technology is replacing legacy identity and governance solutions as Identity security increasingly becomes a key area of focus for CIOs, CDOs and COOs of the world’s leading brands.”
Highlights include:
- Q3 contracted ARR exceeded $185 million, up over 35% year-over-year
- Q3 year-to-date subscription revenue grew over 30% year-over-year
- Q3 subscription revenue accounted for 88% of total revenues, up from 85% in 2023
- Q3 bookings up more than 45% year-over-year
- Contracted GRR remained at an industry leading 95%
“2024 is on track to be another year of record growth in recurring revenue and continual improvement in operating metrics across all of our teams,” said Jim Jackson, chief financial officer at Saviynt. “We are continuing to execute on our accelerated growth plan while maintaining consistent focus on efficiency and cost control.”
Enhanced Product Offerings and Partner Momentum
Saviynt recently introduced the industry’s first AI-powered Intelligence Suite, which will revolutionize identity security by applying advanced AI and machine learning to data analytics to enhance security postures in global enterprises. Saviynt Intelligence has analyzed more than 33 million user entitlements across more than 7,938 applications, providing actionable insights and recommendations during critical decisions such as access requests and certifications. Saviynt Intelligence has already been adopted by global enterprises, achieving significant improvements in both security and operational efficiency.
The Intelligence Suite gives enterprises unparalleled control of their identity security and enables better and faster decision-making, while increasing productivity, reducing risk and improving compliance. Saviynt also rolled out new enhancements to its Identity Cloud, including advanced intelligence solutions that allow enterprises to transform from a purely operational process to an automated, AI and ML approach with one cloud platform.
With more than 500 total customers, Saviynt has continued to secure and work with some of the world’s leading global brands as well as one of the world’s leading economic institutions to modernize their identity security and seamlessly integrate Saviynt with other complex systems. Please click here to read their stories.
Saviynt also continues to expand its go-to-market strategy through the channel from leading system integrators including KPMG LLP offering customer recommendations, support for regional enablement, and custom solutions in specific industries such as manufacturing, healthcare and retail.
Strengthened Leadership and Team Expansion
In 2024, Saviynt expanded its senior leadership bench with the addition of former Gartner VP of IAM Research Henrique Teixiera. Saviynt also appointed IT transformation industry leader Simon Gooch, a 25+ year Accenture veteran, as Senior Vice President of Expert Services. And Ehud Amiri joined as Senior Vice President of Product Management where he will spearhead the product management team dedicated to securing machine identities.
Additionally, Saviynt strengthened its advisory board and established regional leadership across priority markets including India, Japan, Australia and New Zealand. The company also welcomed more than 350 full-time new hires across research and development, sales, and support to supercharge its accelerated growth plan, bringing its total number of employees to more than 1,000 globally.
Industry Recognition and Engagement
Saviynt continued to be recognized for innovation and excellence in the first half of 2024. Saviynt’s Identity Cloud won three prestigious Cybersecurity Excellence Awards including Best Identity Management, Best Identity and Access Management and Best Privileged Access Management. Saviynt won two Global InfoSec Awards at RSA 2024, including Hot Company Identity Security and Best Solution PAM for Cloud Infrastructure. In addition, the Saviynt Partner Program was recognized with a 5-Star Award by CRN for the second consecutive year.
About Saviynt
Saviynt empowers enterprises to secure their digital transformation, safeguard critical assets, and meet regulatory compliance. With a vision to provide a secure and compliant future for all enterprises, Saviynt is recognized as an industry leader in identity security whose cutting-edge solutions protect the world’s leading brands, Fortune 500 companies and government organizations. For more information, please visit www.saviynt.com.
