Symplified Raises $9.2M In Cloud Security Funding
Security-as-a-service provider and identity management specialist Symplified has raised $9.2 million in Series B funding, led by Granite Ventures and Allegis Capital. Total Symplified funding is now $18.8 million. What’s more, Symplified says its year-over-year revenue grew 700% in 2010 vs. 2009, though we don’t have exact revenue figures to share.
A quick reality check: Symplified is a privately-held company, so there’s no way to separate fact from fiction on the financial front. But the statistics in that momentum statement are impressive nonetheless, with Symplified claiming a multi-million dollar run rate and over a million licensed users for its cloud identity and access management services.
In a prepared statement, Eric Olden, founder and CEO of Symplified, credited the rising need for secure cloud access with his company’s growth:
“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.”
Symplified is a company with a pedigree: their management team are veterans of Securant | ClearTrust, which was acquired by RSA Corporation for $140 million way back in 2001, and Google Head of Global Channel Sales Todd Rowe sits on Symplified’s board.
A round of Series C funding is planned for later this year. But potential competition looms around every corner. Novell, for one, has launched the Novell Cloud Security Service — which service providers can use to safeguard SaaS applications. Novell, which is being acquired by Attachmate, has identity and security management expertise.