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.
According to International Data Corporation's (IDC) latest market report(1) , 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."
