IRVINE, Calif., January 27, 2016 – SecureAuth Corporation, the leader in adaptive access control, announced today that in 2015 it achieved 70% year over year growth, which marks seven consecutive years of successive, high-double digit growth. Already in 2016, SecureAuth has closed $10 million in follow-on equity financing, and announced the hiring of industry veterans Mike Desai and Rohit Khanna, and the expansion of its offices on the East Coast.
To date, SecureAuth has raised $40 million in equity financing. This increase has appropriately aligned with the company’s evolution from its two-factor authentication and single-sign on (SSO) roots to its role as an adaptive authentication leader.
SecureAuth’s business and financial decisions have been purposefully nuanced, calculated and thoughtful, which has proved prescient. Recent developments have pointed to a slowing of the tech IPO market, and public faltering of the much-heralded “unicorns” (private companies valued at $1 billion or more). Those that manage to stay afloat during this potentially game-changing disruption to the industry will likely have saved plenty of capital or have managed to ignore the pressures of Silicon Valley. Lending credence to this notion is CB Insight’s fourth annual Tech IPO Pipeline report. In the report, the firm refers to the “Dragged to IPO pipeline,” stating the following: “There are some companies on this year’s list who may be forced to go public because their valuations priced them for perfection and their results came in somewhere below perfect. And as a result, the private markets may close up on these firms forcing them to go public. This is something we’ve not observed before.”
“The trend as of late is to raise as much money as possible, with an end goal being focused more on going public than to serve customers well,” said Craig Lund, SecureAuth CEO. “We’ve gone in a contrarian direction to focus on serving the customer well as our primary focus. We do not try to boil the ocean in solving all security problems, but focus on the most critical, helping our customers determine identity with confidence. This strategy may not be a $200 million series round, but we’re here for the marathon – not the sprint. We’re not looking to be the next Good Technology.”
New Executive Hires
As a company redefining the adaptive authentication equation, SecureAuth is continuing to attract the best talent in the industry. Mike Desai joins as SVP of Business and Corporate Development, and Rohit Khanna, as SVP of Customer Success.
Most recently coming from xMatters, and as the individual responsible for building Ping Identity’s partner ecosystem and alliance programs, Desai has deep experience with the identity and access management (IAM) space. “While many companies may claim to have adaptive authentication, the depth, breadth and ease of implementation of SecureAuth is the reason they are the leader,” said Mike Desai. “I am delighted to join the company that can easily put adaptive authentication in front of any application in hours or days, not months or years.” Desai will further build out SecureAuth’s partner ecosystem and will lead corporate development.
Khanna is twenty year customer success veteran across cloud, on-premises and hybrid deployments for the largest companies in the world. Most recently coming from Trax, a big data and analytics provider in the supply chain space, and with extensive experience across multiple middleware companies, Khanna has profound experience making technologies work together for his customers. “The ease with which SecureAuth implements into complex and existing environments means that customers do not have to start over or wait for roadmap items. They can get value now,” said Rohit Khanna. A veteran Silicon Valley executive, Khanna also previously worked with current SecureAuth COO Jeff Kukowski at Axway, now a leading middleware company.
SecureAuth’s East Coast Expansion
With the company growing robustly, this year SecureAuth expanded its offices on the East Coast. Located in Reston, Virginia, part of the Dulles Technology Corridor, the office will serve as SecureAuth’s federal headquarters and be home to top Washington, D.C. security talent dedicated to ID security and development.
“Some of the top security talent in the world exists in the Washington DC area,” said Jeff Kukowski, SecureAuth COO. Our Reston teams all come from security companies approaching enterprise security from different perspectives. The availability of talent and proximity to our East Coast customers and prospects made Reston an obvious choice.”
SecureAuth is the leader in adaptive access control solutions, empowering organizations to determine identities with confidence. SecureAuth IdP provides authentication security, Single Sign-On and user self-service tools together in a single platform, allowing strong identity security while minimizing disruptions to the end-user. SecureAuth IdP is currently protecting over five million users worldwide. For the latest insights on Adaptive Access Control, follow the SecureAuth blog, follow @SecureAuth on Twitter, or visit www.secureauth.com.
SecureAuth™ IdP is a trademark of SecureAuth Corporation in the United States and/or other countries.