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Cybersecurity startup Saviynt is on the lookout for technology bolt-on deals after raising a $700 million Series B at a $3 billion valuation, CEO Sachin Nayyar tells Axios Pro.

The big picture: It is the largest round raised in cybersecurity this year.

Zoom in: KKR led with participation from Sixth Street Growth, TenEleven and Carrick Capital Partners.

Piper Sandler served as exclusive financial advisor and Cooley served as legal counsel to Saviynt.

How it works: Saviynt's platform verifies identities of not just humans, but keys, secrets, non-human identities and AI agents — all of which have proliferated greatly over the last five years and are causing large enterprises headaches.

By the numbers: Saviynt reported surpassing the $200 million in ARR mark earlier this year, and Nayyar says it is growing 30% year to year.

Saviynt has more than 600 enterprise customers.

This interview has been edited for length and clarity.

Axios: How has the market changed since the company was founded?

Nayyar: "The definition of identity has evolved to include all your supply chain users. Then you now have the identity definition now including privileged access management. That was a separate space in identity management. Then you talk about non-human identities, now with certificates, keys and secrets, and now you talk about AI agents. 

So the definition of identity has grown tremendously."

"We are bringing on world-class talent to Saviynt, and a portion of this fundraise will also be used to help customers migrate over to the Saviynt platform. 

We also are just really excited to partner with KKR and Sixth Street. KKR is the premier, the No. 1 investment firm for growth, SaaS and cybersecurity growth. We talked to maybe over 30 partners, and we chose KKR. And Sixth Street has been working with us or talking to us now for over three years."

This is the company's first equity raise since a $40 million Series A in 2018. Why have you waited?

"Raising money is a means to an end. There has to be a reason to raise money and dilute equity. So we are really, very, very thoughtful about this. 

"I think this raise was required to bring on a right level of partner on the cap table, or partners on the cap table, and that's what we've done."

You have not made any acquisitions yet as a company. Will you be acquisitive moving forward?

"We have not done any acquisitions because we've been working very hard to build a company where we are running at the speed of a startup. 

But with this investment round, we are open to reviewing and considering some acquisitions in the market to build out the entire identity security suite."

Do you think an IPO is a realistic exit for the company, or an M&A deal?

"We are in Texas today, so 'go big or go home.' There is no doubt about that in my mind, we are going big.  

Our goal is to run the company in a public company style — very disciplined. Then give ourselves options to go to take this company public or continue to be private."

Saviynt CEO talks security, dealmaking and what's next

Saviynt raised $700 million at a $3 billion valuation.

Photo illustration of Sachin Nayyar next to colorful rectangles and a pattern of Saviynt logos.

Photo illustration: Axios Visuals. Photo: Courtesy of Saviynt

Cybersecurity startup Saviynt is on the lookout for technology bolt-on deals after <a class="gtmContentClick" data-vars-link-text="raising" data-vars-click-url="https://www.wsj.com/articles/cyber-startup-saviynt-raises-700-million-to-secure-identity-and-access-ba50cbae?mod=Searchresults&amp;pos=1&amp;page=1" data-vars-content-id="bfd3aaf7-9445-4f0f-a831-634eddbb2242" data-vars-headline="Saviynt CEO talks security, dealmaking and what&#x27;s next" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.wsj.com/articles/cyber-startup-saviynt-raises-700-million-to-secure-identity-and-access-ba50cbae?mod=Searchresults&amp;pos=1&amp;page=1" target="_blank">raising</a> a $700 million Series B at a $3 billion valuation, CEO Sachin Nayyar tells Axios Pro.The big picture: It is the largest round raised in cybersecurity this year.

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Saviynt CEO talks security, dealmaking and what's next

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