Los Angeles — January 31, 2024 – Saviynt, a leading provider of cloud-native identity and governance platform solutions, today announced selected financial and operating results for its fiscal year ended December 31, 2023.
Saviynt’s Enterprise Identity Cloud (EIC) gives customers unparalleled visibility, control, and intelligence to better defend against threats. The company’s converged platform provides identity governance and administration, third party access management, cloud privileged access management, application access governance, and intelligent analytics giving customers oversight over all of their human and machine identities, so they can better secure their organizations’ business processes and enable digital operations.
“2023 was a threshold year for Saviynt. We could not be prouder of our performance, and we have tremendous momentum going into 2024,” said Sachin Nayyar, Chief Executive Officer at Saviynt, who recently congratulated employees on a successful year at the company’s 2024 Sales Kickoff meeting sponsored by Accenture, KPMG, EY, IBM, Deloitte, AWS, GuidePoint Security, Simeio, and Stratascale. “We eclipsed $150 million in contracted ARR at year end, grew recurring revenue by approximately 39% year over year, and had excellent performance across all our operating regions. The customer acceptance and feedback on our converged Enterprise Identity Cloud platform has also been excellent. I am also proud of the fact that we achieved these results while being recognized by Gartner Peer Insights as the customer choice for the third consecutive year. That was a historic win for us and 2024 stands to be another promising year at Saviynt.”
2023 Financial and Operating Highlights:
- Contracted ARR exceeded $150 million at year end 2023
- Contracted GRR increased to approximately 95%
- Subscription revenue accounted for 85% of total revenues, up from 81% in 2022
- More than 50 million employee and third-party identities now protected by Saviynt
- More than 90% of customers on Saviynt’s converged Enterprise Identity Cloud platform
“2023 was a terrific success for Saviynt after investing heavily in our converged platform and product development in 2022,” said Jim Jackson, Chief Financial Officer at Saviynt. “We accelerated growth in recurring revenue, consistently improved our key operating metrics by capitalizing on scale efficiencies and accomplished this while simultaneously reducing operating expenses by approximately 9%. Our performance in 2023 sets us on a clear path to consistent profitability in 2024.”
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’s cutting-edge solutions have been recognized as industry leaders. For more information, please visit www.saviynt.com.
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Press Contacts:
Orlando DeBruce
orlando.debruce@saviynt.com
