Saviynt, a provider of intelligent identity and access governance solutions, is looking for acquisitions to accelerate its growth, founder and CEO Sachin Nayyar said.

The El Segundo, California-based company is interested in players with deep technologies in cloud access management, privileged access management and cloud application access governance, the CEO said.

Attractive targets should have a proven technology and some customers, he said. Saviynt looks at candidates with annual recurring revenue (ARR) of up to USD 10m, in the US as well as in other regions such as Israel, India and Europe, he said.

The company keeps an eye on the market and is holding some early stage talks, Nayyar said. He added that Saviynt, which relies on a network of its contacts to identify targets, is planning to become more active in the search for candidates.

There are opportunities on the market, the CEO said. He added that Saviynt’s objective is to acquire 100% of any potential target.

To date, the company has not made acquisitions, but Nayyar said this is a good time to consider the option. Saviynt has grown, its core technology is mature, and the management team is also ready for such a move, he said.

Saviynt is well-financed and will use cash and equity to fund potential deals, Nayyar said.

At the end of 2023, the company reported a contracted ARR above USD 150m and a recurring revenue growth of 39%. For 2024, it expects a recurring revenue growth at least in the mid-30% range, the CEO said. By the end of this year the company plans to have a positive free cash flow and to show some early profitability, he added.

Founded 12 years ago, the company has raised USD 275m in equity and debt to date, the CEO said. In January 2023, it raised USD 205m in debt, he added.

The management team holds the company’s majority, the CEO said. Among the other investors, Carrick Capital Partners is the largest, he added.

Starting next year, the company will consider a public listing and other options,  but the current focus is on growing the business, the CEO said.

The business has a score of 12 out of 100 on Mergermarket’s Likely VC Exit predictive algorithm. Mergermarket‘s Likely VC Exit predictive analytics assign a score to VC-backed companies to help track and predict when an exit could occur through M&A, an IPO, a direct listing or a deSPAC transaction.

Saviynt offers the Enterprise Identity Cloud (EIC), a converged cloud identity platform that provides intelligent access & governance for any app, identity, or cloud. It has more than 500 large organizations as customers, including BP and Wienerberger, according to its website.

Approximately 55% to 60% of Saviynt’s revenue is generated in the US, and the remainder is generated in Europe, Asia, Australia and New Zealand. Earlier this month, the company announced the appointment of identity security leaders to accelerate growth in Japan and expand its footprint in Australia and New Zealand.

The company has 800 employees, of which about 300 are in India and the remaining 500 are in the US, Australia and the UK, the CEO said. He added that it is planning other offices in Singapore, Japan and the Middle East.

Nayyar returned to Saviynt as CEO in January 2023 after being founder and CEO at cyber security company Securonix. He led Saviynt from its inception in 2011 to 2018. When he returned, former CEO Amit Saha became the Chief Growth Officer.

Today Saviynt announced the appointment of SentinelOne CEO Tomer Weingarten and former Infoblox CEO Jesper Andersen as Board members to help the company reach its next phase, according to the press release.