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SailPoint Secures $10 Million in Series B Funding

SailPoint Technologies, a provider of software for enterprise security and compliance solutions, recently announced it has closed $10 Million in Series B funding. Investors included Lightspeed Venture Partners, Austin Ventures, Origin Partners and Silverton Partners – all of whom also participated in the company's Series A round. With this latest funding, SailPoint has raised more than $14 million in the last 13 months.

“SailPoint was a compelling investment opportunity for us on many fronts,” said Ravi Mhatre, general partner at Lightspeed Venture Partners. “The company has the right combination of management talent, market expertise and proven ability to execute. More importantly, SailPoint is addressing a real issue for organizations – the critical lack of control over identity compliance practices.”

SailPoint was co-founded by three Austin entrepreneurs – Mark McClain, Kevin Cunningham and Jackie Gilbert – who share a common heritage in security and enterprise management software. McClain and Cunningham were co-founders of Waveset (acquired by Sun Microsystems in 2003) where they were instrumental in pioneering many of the concepts that now shape the $2.9 billion identity management market.

The company also announced that the funds will support marketing, sales and expanded product development initiatives.

The company will debut its first products in the early first quarter of 2007.

SailPoint Technologies, Inc. is a provider of enterprise software solutions that help large organizations more effectively fulfill compliance requirements, improve governance controls and manage business risks associated with critical information assets. Founded in January 2006, SailPoint is based in Austin, Texas.

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