Password Management Company Keeper Security Raises $60 Million

Password management solutions provider Keeper Security on Monday announced that it has raised $60 million in growth funding from private equity company Insight Partners.

Keeper says this is its first equity raise since the company was launched, and it plans on using the money to boost product innovation and global sales. Thomas Krane, principal at Insight Partners, will join Keeper's board following the investment.

The company provides identity and access management solutions for both consumers and businesses. Its password managers also include features such as dark web monitoring and account takeover protection.

Keeper says its solutions are used by thousands of businesses and millions of consumers across more than 100 countries. The company claims that it has managed to accelerate growth even during the global crisis caused by the coronavirus pandemic.

“The past four months have resulted in history's most pervasive cybersecurity challenge. As businesses have shifted their operations online and people have adapted to remote work and social distancing, cybercriminals have executed their attacks at record rates. It's forcing a rapid transformation and growth in the cybersecurity industry - one that is essential to safeguard people and businesses,” said Darren Guccione, CEO and co-founder of Keeper Security.

Guccione added, “With the support of Insight Partners and the planned synergy, we're well-positioned to bring new, unique and increasingly critical cybersecurity solutions to new and existing customers, globally.”

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