Milestone Venture Partners and Osage Venture Partners have backed Identropy, a maker of identity and access management software, to the tune of $4 million. The Series A round will support growth of the company’s cloud-based technology, and will be used to expand sales and marketing efforts. The start-up is based in Moonachie, New Jersey.
Identropy, a leading provider of Identity and Access Management (IAM) solutions, today announced it has received $4 million in Series A funding from Milestone Venture Partners and Osage Venture Partners. The money will be used to further accelerate the company’s already impressive growth and customer successes, shorten the time-to-market for its cloud-based, Identity-as-a-Service (IDaaS) offerings, and expand sales and marketing. The Company also announced record results in 2011 for revenue growth and customer traction for Secure Co-Sourced Unified Identity (SCUID) Operations, its first IDaaS offering.
“It comes as no surprise that Identropy was able to secure funding in what is still a tough business environment,” said Sally Hudson, research director, Security Products and Services, IDC. “Its value proposition is highly appealing to customers because the work required to support IAM initiatives is often underestimated, and consequently, IT budgets suffer. Managed Identity Services can address these issues and is applicable to organizations of all sizes. Identropy is well-positioned in this market, which we anticipate will continue to grow in 2012 and beyond.”
Identropy delivers solutions for Identity & Access Management (IAM), with consulting and product offerings addressing all stages of an IAM deployment. Its Advisory and Implementation Services help define and execute a roadmap aligned with an organization’s strategic business objectives. Its SCUID solutions allow customers to gain the benefit of strong IAM capabilities while taking advantage of the infrastructure and budgetary benefits of a SaaS model. SCUID customers gain the same benefits as from an on-premise IAM solution (governance, efficiency, security) but at roughly half the cost and in a much more accelerated timeframe.
“While Identropy has an attractive business model and compelling market opportunity, what really stands out is its management team,” said Morgan Rodd, General Partner of Milestone Venture Partners. “The Identropy team consists of domain experts well versed in navigating both the business and technology aspects of complex enterprise IAM initiatives,” said David Drahms, Principal of Osage Venture Partners.
“This funding round is a great vote of confidence in our vision for Identity-as-a-Service as well as for the long term potential of our company,” said Victor Barris, CEO, Identropy. “We had already gained a significant amount of momentum and credibility defining this new category, and we plan to use this funding to invest even more heavily in ensuring the success of our customers and to further accelerate our growth.”
In conjunction with the financing, Rodd and Drahms joined Identropy’s board of directors.
About Identropy: Identropy is a leading provider of Identity and Access Management (IAM) solutions that enable organizations to derive maximum value from their IAM initiatives in the most cost-effective manner. Providing domain expertise across the entire IAM lifecycle, Identropy’s Advisory, Implementation and Identity-as-a-Service (IDaaS) service offerings have already benefited more than 100 organizations. Its innovative Secure Co-Sourced Unified Identity (SCUID) platform is a set of Cloud-based deployment and management offerings that leverage Identropy’s domain expertise and proven reference architecture to enable organizations to reduce the cost and complexity, optimize day-to-day management, and accelerate time-to-value of IAM investments. Founded in 2006, Identropy is a privately held company. For more information visit http://www.identropy.com .
About Milestone Venture Partners Milestone Venture Partners, located in New York City, is an early-stage venture capital fund with $70 million under management. Milestone’s investment strategy is focused on capital-efficient, technology-enhanced services businesses in the Greater New York region. Areas of expertise include media and marketing services, digital healthcare, and financial services IT. Milestone has invested in 13 digital healthcare businesses accounting for over 50% of its capital. For more information about Milestone, visit www.milestonevp.com .
About Osage Venture Partners Osage Venture Partners, located near Philadelphia, PA, is a leading provider of venture capital to early stage technology and healthcare IT companies in the Mid-Atlantic region.