Cloud-based identity-management vendor aims to accelerate product development and more than double its workforce
JumpCloud, whose cloud-based platform enables organizations to authenticate employee and device identities, is looking to expand its size and geographical reach after raising $75 million in its latest funding round.
The Lowdown: Private equity firm BlackRock led the Series E round, with existing investor General Atlantic also participating, JumpCloud announced Tuesday. The Denver-based company has raised more than $165 million since its founding in 2012.
The Details: JumpCloud, which has more than 3,000 customers, said it will use money from the new funding round to expand its product development, marketing, and sales globally and hire another 500 people over the next several years. It has more than 200 employees now.
The company’s technology also is available via MSPs. In the third quarter, the company added such MSPs as Intelligence Partners, Origin84, Sennovate, and MacSolution Informatica to its lineup of MSPs, which number almost 1,000 around the world.
JumpCloud’s Directory Platform enables IT, security, and DevOps teams to apply zero-trust techniques to connect employee identities to their devices, files, and applications and the networks they’re running on. Customers can manage employees and their devices, as well as provide access to both the cloud and on-premises environments.
The Impact: The rapid shift to working from home and distance learning caused by the COVID-19 pandemic has put a premium on cloud-based technologies that offer greater security for highly distributed workforces.
JumpCloud in the third quarter saw sharp increases in the use of its more than 700 single-sign-on connectors, with Slack usage authentications more than tripling year-over-year, Chief Marketing Officer Cate Lochead wrote in a recent blog post. In addition, the usage authentications for Zoom and Dropbox more than doubled, while Google, Amazon Web Services, and Atlassian grew by more than 70%.
The Buzz: “Our market opportunity is exploding as organizations realize legacy domain-based approaches to IT infrastructure have become barriers to securely getting work done. JumpCloud offers a solution that is both comprehensive and simple – making it easier for IT to adopt a zero-trust access model without infringing on employees’ ability to do their jobs,” JumpCloud co-founder and CEO Rajat Bhargava said. “With this investment, we will continue our focus on product-led growth, while scaling the business to meet the needs of users and customers around the world.”
“JumpCloud is filling a critical need in the market as companies grapple with the complexity of a remote workforce, and we are thrilled to be leading this round to help further accelerate the company’s success,” said William Abecassis, head of innovation capital at BlackRock.
“JumpCloud has been indispensable for us, as we can centrally manage our users’ identity, SSO connections, and RADIUS access from a single platform,” said Randy Tanenhaus, IT manager at ClassPass. “JumpCloud integrated seamlessly with a lot of automations, making workflows simple and powerful. It has played a critical role in the automation of our onboarding and offboarding of users. This has resulted in massive savings of time, effort, and, most importantly, costs.”
“Irrimax is growing rapidly, and we need a modern IT infrastructure that can support our business trajectory. Our employees use both Mac and Windows machines and need secure access to our cloud resources to do their jobs,” said David Meyer, vice president of IT at Irrimax. “We started our identity management evaluation with Okta and Active Directory, but it became apparent that AD was built in the ’90s for an on-premises world. The legacy platform and heavy integration required creates many complexities, slowing down our ability to get work done. We chose JumpCloud as it enables us to meet all our IAM [identity and access management] and SSO requirements from a single cloud platform.”