Symplified Raises $6M in Series A Financing
Boulder, Colo, June 9, 2008 —Symplified today announced that it has raised $6 million in a Series A round of venture capital financing. The company is led by the same management team that founded Securant, a leading identity management software vendor acquired by RSA Security in 2001. Symplified will introduce a revolutionary approach to Web Access Management (WAM) at the Burton Group Catalyst Conference June 23-27 in San Diego.
Symplified will use the funds for sales, marketing, and operations. The round was led by premier Silicon Valley venture capital firms Granite Ventures and Allegis Capital. Chris McKay, principal at Granite Ventures, Spencer Tall, Managing Director for Allegis Capital, and Todd Rowe, Group Vice President & General Manager for Business Objects, an SAP company, have joined Symplified’s Board of Directors.
“The Internet has become the backbone of business-to-business collaboration and transactions for companies of all sizes,” said Eric Olden founder and CEO of Symplified. “However, managing electronic identities and credentials remains costly and complex for even the most technically savvy organizations. Symplified was created to erase the barriers hindering adoption of cloud computing.”
“Symplified has developed a powerful, yet simple solution that makes Web identity management easy,” said Chris McKay principal at Granite Ventures. “By focusing on the intersection of the expanding market for SaaS, the under-served midmarket enterprise and cloud computing, Symplified is addressing an enormous market opportunity. The company is led by a proven team of executives with the technical expertise and business skills required to become a market leader.”
“The Symplified team has already proven once that it understands the identity management market and knows what it takes from a technology and business standpoint to build a successful company,” said Spencer Tall, Managing Director for Allegis Capital. “The company’s revolutionary vision and technology for addressing business-to-business challenges in a Web 2.0 world are unlike anything we’ve seen.”
Symplified was founded by the same management team that created Securant, which pioneered the market for Web access management software and was acquired for $140M by RSA Security. The company has developed breakthrough technology that addresses the complexity and cost associated with monolithic software approaches to Web identity management. Symplified is headquartered in Boulder, Colorado.