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In a world where machines outnumber people on the internet, identifying and authenticating those devices is becoming increasingly critical to security. Keyfactor, which helps automate the management of certificates for connected devices, today announced two big steps toward seizing this market opportunity.
The first is a merger with PrimeKey, which creates the certificates that serve as crucial tools for identifying machines. The second is $125 million in new funding to power growth and comes two years after the company raised $77 million.
Keyfactor is dubbing the merged company a “machine identity management platform.”
“Now more than ever, enterprises must operate in a zero trust world, and machine identity management can no longer be ignored as part of an identity and access management (IAM) strategy,” Keyfactor CEO Jordan Rackie said in a statement.
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Market growth
The company said that Keyfactor alone has seen revenues grow 50% year over year. The merger with PrimeKey will now allow Keyfactor to deliver end-to-end certificate service, which should help simplify identity management, even as systems become more complex.
In a press release, Keyfactor executives note that Gartner has been bullish on Identity and Access Management Technologies. Many companies still fail to include machines in their authentication strategy, a major weakness that could create greater vulnerabilities.
The ability to address that opportunity drew the $125 million investment from Insight Partners.
