PORTLAND, Ore., Oct. 11, 2018 /PRNewswire/ -- Janrain®, the company that pioneered the Customer Identity and Access Management (CIAM) category, today announced it has achieved 69% year-over-year bookings growth during the first half of 2018.
Gartner recently predicted growing security and privacy concerns will bring worldwide spending on information security to $124 billion in 2019, which directly contributes to accelerated growth in Identity and Access Management (IAM). With the General Data Protection Regulation (GDPR), California Privacy Act and other country regulations and market forces requiring greater data privacy safeguards?a recent Janrain survey showed 57% of U.S.-based consumers were more concerned about data privacy following the Facebook/Cambridge Analytica scandal?Janrain has seen new demand from some of the world's largest brands for IAM solutions that drive data privacy enforcement throughout the global organization. The cost of failure is high: a European Union privacy watchdog could fine Facebook Inc. as much as $1.63 billion for a data breach announced recently in which hackers compromised the accounts of more than 50 million users.
It is no surprise that this has become a transition year for digital identity cloud service providers due to the increased pressure to create a balance between digital experience and the need for privacy and security. Janrain has enjoyed a significant expansion of its network with multinational clients across all industries, including a 40-year-old neurological and neurodegenerative disease biotech stalwart; a $1 billion?plus, 4 million-member global fitness chain; a property and casualty insurance provider with more than $541 million in annualized written premium; a Fortune 200 discount variety store chain; a ?12 billion Netherlands-based consumer dairy product company; and a ?1.5 billion Flemish transportation conglomerate?all global enterprises that have entrusted Janrain with one of their most valuable assets: their customers' identities.
"Since its founding in 2002, Janrain has been paving the way with continuous industry-first innovations that give world-class brands the competitive edge through digital identity management solutions that let them truly know their customers for highly personalized interactions?all while maintaining customer trust by preserving data security, privacy and control for the consumer," said Brian Peters, Managing Director at HighBar Partners, a well recognized Private Equity firm in Silicon Valley and lead investor in Janrain. "We couldn't be more excited about Janrain's enviable position in the market and the value the company is providing to businesses and consumers alike, thanks to the vision, talent and sheer dedication of the entire Janrain team."
Janrain's tremendous business momentum in 2018 is also illustrated by the following milestones:
2018 also saw the new appointments of Keith Carlson as VP of Alliances, Martijn Loderus as VP of Solution Engineering & Services, Darryl Nicholson as CTO, and Mayur Upadhyaya as Managing Director of EMEA.
In 2018 Janrain also continued its commitment to data privacy by achieving compliance with GDPR, the California Consumer Privacy Act and other regulations while expanding its Service Organizations Controls (SOC) 2 Type II audit to all five trust principles, which includes: security, availability, confidentiality, processing integrity and privacy.
Janrain's success in 2018 comes after the company celebrated its biggest year in terms of industry-first innovations, which solidified the company's standing as the leading independent CIAM provider as recognized by leading research firm Forrester in The Forrester Wavetm: Customer Identity and Access Management Q2 2017.
"In my first year here, the team helped Janrain reach a significant profitability milestone. With the support of our private equity partners at HighBar we have also made significant leapfrog investments in our identity cloud infrastructure, data governance, security, data & analytics and IoT," said Janrain CEO Jim Kaskade. "We are ahead on our five-year plan, mainly due to the accelerated need to address data privacy regulations that are putting global organizations on notice?they must put the control of their customer data back in the customer's hands."
Janrain has always embraced a strong pro-consumer stance on personal data, long empowering global brands to adopt the data privacy, security and control measures that are not only desired by customers but are increasingly required by law. The tremendous business momentum the company is enjoying now is a testament to the many years of industry-first innovations Janrain has been developing since the company's founding.
Janrain pioneered Customer Identity and Access Management (CIAM) and continues to lead the market with industry-first innovations and global reach. The Janrain Identity Cloud® enables transformational experiences, delivers insights, ensures privacy and security. Janrain clients focus on Identity First, engaging customers with highly personalized, consent-driven experiences that scale to the largest use cases while meeting regulatory and consumer expectations for privacy, security and control. The company manages 1.75 billion digital identities, enabling digital transformation and consumer trust for the world's most recognized brands, including Pfizer, Samsung, Philips, McDonald's and Dr Pepper Snapple Group. Founded in 2002 and headquartered in Portland, Oregon with additional hubs throughout the US, UK, Latin America, India and China. Twitter: @janrain. For more information and industry best practices downloads, visit www.janrain.com.
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