Cloud Directory Service JumpCloud Raises $ 159 Million in Endgame at $ 2.56 Billion Valuation
Directory Provider as a Cloud Service JumpCloud Inc. gets some serious traction, announcing a late-stage $ 159 million fundraising round today that follows a $ 100 million hike in January.
Series F was led by Sapphire Ventures and saw participation from Owl Rock, Whale Rock Capital, Sands Capital and Endeavor Catalyst. Existing investors General Atlantic, BlackRock and HIG Growth Partners also participated in the round, bringing the valuation of JumpCloud to $ 2.56 billion.
JumpCloud aims to make directory management easier for businesses that have multiple user directories or don’t want to bother installing their own. Its directory provides basic identity and access control services, multi-factor authentication, single sign-on, and integration with other popular directories such as Microsoft Corp’s Active Directory. and the Lightweight Directory Neutral Access Protocol.
The company sees its service as a modern replacement for Microsoft Corp’s Active Directory service. JumpCloud says it has significant advantages, claiming that Active Directory was designed and built for an on-premises world dominated by Windows-centric computing environments.
This makes it unsuitable for a modern era where computing resources are increasingly cloud-based. JumpCloud also competes with cloud access security brokers and federated identity management platforms.
JumpCloud believes it has increased significantly since the COVID-19 pandemic, as organizations around the world have sought a better way to manage thousands of workers remotely. It provides a single solution that supports heterogeneous applications, devices and security needs.
The alternative, according to JumpCloud, is to use legacy services like Active Directory and extend them with several stand-alone tools for single sign-on, MFA, and device management, or bypass directory management altogether and to work with dozens of individual systems to connect employees to resources. Neither is ideal.
JumpCloud co-founder and CEO Rajat Bhargava said IT teams have a strategic responsibility to ensure work is done securely and efficiently, regardless of where workers are located.
“The pandemic has accelerated their need for an infrastructure platform that is not constrained by legacy domain-based approaches, or that requires multi-point solutions,” he said. “JumpCloud has reinvented the directory with a comprehensive, modern platform that makes it easier for IT administrators to adopt zero-trust security models for more granular access control, with a user-friendly experience. “
The proof is in the pudding, and JumpCloud offers some impressive numbers, claiming it now has nearly 5,000 customers in 100 countries, 1,300 managed software vendor partners and a 149% net revenue retention rate.
One customer cited by the company is the new and used car dealership Cars.com LLC. “JumpCloud has helped us bring all the pieces of identity and device management together in a much-needed way during the pandemic,” said Kyle McKenna, head of enterprise technology at Cars.com. “As our business grows, the scalable JumpCloud platform makes it easier for us to manage all of our devices and users, saving us time and resources. “
Over the past year, JumpCloud has significantly enhanced the capabilities of its platform, adding a premium feature called Directory Insights that gives system administrators and security personnel a centralized view of user activity around the system. access to company resources. Other additions include JumpCloud Protect, an MFA push mobile app capable of verifying user identities through one-touch verification available on iOS and Android devices, and Zero Touch Enrollment for Mac, extending its device management capabilities. .
Casber Wang, Vice President of Sapphire Ventures, said JumpCloud has established itself as the preferred platform for the IT administrator community by successfully unifying access to identity, device and cloud infrastructure resources. in one secure platform.
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