Consumer Privacy and Security Fuels Record Bookings for JanrainOctober 12, 2018
Leading CIAM Provider Celebrates 69% Year-over-Year Bookings Growth During First Half of 2018 Driven by Needs Around Privacy Regulations and Security
Janrain, the company that pioneered the Customer Identity and Access Management (CIAM) category, 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 US-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.
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“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…