sector insights

Growth by Design: How Cybersecurity Leader Keeper Security Builds for the Long Term

Summit Managing Director Len Ferrington shares insights learned from Summit XI’s investment in Keeper Security, a leading provider of zero-trust and zero-knowledge cybersecurity software. Since Summit XI’s 2023 investment, we’ve seen how a clear vision supported by disciplined execution across product, people, technology and go-to-market has fueled Keeper’s global expansion in the cybersecurity market.

Many companies chase growth. In our view, the best companies design for it.

What began in 2011 as a consumer password manager is now what we believe to be a comprehensive, next-generation privileged access management platform. Keeper helps protect millions of users and thousands of organizations globally – from individual users and small businesses to Fortune 100 companies and government agencies. Keeper’s story isn’t just about expansion, however, it’s about executing pursuant to a clear vision with focus and intensity. Throughout the journey, the company has focused on how it builds: investing in systems and defining processes designed to address what it believes are critical unmet needs of the market and existing customers, while delivering innovation at speed.

Since Summit XI’s investment in 2023, we’ve seen how the company applies that mindset across its product development, talent development and go-to-market execution. Below, we take a closer look at how Keeper has built what we believe is the foundation for sustained, long-term growth.

Keeper by the Numbers

150+
Countries Served
70,000+
Business Customers
4 Million+
People Served*

*Represents Keeper’s active user count as of Q2 2025.

Built for Purpose: Keeper’s Product Foundation

Keeper’s evolution from a consumer mobile app to an enterprise-grade cybersecurity platform didn’t happen by accident; it was enabled by early architectural decisions and a product philosophy centered on usability, scalability and security.

From the start, Keeper’s product team prioritized intuitive design and a seamless user experience. That consumer-first mindset has remained paramount, even as the company expanded into increasingly complex environments within the enterprise and public sectors. Today, customer feedback remains a core component of Keeper’s product development roadmap, helping to ensure that features are purpose-built to meet the real-world needs of its customers.

Keeper’s zero-trust, zero-knowledge security architecture represents a strategic decision made early in its journey. That foundation has played a critical role in Keeper’s ability to scale securely and flexibly over time. It paved the way for major platform extensions, including the recent launch of KeeperPAM, which introduced full privileged access management capabilities such as session monitoring, access provisioning and behavioral analytics. This is product innovation by design: intentional, extensible and informed by the people who use it.

Building a Team That Builds the Business

As Keeper’s platform has expanded, so has its team – now more than 550 employees strong and operating across North America, Europe and Asia. Since Summit XI’s investment in 2023, Keeper has added approximately 250 new team members and profitably achieved a 5-year CAGR of 73% on its ARR. (1)

The company has effectively productized its approach to talent, working to apply the same operational discipline it brings to product development and go-to-market execution. Keeper has built structured, repeatable systems for hiring, onboarding and training, often developing talent from within and primarily recruiting without the use of external search firms. This approach has enabled strong cultural alignment and organizational continuity, even amid rapid growth.

“The single most important aspect of our growth at Keeper isn’t just our technology – it’s the team and stakeholders behind it,” said Keeper CEO and Co-founder Darren Guccione. “It is essential, in all aspects of the organization, to empower employees and stakeholders who are passionate about becoming self-actualized in their respective profession. We are fanatical about developing innovative products and technologies, but even more so, our people.”(2)

Once onboarded, employees are supported by clear performance frameworks and robust professional development programs that promote accountability, alignment and long-term growth. We believe this people strategy has enabled Keeper to expand its global workforce while preserving focus, cohesion and high performance.

The result is an organization that is motivated and built to keep growing – with intention and at scale.

A Go-to-Market Engine Designed to Scale

Keeper has built a go-to-market strategy designed for scalability. We believe the company’s approach is flexible enough to support an expanding and increasingly diverse customer base, with a structure that fuels data-driven ongoing improvement.

As Keeper’s product has expanded in depth and capability, so too has the range of customers it serves. Today, the company serves more than 4 million users across 70,000 customers – ranging from individuals and small businesses to government agencies and Fortune 100 enterprises. Each market segment brings distinct needs, buying cycles and expectations, and Keeper aims to address these through a multi-faceted go-to-market approach. The model supports a number of tailored strategies to engage organizations of all sizes across any industry. A robust global channel partnership strategy extends the company’s reach, helping support efficient entry into new markets and a mission to serve customers at scale.

Funnel performance is closely tracked across regions, channels and segments, with insights directly integrated into strategy and execution. This data-driven loop helps Keeper to refine its approach, optimize resource allocation and scale with confidence.

Strategic brand investments, such as the company’s partnership with the Atlassian Williams Racing Formula 1 team, further reinforce Keeper’s identity as a precision-driven platform.

This is go-to-market by design: intentional, adaptive and built to grow alongside the business.

Growth Timeline

January 1, 2024

Acquired by Vista Equity Partners

Rebrands as InvoiceCloud

Began trading on the New York Stock Exchange under the ticker symbol KVYO on September 20, 2023

January 1, 2023

Launched Klaviyo Customer Data Platform (CDP) and reviews - Surpassed 130,000 customers

January 1, 2022

Entered into a strategic partnership with Shopify, including capital investment - Launched partnership with Wix and completed first acquisition, Napkin.io - Opened Sydney office

January 1, 2021

Completes IPO on September 23 (NYSE: ESMT)

January 1, 2020

Rebranded to EngageSmart

Introduced support for Apple Pay, Google Pay

January 1, 2017

Entered the wellness vertical with the acquisition of SImplePractice.

January 1, 2021

Raised additional capital in a funding round led by Sands Capital - Launched SMS product - Announced native integration with Prestashop and partnership with WooCommerce

January 1, 2020

Raised approximately $200 million in new capital from Summit Partners and Accel

January 1, 2019

Raised approximately $150 million in capital from Summit Partners Opened London office

January 1, 2009

InvoiceCloud founded

Focused on local government and utility verticals

January 1, 2018

Surpassed 10,000 customers

January 1, 2017

Launched a partnership with BigCommerce

June 1, 2016

Surpassed 1,000 customers

January 1, 2016

Raised new capital in a funding round led by Astrial Capital

January 1, 2015

Received SAFE financing led by Accomplice

January 1, 2014

Surpassed 100 customers

January 1, 2012

Klaviyo founded

January 1, 2021

Completes IPO (NASDAQ: LFST) on June 10

January 6, 2020

Announces majority recapitalization

January 1, 2020

LifeStance completes 50th acquisition. With COVID onset, transitioned from 300 telepsych visits per week to more than 40,000

January 1, 2020

2.3M patient visits, 370 centers and 3,000+ clinicians

January 1, 2019

1.4M patient visits, 170 centers and 1,400 clinicians

January 1, 2018

930k patient visits, 125 centers and 800 clinicians

January 1, 2017

LifeStance founded with backing from Summit Partners and Silversmith Capital Partners

January 1, 2019

Launced charity streaming - live streaming fundraising

General Atlantic invests alongside Summit and management team

January 1, 2018

Entered the non-profit vertical with the acquisition of DonorDrive

Introduced and integrated telehealth solution

January 1, 2015

Summit Partners invests

Entered the healthcare vertical with the acquisition of HealthPay24

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We believe Keeper’s growth reflects a clear strategy: build the right systems, invest in the right people and stay disciplined through growth. The company’s product evolution, team structure and commercial execution are all powered by frameworks designed to scale.

This intentional approach is supported by a profound philosophy that prioritizes not just operational execution today, but the ability to continually improve over time.

Since Summit XI’s investment in 2023, we’ve worked closely with the Keeper team to support international expansion, operational scaling and continued platform innovation. But we believe the real strength lies in the company’s systems and strategies designed to sustain durable, long-term growth.

Keeper by the Numbers

150+
Countries Served
70,000+
Business Customers
4 Million+
People Served*

*Represents Keeper’s active user count as of Q2 2025.

Related Experience

*Represents Keeper’s active user count as of Q2 2025.

**There can be no assurance that the performance of any such professional serves as an indicator of future performance. There is no guarantee that Summit's investment professionals will successfully implement the Summit funds’ investment strategy.  A complete list of Summit employees is available upon request.

(1) As of June 30, 2025. Past operating performance is not a guarantee of or necessarily indicative of future results. Contracted annual recurring revenue (“CARR”) growth is one of many factors that impacts investment performance. Loss of investment is possible, even with positive CARR growth.

(2) Quote provided to Summit on June 18, 2025.  Certain statements about Summit made by Darren Guccione herein are intended to illustrate Summit’s business relationship with Keeper and Mr. Guccione, including with respect to Summit’s role as a business partner, rather than reflect Summit’s capabilities or expertise with respect to investment advisory services. Mr. Guccione was not compensated in connection with his participation or statements; however, he has received and continues to receive compensation in connection with his employment at Keeper. Mr. Guccione is not an investor in a Summit fund but may have conflicts arising from his current role with Keeper due to Keeper’s relationship with Summit. Further, there can be no assurance that professionals currently employed by Keeper will continue to be employed by Keeper or that the performance of any such professional serves as an indicator of future company performance. There is no guarantee that Keeper’s current employees will successfully implement the company’s operating strategy.

About Summit Partners

Summit Partners is a leading growth-focused investment firm, investing across growth sectors of the economy. Today, Summit manages more than $45 billion in capital and targets growth equity investments of $10 million – $500 million per company. Since the firm’s founding in 1984, Summit has invested in more than 550 companies in the technology, healthcare and life sciences, and growth products and services sectors.