Stockholm, May 7 2013 – Axiomatics, the Swedish based provider of authorization solutions, announces it has raised over $6.5 million in a new round of investment. The funding will be led by the Swedish technology investment firm Monterro.
Axiomatics, the leading independent provider of eXtensible Authorization solutions within the Identity and Access Management sphere, today announced that it has raised $6.5 million in a new round of investment.
The company, which is headquartered in Stockholm, Sweden, with offices in the US, has been competing with industry giants such as Oracle and IBM since start-up in 2006. Today, Axiomatics solutions are utilized by everything from Fortune 50 companies to national health authorities and universities.
The funding will be led by Swedish technology investment firm Monterro, a Stockholm based investment company specializing in building and growing Nordic software technology companies. Existing investors, Coach & Capital and Almi Invest, have also participated in this round of investment.
According to founding partner and CEO, Babak Sadighi, ”Over the last seven years we have continuously grown our business, gaining a strong foothold in the financial, manufacturing, health, insurance, media, defense and governmental sectors. Much of our success is attributed to developing the most innovative solutions combined with the flexibility that we offer our clients as an independent provider.
“We are extremely happy to have received the backing of the Monterro team,” continues Sadighi. “Having secured this funding, we can further increase product investment and thus further support our clients. Moreover, Monterro’s experience from the IT security software field will prove invaluable in helping us to cement our leading position, while continuing with our growth strategy in the same positive manner.”
On the investment, Monterro Managing Partner Thomas Bill commented, “Axiomatics fits perfectly with our investment strategy. They are a young dynamic organization, with a well-established Fortune 500 customer base and an innovative product suite. It’s testament to them that, despite competing with industry giants, they have consistently been chosen as the provider for the world’s largest XACML deployment projects. Through our experience we hope to help the company grow their market share and extend their product portfolio.” Managing Partners Thomas Bill and Peter Larsson, will join the Axiomatics Board.
Axiomatics solutions are built around the XACML (eXtensible Access Control Markup Language) standard. They enable organizations to securely share information across, within or beyond borders and boundaries, while complying with complex and ever-evolving regulations. Moreover, they allow users to reduce IT development costs and time-to-market.
Axiomatics is the leading provider of externalized and attribute-based authorization (ABAC) solutions. The company has a global customer base within healthcare, finance, insurance, manufacturing and the public sector, among others. Axiomatics solutions help protect systems against unauthorized use while enabling secure sharing of information within and across enterprise borders. Axiomatics actively contributes to the development of the XACML standard and has editorial responsibilities within the OASIS Technical Committee.
Monterro is a Stockholm based investment company focusing on software and software based services with foundation in the Nordic region. The team behind Monterro has unique operational and strategic experience combined with a strong financial background. Monterro has built and exited global technology businesses at a value exceeding 7.5 billion SEK. Among other software cases, the team behind Monterro built PointSec Mobile Solutions, a leading IT Security vendor acquired by Checkpoint 2007. For more information visit www.monterro.se.