From introducing their first digital identity management app helping users manage, protect, and consolidate passwords for free, to rolling out its full stack of identity management services for MSPs and Enterprises, the Lebanese Tech startup Myki goes full circle with its latest exit announcement to a US-based global leader.
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The Lebanese Tech startup and digital identity management solutions provider Myki announced today that it has been acquired by US-based global Tech company JumpCloud. Coming a long way from its initial investment backed by BECO Capital and BYVP, the Lebanese Tech startup will now consolidate its Tech and talent to maneuver a global landscape as shared on their blogpost.
Launched on the TechCrunch Disrupt Battlefield stage in September of 2016 by Co-Founders Priscilla Elora Sharuk (COO) and Antoine Vincent Jebara (CEO), Myki has taken on decentralized password management and access for users and enterprises across the globe. In doing so, Myki has been pioneering data protection through encrypted and decentralized identity management tools allowing users to consolidate and access their passwords safely in one digital medium. The acquisition comes as a big step for the startup as they join forces with JumpCloud, the US tech company with a global footprint. The JumpCloud Directory Platform centralizes the management of user identities and devices through SSO, MDM, MFA, and more, enabling small and medium-sized enterprises to adopt Zero Trust security models.
As most recently recorded in our MENA 2022 Venture Investment Report, the enterprise software solutions sector has closed 3 more deals in 2021 than the year before to observe more than 1,000% YoY increase in capital investment across the industry. This was in part driven by Saudi Arabia’s first Mega Deal closed by cloud-based communication solutions provider Unifonic, accounting for more than 60% of all funds raised in the sector over 2021. In a feat unique to the enterprise software industry across MENA, and considering the endless possibility of software solutions across industries, VC investment in the sector has not followed a strict trend over the past year. However, of the most remarkable segments funded in the past year were HR & corporate support solutions like AI-powered HR servicing platform Leena AI, On-demand blue-collar staffing platform and manager Sabbar, homegrown accounting software solutions by VoM, and finally payroll automation with NOW Money amongst a plethora of successful ventures that raised funds over the past year. As the enterprise software sector showed its weight in 2021, Saudi-based SaaS startups excelled to account for 35% of all transactions closed in the sector over the past year.
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“Today is an exciting day for the team here at MYKI! We are delighted to announce that JumpCloud has acquired MYKI's technology and team. This is a new chapter for us as we turn our MSP know-how, engineering talent, and our technical expertise towards enhancing the JumpCloud platform to deliver superior security, ease of use, and value to both MSPs and SMEs.” The Myki team shared earlier today on their blog post. In its latest market proposition, Myki has targeted three user verticals: The "Myki Password Manager & Authenticator” for consumers is a mobile application that allows users to seamlessly and securely store and manage passwords, credit cards, ID cards, and secure notes. Myki allows users to log in to accounts using biometric authentication such as touch ID and Face ID. Myki's enterprise offering "Myki for Teams” gives administrators full visibility and control over their company’s access management, and Myki for Managed Service Providers is a web portal that allows MSPs to manage the passwords of their clients in a secure, streamlined and scalable manner. Their latest browser extension Myki Guard was launched to support users in protecting their devices from malicious attacks and internet activity from unauthorized access.
While the company announced that it will be discontinuing its Myki products and extensions, the leadership and team will now become an integral part of JumpCloud’s data protection mission. Together, the team will set for to serve a global user base of more than 150,000 organizations, with more than 5,000 paying customers including Cars.com, GoFundMe, Grab, ClassPass, Uplight, Beyond Finance, and Foursquare.
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