Keeper Security hits USD $225 million ARR on AI identity

Keeper Security has reached USD $225 million in annual recurring revenue, a milestone for its identity security business.

Annual recurring revenue has more than tripled since 2021, and the cyber security company now serves more than 95,000 organisations, including large companies and public sector agencies.

The growth comes as businesses face a sharp rise in the number of digital identities they must manage across staff, systems and software. Non-human identities such as service accounts, machine identities, databases and AI agents are becoming a larger part of enterprise security operations as companies deploy more cloud services and artificial intelligence tools.

The latest revenue milestone also reflects a broader push by security vendors to address privileged access management and identity controls in a single platform. Demand has been supported by customers seeking ways to govern both human and non-human identities from one system.

Growth drivers

A key part of that effort has been KeeperPAM, the company's privileged access management product. Revenue from KeeperPAM has grown tenfold year on year since its launch in early 2025, while the business has been adding an average of 850 new organisations each month.

Over the past 15 months, Keeper has introduced more than 400 new features and products for KeeperPAM. The product combines enterprise password management, secrets management, privileged session management, database management and endpoint privilege management.

Darren Guccione, Chief Executive Officer and Co-founder, outlined the company's view of the market shift. "Identity is the new security perimeter," said Darren Guccione, Chief Executive Officer and Co-founder, Keeper Security.

"As enterprises increasingly deploy AI agents and autonomous systems, the number of privileged identities and machine credentials is growing exponentially. Organisations need a modern, unified platform that secures every identity - human and non-human - and governs every privileged interaction. Our growth reflects the market's demand for a platform purpose-built to address these challenges," Guccione said.

AI identity

Keeper has been positioning itself around what it describes as AI-native identity security, a term reflecting the spread of automated systems and machine-to-machine workflows inside corporate networks. Organisations are seeking stronger governance, visibility and least-privilege controls as those systems create new attack surfaces.

According to figures cited by the company, non-human identities are growing 150 times faster than human identities as enterprises adopt AI at scale. That shift is forcing security teams to track a wider range of credentials, secrets and privileged sessions across cloud infrastructure and endpoints.

Craig Lurey, Chief Technology Officer and Co-founder, linked that trend to current risks in enterprise systems. "Autonomous agents, frontier LLMs and machine-to-machine workflows are operating inside enterprise environments right now - without adequate governance, secrets management or access controls," said Craig Lurey, Chief Technology Officer and Co-founder, Keeper Security.

"Keeper is purpose-built to solve this problem at scale," Lurey said.

Market position

The company also pointed to external market research that ranked it among the fastest-growing security software competitors worldwide in 2025. In Keeper's announcement, that assessment placed it second only to Google on growth.

Keeper said it is expanding at more than four times the industry average. It also described its financial position as profitable and debt-free, saying that supports further expansion in identity security.

Guccione also outlined how the company sees the next stage of growth. "Surpassing USD 225 million in ARR confirms what we've heard in every enterprise conversation - that securing non-human identities is the defining security challenge of the AI era," said Darren Guccione, Chief Executive Officer, Keeper Security.

"We have established an accelerated path to USD 1 billion in ARR which, coupled with our technology roadmap, will provide optionality for a public offering," Guccione said.