Keeper Security hits USD $225 million ARR on AI demand

Keeper Security has reached USD $225 million in annual recurring revenue, marking more than threefold growth since 2021.

The cybersecurity group now serves more than 95,000 organisations, including Fortune 500 companies and public sector agencies, and has been adding an average of 850 new organisations each month.

The announcement offers a snapshot of growth in identity security as companies work to manage rising numbers of human and machine accounts across cloud systems and artificial intelligence tools. According to Keeper, its current expansion is running at more than four times the wider industry average.

Growth drivers

A key part of that growth has been KeeperPAM, the company's unified privileged access management and identity security product. Keeper said revenue from KeeperPAM has grown tenfold year-on-year since its February 2025 launch.

Over the past 15 months, Keeper has added more than 400 features and products to KeeperPAM. The platform is designed to manage access for human users as well as non-human identities such as service accounts, machine identities, databases and AI agents.

That focus reflects broader industry concern over the rise of automated software agents and machine-to-machine workflows inside corporate systems. As businesses adopt more AI tools, security teams are under pressure to manage credentials and privileged access across a much larger, more complex identity base.

Keeper said non-human identities now outnumber human identities by 150-to-1 in some enterprise environments, creating new attack surfaces. It argues this shift is pushing identity security and privileged access management closer to the centre of cyber defence strategy.

"Identity is the new security perimeter," said Darren Guccione, Chief Executive Officer and Co-founder of 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.

Market position

Keeper said Gartner ranked it as the second-fastest-growing security software competitor worldwide in 2025, behind Google. The comparison underscores its position in a crowded market that includes password management, secrets management and broader identity governance vendors.

The company's platform combines enterprise password management, secrets management, privileged session management, database management and endpoint privilege management. Keeper is extending that approach to environments where AI systems and automated agents need access to data, infrastructure and applications.

For customers, the central challenge is not simply storing credentials, but controlling how identities are discovered, authenticated and monitored across an organisation. That becomes more difficult when access is granted to software agents and workloads that operate continuously and at scale.

Craig Lurey, Chief Technology Officer and Co-founder of Keeper Security, said those systems are already operating inside many businesses without sufficient controls.

"Autonomous agents, frontier LLMs and machine-to-machine workflows are operating inside enterprise environments right now - without adequate governance, secrets management or access controls," Lurey said. "Keeper is purpose-built to solve this problem at scale."

IPO option

The revenue milestone also offers a clearer view of Keeper's financial ambitions. The company sees a path to USD $1 billion in annual recurring revenue and said that trajectory could provide the option of a public offering.

Cybersecurity remains one of the more active areas in enterprise software, with investors continuing to reward companies that demonstrate durable subscription growth and profitability. Keeper said its financial profile includes profitability and no debt, a combination that could strengthen its position if it chooses to pursue public markets.

Guccione said customer discussions increasingly centre on the risks created by non-human identities.

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