Keeper Security
A Chicago password and privileged access company that grew to $240M in yearly recurring revenue on very little outside money. It says it is profitable, but has never disclosed a valuation.
Keeper Security, Oct 6, 2026- Valuation
- Never disclosed neither the 2020 nor the 2023 investment came with a reported price.
- Raised
- $60M, plus one undisclosed Insight Partners put in $60M in 2020, its first outside money. Summit Partners' 2023 amount was not disclosed.
- Revenue
- $240M+ ARR as of Oct 2026, up from $225M in July. 2025 revenue was $143M, up 53%.
- AI
- Secrets for agents an MCP server and an Agent Kit let AI coding tools use stored secrets with audit trails.
- Watch
- IPO talk, no date the CEO links a public offering to a path to $1B in ARR, with no timeline.
- Hiring
- 79 → 68 remote listings since Oct 10.
Subscriptions, from families to federal agencies.
Keeper sells password, secrets and privileged access management by subscription. Its flagship, KeeperPAM, bundles password vaults, secrets for code, session monitoring and endpoint controls in one platform. It says it protects more than 100,000 organizations in over 150 countries. No split between consumer and business revenue is published.
Keeper Security, Oct 6, 2026- 1It funds itselfThe CEO said in 2020 it had been profitable since year one. In 2026 it still described itself as profitable with no debt.Built In, Dec 3, 2020; Keeper Security, Jul 9, 2026
- 2Cleared for sensitive government workIts government cloud won FedRAMP High authorization in Dec 2025, building on FedRAMP Moderate from Aug 2022. Named agency customers include NASA, FEMA and the Department of Justice.Keeper Security, Dec 23, 2025
- 3One platform instead of five toolsKeeperPAM, launched Feb 2025, grew revenue 10 times year over year by Jul 2026, and Keeper says it added over 400 features in 15 months.Keeper Security, Jul 9, 2026
- Palo Alto Networks$300Blisted, Oct 30 close
- Okta$36.4Blisted, Oct 30 close
- 1Password$6.80Bprivate, Oct 10
Private values are the last reported round; they can be stale. Listed values are market value. Bars start at zero.
Every round, and what its terms give away.
Keeper Security is private, so there is no share price. What its investors paid, and on what terms, is the closest thing to one.
- $240M
- ARR, as of Oct 6
Company says it is profitable and debt free (Jul 2026); no profit figure. 2025 revenue was $143M, up 53.42%, per a Gartner analysis Keeper cites.
Keeper Security, Oct 6, 2026; Jul 9, 2026; May 28, 2026- May 9Minority growth equityLed by Summit PartnersAmount and terms not disclosed. Insight stayed on as an existing investor; Evercore advised both Keeper and Insight.Summit Partners, May 9, 2023
- Aug 14Minority growth equity$60MLed by Insight PartnersFirst outside equity since founding in 2011. Insight's Thomas Krane joined the board.Keeper Security, Aug 14, 2020
- Down or flat round?No valuation was reported for either investment, so there is nothing to compare.Summit Partners, May 9, 2023Open
- How much the last round soldBoth deals were described as minority stakes. Neither the 2023 amount nor any valuation was disclosed.Summit Partners, May 9, 2023Open
- Time since the last raiseAbout two and a half years since May 2023. Keeper says it is profitable and debt free, so it does not appear to need new money.Keeper Security, Jul 9, 2026Clear
- Unusual terms (preferences above 1x, ratchets)?No terms were disclosed for either deal, and we found no SEC Form D to check.Keeper Security, Aug 14, 2020; SEC EDGAR search Nov 3, 2026Open
- Who ledEach deal had a new outside growth investor: Insight Partners in 2020, Summit Partners in 2023. Both took a board seat.Summit Partners, May 9, 2023Clear
- Employee liquidityNo tender offer or staff secondary sale has been announced. Whether the 2023 deal bought any existing shares was not disclosed.Searched Nov 3, 2026Open
- Layoffs in the last 12 monthsWe found no layoff announced by Keeper or reported by the press in a search on Nov 3, 2026. The company reports adding customers and revenue.Searched Nov 3, 2026Clear
Clear: checked, nothing found. Flag: found, with the source. Open: could not be checked.
What the record says, and what we think it means.
The fact is the source's. The read, in italics, is ours.
- 01Good
Recurring revenue keeps climbing.
Keeper Security, Jul 9 and Oct 6, 2026ARR passed $225M in Jul 2026 and $240M by Oct 2026, more than three times its 2021 level. Keeper says it adds about 850 organizations a month.
That is roughly $15M of new ARR in one quarter, by the company's own numbers. Growth looks steady, though none of it is audited.
- 02Good
Ranked second fastest growing in security software.
Keeper Security, May 28, 2026Gartner's 2025 market share analysis put Keeper second only to Google, with revenue up 53.42% to $143M.
A third-party ranking, though the revenue number still comes from what Keeper reported. Revenue trails ARR because ARR counts the yearly value of contracts signed so far.
- 03Good
Profitable and debt free, it says.
Keeper Security, Jul 9, 2026; Built In, Dec 3, 2020Keeper described its finances in Jul 2026 as combining growth, profitability and no debt. Its CEO said in 2020 it had made money since year one.
A company that pays its way is less likely to cut staff to stretch cash. No profit figure has been published, so this rests on the company's word.
- 04Neutral
An IPO is on the table, with no date.
Keeper Security, Jul 9, 2026CEO Darren Guccione said a path to $1B in ARR will provide "optionality for a public offering." No filing or timeline has been reported.
At $240M ARR, $1B is about four times away, so a listing may be years off. Private equity stays illiquid until then.
- 05Watch
The customer count moves around.
Keeper Security, Dec 23, 2025; Jul 9, 2026; Oct 6, 2026Keeper said it protected more than 100,000 organizations in Dec 2025, over 95,000 in Jul 2026, and more than 100,000 again in Oct 2026.
Probably different ways of counting, not a loss of customers. Treat the headline count as marketing, not a reported metric.
- 06Good
FedRAMP High for its government cloud.
Keeper Security, Dec 23, 2025Keeper Security Government Cloud received FedRAMP High authorization in Dec 2025, for high-impact unclassified federal data.
It opens bigger federal deals that many rivals cannot bid on. Government sales cycles are slow, so the payoff may take time.
- 07Watch
It once sued a reporter over a bug story.
TechTarget, Apr 20, 2018In Dec 2017 Keeper sued Ars Technica and reporter Dan Goodin over coverage of a browser extension flaw. It dropped the suit in Mar 2018 after criticism and set up a Bugcrowd disclosure program.
Old history, but it shaped how some security researchers see the company. The disclosure program was the fix.
What the hiring data says.
We save every company's roles, pay by team and level, AI share and churn every day, so each month this page can say more. Sparklines use their own scale.
Can AI agents do business with Keeper Security?
We checked the agent payment programs, developer docs and site rules an AI assistant would meet.
Built for agents' secrets. An MCP server and coding agent kit are live.
Still Remote read- YesAn MCP serverThe Keeper Secrets Manager MCP server has been on Docker Hub since May 2025, with about 6,100 pulls by Nov 2026. It gives AI apps access to chosen vault folders.Docker Hub, checked Nov 3, 2026
- YesPlugins for AI coding agentsThe Keeper Agent Kit on GitHub offers skills and a plugin for Claude Code, Cursor, Codex and GitHub Copilot to use stored secrets.GitHub and keepersecurity.com/llms.txt, checked Nov 3, 2026
- YesControls for AI agents at workEndpoint Privilege Manager now applies access policies, elevation controls and behavior monitoring to known and unknown AI agents.Keeper Security, Oct 6, 2026
- MixedDocs that AI tools can readThe main site publishes an llms.txt listing products and developer tools. The docs site (docs.keeper.io) returned a server error for llms.txt.checked Nov 3, 2026
- YesLets AI crawlers read its siterobots.txt names no AI bot. It allows everything except payment and checkout pages and three PDFs.checked Nov 3, 2026
Where Keeper Security puts AI to work.
- 1AI inside its own productKeeperAI, launched Aug 2025, watches privileged sessions command by command and can end risky ones. Keeper says customers own the data it uses.Keeper Security, Dec 22, 2025
- 2Little said about AI in its own workWe found no account of how Keeper uses AI in engineering, support or operations. The CTO credits 2025 output to disciplined engineering and customer feedback.Keeper Security, Dec 22, 2025
More listings than on Sep 7, led by engineering.
What Keeper Security puts on its own channel.
Short videos from Keeper Security's official YouTube channel, played here. We only use a channel that links keepersecurity.com and carries the company's name.
- Who’s Most Likely To…1.2 thousand views
- This Login Method is Stronger Than Your Password243 views
- One Password to Rule Them All247 views
- Your Password Might Already Be on the Dark Web336 views
- Is Your Password Already Out There?197 views
- Protecting Organizations One Credential at a Time1.4 thousand views
- Reacting to Password Character Counts1.1 thousand views
- Stay Four Moves Ahead with Keeper Security53 views
The signals, and which way they push.
- TailwindThe newer platform is taking off.
KeeperPAM revenue grew 10 times year over year since its Feb 2025 launch.
- TailwindFederal doors are open.
FedRAMP High in Dec 2025, with NASA, FEMA and the Justice Department named as customers.
- HeadwindA bigger direct rival.
1Password passed $500M ARR in Oct 2026, about twice Keeper's, with over 200,000 business customers.
- HeadwindPlatform giants in privileged access.
Palo Alto Networks now owns CyberArk, the best known name in the category, after a $25B deal.
Where Keeper Security ends up, if we had to bet.
Our calls, not facts. Each one is tied to something that already happened, so you can judge the reasoning.
- 1
Keeper is a public company by 2033.
Coin flip 50%IPOThe CEO ties a public offering to reaching $1B in ARR, and it is at $240M. Growth investors in since 2020 and 2023 will want an exit at some point, but a profitable company feels no pressure.
Keeper Security, Jul 9, 2026 - 2
ARR passes $1B by 2033.
Coin flip 50%RevenueRevenue grew 53% in 2025, but ARR only tripled from 2021 to 2026. Getting four times bigger needs faster growth than the five-year average.
Keeper Security, May 28, 2026; Jul 9, 2026 - 3
A larger security company buys Keeper.
Long shot 16%M&ARivals are consolidating, as Palo Alto did with CyberArk. But the founders still run Keeper and both outside investors hold only minority stakes.
ITPro, Feb 12, 2026; Summit Partners, 2023 - 4
Securing AI agents becomes one of Keeper's main revenue lines.
Coin flip 50%AIIt already ships an MCP server, an Agent Kit and agent controls in its endpoint product. No revenue from these has been broken out yet.
Keeper Security, Oct 6, 2026 - 5
Keeper keeps winning mid-sized firms and agencies against bigger platforms.
Likely 72%CompetitionIt adds about 850 organizations a month and holds FedRAMP High. The fight for the largest enterprises against CyberArk under Palo Alto will be harder.
Keeper Security, Jul 9, 2026
Read by the Still Remote research agent on November 3, 2026 from the sources linked on this page. Facts and scenarios only, not investment advice.