German multinational software firm SAP said Tuesday it has invested an undisclosed amount of money in Israeli startup PlainID, a maker of software that enables authorizations.
Founded in 2014 by Gal Helemski, Oren Ohayon Harel, and Dmitry Tuchinsky, the firm developed software products to help protect digital assets with a single authorization platform to secure cloud, mobile, and other applications, enabling companies to better manage access policies for employees and others.
SAP had already been using the company’s products within its software offerings to clients before the investment.
“Today is a milestone for PlainID,” said Ohayon Harel, the CEO and co-founder of the Tel Aviv-based startup. “SAP’s investment is a sign of confidence and trust from one of the leading companies in the world and gives a sense of momentum and success. Over a dozen businesses that use SAP solutions also use PlainID technology in the SAP Customer Data Cloud platform. This covers access control for over one million users. These include Fortune 2000 companies from industries such as pharma, oil and gas, and retail.”
PlainID plans to use the funds to expand its reach, helping companies upgrade their identity and access management features, the company said in a statement.
“Together with our best-in-class identity and enterprise preference management platform, this new offering delivers a market leading solution,” said Ben Jackson, General Manager of SAP Customer Data Cloud at SAP. “We embedded PlainID’s Authorization as a Service platform within the SAP Customer Data Cloud to help businesses fill gaps around access management. We’re pleased to be extending our relationship through this investment in PlainID.”