# SPHERE Technology Solutions

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/sphere-technology-solutions

- Industry: IT Security/Cybersecurity
- Headquarters: Newark, US
- Website: www.sphereco.com
- Total disclosed funding: $41M
- Latest round: Series B (Nov 30, 2022)
- Investors on record: 2

## About

SPHERE Technology Solutions specializes in identity management solutions, providing organizations with innovative tools to enhance account management and compliance through its flagship platform, SPHEREboard.Founded in 2009 and headquartered in Newark, US, SPHERE Technology Solutions offers identity management solutions. It has completed 3 deals, with its most recent funding round occurring on November 30, 2022. The company raised USD 31 mn in Series B funding led by Edison Partners, with returning participation from Forgepoint Capital. The founder, Rita Gurevich, has a background in technology and has been pivotal in the company's strategic direction.SPHERE specializes in identity management solutions, with its flagship product being the SPHEREboard platform. This platform is designed to enhance Identity Hygiene by providing organizations with tools to efficiently manage account, data, and Active Directory (AD) issues. SPHEREboard offers real-time visibility, ownership mapping, automated remediation, and enforcement of access policies across multiple environments, including AD, Privileged Access Management (PAM), and unstructured data. The solution is tailored for organizations seeking to reduce risks associated with excessive access, orphaned accounts, and misaligned permissions, thus safeguarding critical assets and ensuring compliance. SPHERE's customer base encompasses various sectors, including finance, healthcare, and technology, with a global reach that includes markets in North America, Europe, and Asia-Pacific.SPHERE generates revenue primarily through subscription-based services associated with its SPHEREboard platform and related offerings. Clients typically engage in annual contracts that provide access to the platform’s capabilities, along with ongoing support and managed services. The structure of transactions often follows a Business-to-Business (B2B) model, where organizations subscribe to SPHEREboard for comprehensive identity management solutions tailored to their specific needs. Revenue also stems from partnerships with technology providers, enhancing the capabilities of the SPHEREboard platform through integrations. The service offerings, including Hygiene Managed Services and Onboarding Assistance, complement the SPHEREboard solution, ensuring clients achieve optimal results in their identity management initiatives.In November 2022, SPHERE Technology Solutions, Inc. raised USD 31 mn in Series B funding, led by Edison Partners, to accelerate its growth. The company plans to utilize this funding to expand its SaaS offering, enhance its channel ecosystem, and build strategic alliances. Future initiatives may focus on developing new products within the identity management space and expanding into additional geographic markets, specifically targeting regions in Europe and Asia-Pacific by late 2023.

## Funding rounds

- Series B, Nov 30, 2022, $31M — Edison Partners, Forgepoint
- Series A, Feb 18, 2021, $10M — Forgepoint

## Investors

- Forgepoint (https://capitalatlas.ai/funds/forgepoint) — Series A, Series B
- Edison Partners (https://capitalatlas.ai/funds/edison-partners) — Series B