Keyfactor, a digital identity management and cryptography company, has reached $200 million in annual recurring revenue (ARR), CEO Jordan Rackie told Axios Pro. The milestone follows the company's funding round this summer, in which it raised more than $1 billion. The investment was led by Summit Partners. The company specialises in digital identity management and cryptography services.

Keyfactor has announced plans to acquire Cofide, a UK-based platform that issues verified identities to software workloads and AI agents in cloud environments. Financial terms were not disclosed. Cofide addresses the security gap created by automated systems vastly outnumbering employees in enterprise environments. Most are still secured with static credentials that can be copied or stolen. The platform replaces these with unique, short-lived verified identities using cryptographic proof, built on open standards including SPIFFE, OAuth and OIDC. The acquisition will integrate Cofide into Keyfactor's Trust Control Plane, creating a unified system for managing non-human identities alongside certificates and keys. Cofide's team and technology join immediately. Keyfactor raised over one billion dollars earlier this month for machine identity and post-quantum trust initiatives.

Keyfactor, a trust infrastructure platform for managing machine identities and cryptographic assets, has secured over $1 billion in strategic growth investment led by Summit Partners. Existing investors Insight Partners and Sixth Street Growth will maintain significant ownership stakes. The company serves more than 2,500 customers globally, including 50% of the largest US and European banks, 80% of leading US retailers, and over 40% of Fortune 100 companies. Keyfactor issues and manages billions of machine identities annually. The investment will fund product innovation, geographic expansion, team growth, and strategic acquisitions. The funding comes as organisations face mounting pressure to manage AI-driven identity sprawl, shrinking certificate lifespans, and prepare for post-quantum cryptography transitions ahead of 2030 government deadlines. Summit Partners' Andy Collins and Colin Mistele will join Keyfactor's board following the transaction's close.