Keyfactor tops USD $200 million in annual recurring revenue

Keyfactor has exceeded USD $200 million in annual recurring revenue, reaching the milestone at the start of the third quarter of 2026.

The Atlanta- and Stockholm-based cyber security group said demand for machine identity security and digital trust infrastructure had lifted sales, with annual recurring revenue growing more than 35 per cent year on year. It added that it remained profitable while continuing to invest in expansion.

The update follows a period of corporate activity at Keyfactor. The company recently disclosed a more than USD $1 billion investment led by Summit Partners and announced plans to acquire Cofide, a move tied to verified identity for AI agents and cloud workloads.

Chief Executive Officer Jordan Rackie said the latest revenue threshold marked a sharp acceleration in growth over the past several years.

"Surpassing $200 million in ARR is a tremendous milestone for Keyfactor, and what makes it especially meaningful is the trajectory behind it. In 2019, Keyfactor was a sub-$10 million ARR business. It took us roughly five years to grow more than tenfold and surpass $100 million, and then just two years to double the business again. Adding that next $100 million at a much greater scale, and in less than half the time, demonstrates the acceleration of this market, the growing demand for what we do, and our ability to capture that opportunity at scale," Rackie said.

Keyfactor sells software and services for managing machine identities, public key infrastructure and cryptographic assets across large organisations. Customers use its products to gain visibility over certificates and other trust systems, automate lifecycle management, and maintain governance across complex technology estates.

It issues and manages hundreds of billions of machine identities globally each year and serves more than 1,000 customers. Its client list spans financial services, technology, healthcare, telecommunications and public sector bodies, including US federal agencies and government organisations across NATO countries.

Among the customer metrics disclosed, Keyfactor said it supports 50 per cent of the largest banks in the US and Europe, 80 per cent of leading US retailers, and more than 40 per cent of the Fortune 100. It also reported strong product adoption, with active certificates issued by Keyfactor-managed public key infrastructure rising by more than 200 per cent since 2025.

Growth across other parts of the product portfolio was also strong. Certificates issued through EJBCA SaaS increased 168 per cent since early 2025, while certificates automated through Keyfactor Command rose 207 per cent since 2024.

Market pressure

Keyfactor linked rising demand to the spread of AI systems, the growing volume of machine identities inside corporate networks, and mounting pressure on organisations to prepare cryptographic systems for the post-quantum era. It pointed to executive action in the US calling for an accelerated shift to post-quantum cryptography ahead of 2030.

That policy backdrop has sharpened focus on so-called crypto-agility, or the ability to discover, update and replace cryptographic assets across an organisation without major disruption. For large enterprises and government departments, the task can involve sprawling estates of certificates, keys, applications and connected devices.

Keyfactor said its traction in the public sector had also been helped by achieving FedRAMP certification status earlier this year, giving federal agencies a cloud-based option for certificate lifecycle automation. It has also expanded its partner programme, focusing on advisory, implementation and managed services around quantum readiness and digital trust modernisation.

A company partner said government demand was becoming more urgent as post-quantum deadlines drew closer.

"The White House's 2030 PQC deadline is fast approaching, and federal agencies need proven tools that make crypto-agility achievable, not just aspirational," said Matt Hartman, Chief Strategy Officer at Merlin Group. "Keyfactor's approach to discovering and modernizing cryptographic assets reflects exactly the kind of practical innovation the government needs right now: not just preparing agencies for the quantum era, but showing what effective PQC migration looks like in practice."

Rackie said the revenue milestone also reflected support from customers, staff and partners as the company pursues further expansion.

"This milestone is a testament to the entire Keyfactor ecosystem, our employees, partners and, most importantly, our customers. It is worth taking a moment to appreciate how far we have come, but there is a reason the windshield is much larger than the rearview mirror. Our focus remains firmly on what is ahead, and we believe the opportunity to define the trust infrastructure market and continue scaling Keyfactor has never been greater," he said.