By Milana Vinn and Isla Binnie

NEW YORK, Dec 2 (Reuters) - Alternative investment firm KKR KKR.N is leading a Series B equity financing round for identity management provider Saviynt, valuing the software company at more than $2 billion, according to people familiar with the matter.

DEAL DETAILS

• KKR is expected to invest between $500 million and $700 million in Saviynt, which will likely equate to around 20% of the company, giving Saviynt a post-money valuation of more than $2 billion, the sources said.

• KKR plans to make the investment through its tech growth fund, which has made more than 45 investments since its inception, the people said on condition of anonymity.

• The deal with KKR could be announced as early as this week, the people said, adding that other investors were expected to join the round.

• The funding round is Series B, which typically means a company is beyond the initial start-up stage and is looking to scale.

• El Segundo, California-based Saviynt generates around $250 million in annual recurring revenue and is growing at close to 30%, the sources added.

• Saviynt was not immediately available to comment, while KKR declined to comment.

CYBERSECURITY SECTOR

• Saviynt's larger competitor, SailPoint SAIL.NS, became a public company through an initial public offering in February at a $12.8 billion valuation.

• Previous investors in Saviynt have included San Francisco-based Carrick Capital Partners, according to data provider PitchBook.

• Saviynt also took $285 million in debt financing on an undisclosed date, bringing its total amount raised to $530 million, before the new funding round, per PitchBook.

(Reporting by Milana Vinn and Isla Binnie in New York; Editing by David French and Lisa Shumaker)

((milana.vinn@thomsonreuters.com, isla.binnie@thomsonreuters.com))