At a glance.
- Thoma Bravo acquires SailPoint.
- ThreatX raises $30 million in funding.
- Inc. releases annual 5000 list of fastest growing companies.
- Cybersecurity insurance more difficult to obtain, despite increased need.
Mergers and acquisitions.
Private equity firm Thoma Bravo has completed its acquisition of enterprise identity security company SailPoint in an all-cash transaction valued at $6.9 billion. SailPoint said of the transaction that the company would now be “in a position to drive innovation in identity security, expand its global customer base, and continue providing industry-leading identity security solutions to modern enterprises around the world.”
Thoma Bravo is also in talks with British cybersecurity firm Darktrace to acquire the company. Darktrace confirmed that they are in the early stages of discussions, and Thoma Bravo has until the twelfth of September to decide if it's going to follow through with the acquisition or walk away.
Cybersecurity firm GrayMatter, based out of Pittsburgh, has announced a merger with process automation and machine control provider HTSE, based out of Michigan. In a press release, GrayMatter said that the merger will allow the companies the ability to “meet significant growth and demand for Industrial Intelligence solutions.”
Active insurance provider Coalition, headquartered in San Francisco, has completed its acquisition of property and casualty insurer Digital Affect Insurance Company. The acquisition will allow for Coalition its own admitted insurance carrier through which it can offer its own insurance policies. "This strategic move empowers Coalition to expand the reach of our market leading active cyber insurance offering together with other admitted insurance products. The acquisition is a natural next step in our evolution and will allow us to better serve our broker partners and customers, while continuing to push the boundaries of innovation in cyber insurance, executive risks insurance, and beyond,” said Shawn Ram, Head of Insurance for Coalition.
Investments and exits.
ThreatX, a Boston-based API protection platform, has raised $30 million in Series B funding, led by Harbert Growth Partners, with participation from Vistara Growth and existing investors .406 Ventures, Grotech Ventures and Access Venture Partners. ThreatX says that platform development investments will be accelerated with this new round of funding, as well as scaling global sales and marketing initiatives.
Global blockchain analytics platform Merkle Science has raised $19 million in Series A funding, co-led by Beco Capital, Darrow Holdings, and K3 Ventures. The company says the funding will be used to expand its US presence, as well as funding research and development for forensics and analytics tools for newer technologies, such as decentralized finance (DeFi).
Data infrastructure artificial intelligence company Torch.AI has announced that it was awarded a multi-million dollar Pentagon contract to combat cyber attacks and insider threats. The Kansas-based company’s NEXUS software will be used for the Pentagon’s System for Insider Threat Hindrance, or “SITH” (an apparent reference to Star Wars). SITH is meant to track and bring awareness to insider threats before they become a problem.
San Francisco-based Software-as-a-Service (SaaS) provider AppOmni has announced a strategic investment from Cisco Investments. The company says the funding will aid in product development, as well as accelerating the company’s roadmap. Brendan O’Connor, CEO and co-founder of AppOmni, said, “We’re thrilled that Cisco Investments has chosen to invest in AppOmni as we continue to educate and grow the SaaS security market. I’m also incredibly proud of our rapid product momentum and our expansion of coverage across all standard and custom SaaS applications. I invite anyone interested in learning about the advancements in SaaS security to stop by our booth at Black Hat.”
Startup Halo Security launched at Black Hat last week, Dark Reading reports. Halo Security is a full attack surface management platform designed to help defenders identify and monitor all internet-facing assets across all clouds and providers. They also provide a site scan service that scans all aspects of the website and provides recommendations for security improvements.
Network automation, security, and management provider BackBox has launched a formal Managed Service Provider (MSP) and Managed Security Services Provider (MSSP) Program, the Dallas-based company reports. “MSPs and MSSPs play an important role in our network security automation strategy because smaller companies generally don’t have a dedicated network engineer or access to the talent needed to automate network capabilities. Small and medium businesses (SMBs) have few options when it comes to network security, and therefore outsource network security to MSSPs,” said Andrew Kahl, CEO of BackBox.
- Vanta, an automated security and compliance platform, is ranked #25, with a growth of 13,096% between 2018 and 2021.
- Cascadia Global Security is ranked #54, and provides tailored security options and broad expertise in security.
- Asimily, a risk management platform for IoT devices, is ranked #170.
- ICU Technologies sits at #265, and is a security firm specializing in K-12 schools, districts, universities, and government agencies.
- SOLKOA, an American service-disabled, veteran-owned, small business (SDVOSB), comes in at #376. The company provides at-risk travelers and organizations with risk mitigation and security.
- Contrast Security, an application cybersecurity software provider, debuts at #3080 on the list.
KnowBe4 has been awarded a Gold Stevie award for Talent Acquisition Team of the year. The Stevie Awards for Great Employers recognize employers and HR professionals that foster and drive great places to work.
Cybersecurity insurance harder to obtain, despite increased need.
Huntsman Security predicted that the number of companies unable to afford cyber insurance, experience limitations in coverage, or be refused a policy is set to double over the next year, Computer Weekly reports. Increases in global regulations and threat risk and volume are being cited as reasonings for the increased difficulty. PR Newswire reports that BlackBerry and Corvus Insurance released the BlackBerry Cyber Insurance Coverage study, which detailed that companies are increasingly concerned about ransomware attacks, with only 19% of companies surveyed having coverage over $600,000, with over half surveyed hoping that the government would help cover damages when other nation-states are involved. Infosecurity Magazine reports that Peter Woollacott, CEO of Huntsman Security, said, “Factors like the supply chain crisis, inflation and skill shortages are all adding to the difficulty for organizations trying to execute on their cybersecurity strategy. At the same time, increases in insurance premiums, limits on coverage, increasing underwriting rigour and capacity constraints are all limiting the accessibility of cyber insurance, for many.”