ReliaQuest Plans For More Growth In 2020 As Cybersecurity Demands Rise

As cybersecurity remains a top concern for companies, the market is expected to grow nearly 15% year over year to reach $27.9 billion by the end of this year. It’s no surprise then that cybersecurity companies are attracting a variety of investors.

One of those companies is ReliaQuest. Founded in 2007, the Tampa, Fla.-based SaaS security platform provider developed GreyMatter, a cloud-native SaaS platform designed to help enterprises gain more visibility into their on-premises and cloud environments. The platform uses AI and automation to provide continuous threat detection, threat hunting, and remediation capabilities.

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ReliaQuest’s revenue has grown more than 450% over the past three years, and it plans to add another 100 employees to its ranks worldwide this year. It also just announced that it has been named the official cybersecurity partner of the Tampa Bay Buccaneers, helping protect the team from security breaches. In addition, the company has become the Official Cybersecurity Partner of the Tampa Bay Super Bowl LV Host Committee—the first time a Super Bowl host city has had a cybersecurity subcommittee.

And now ReliaQuest, which has five global locations, has announced it has raised more than $300 million in a growth funding round led by global investment company KKR. Ten Eleven Ventures and Brian Murphy, ReliaQuest’s founder and CEO, also took part in the round. The company plans on using the money to improve its platform and for further international expansion. ReliaQuest previously raised $30 million from FTV Capital.

"ReliaQuest's GreyMatter platform is supported by some of the top security talent in the industry, enabling enterprises to increase visibility across cloud and on-premises technologies, allowing them to reduce risk and compromises,” Murphy said in a statement. “The investment from KKR and Ten Eleven is an important step that allows ReliaQuest to continue to scale globally while innovating and accelerating the development of the GreyMatter platform and follows what was a foundational investment from FTV four years ago.”