Amidst the growing global focus on cybersecurity, ReliaQuest, a Tampa, Florida-based security operations company, announced it has secured over $500 million in funding, boosting its valuation to $3.4 billion. This round, led by EQT, KKR, and FTV Capital, underscores ReliaQuest's rapid ascent in the cybersecurity landscape. Compared to its $1 billion valuation in December 2021, ReliaQuest's market value has tripled in just a few years.
ReliaQuest's founder and CEO, Brian Murphy, stated that the demand for cybersecurity is continuously increasing as enterprise security teams grapple with expanding data volumes and rapidly evolving threats. He emphasized the need for CISOs (Chief Information Security Officers) to have a solution that can contain threats within minutes without adding cost or technical burden. This new investment will fuel the company's progress in this direction.
Founded in 2007, ReliaQuest currently employs approximately 1,100 people, boasts over $300 million in annual recurring revenue, exhibits a growth rate exceeding 30%, and is profitable. Since its inception, ReliaQuest has successfully raised over $830 million in external funding. In 2020, KKR invested $300 million to accelerate the development of the company's cybersecurity intelligence platform.
ReliaQuest's core technology platform, GreyMatter, leverages intelligent AI models to automate security processes, significantly reducing threat response times. The platform enables customers to increase investigation speed by 20 times and accuracy by 30%. As EQT Partner Kirk Lepke noted, ReliaQuest stands out for its ability to enhance enterprise security operations management, becoming one of the few software vendors managing complex enterprise environments.
ReliaQuest's technology can contain security threats within five minutes, allowing security teams to focus on higher-level business needs rather than routine tasks. The GreyMatter platform allows security teams to leverage existing or future technology stacks, enhancing visibility and AI-driven automation to detect, contain, investigate, and respond to cyber threats across multiple network solutions.
Notably, ReliaQuest recently acquired Digital Shadows, investing $160 million to bolster its security operations platform's threat intelligence capabilities. This acquisition aims to provide customers with enhanced visibility and contextual analysis of potential threats.
ReliaQuest has established a strong competitive advantage in the cybersecurity field, driven by its AI-powered platform, continuous innovation, and unique company culture.
