ObserveIT Closes $33M in Series B Financing with Support from NightDragon Security
BOSTON--(BUSINESS WIRE)--ObserveIT, the leading insider threat management provider with more than 1,700 customers around the world, today announced it closed $33 million in Series B funding. The investment round includes participation from Bain Capital Ventures, Spring Lake Equity Partners and NightDragon Security, the cybersecurity investment firm founded by industry veteran Dave DeWalt.
The funding will be used to accelerate innovation for ObserveIT’s award-winning insider threat management solutions and to expand ObserveIT’s sales and marketing teams to support the company’s global growth. This will enable the company to fulfill the growing demand for its threat detection solution across the globe.
DeWalt will join ObserveIT’s board of directors, bringing his veteran expertise to a board currently filled with accomplished cybersecurity executives with demonstrated product, innovation and technology leadership.
“Insider threats are the greatest threats enterprises face today, and organizations are struggling to protect their most valuable assets,” said Dave DeWalt, Founder, NightDragon Security, and former chief executive at McAfee and FireEye. “ObserveIT is well-positioned to tackle these challenges head-on, as it enables organizations to uncover risky user behavior in real-time all while preventing data exfiltration. With ObserveIT, organizations can stop threats in their tracks and prevent future risk.”
“Whether accidental or malicious, insider threats are increasing in both frequency and cost,” said Mike McKee, CEO of ObserveIT. “Our recent momentum is a testament to the market’s need for a holistic cybersecurity solution which swiftly identifies and eliminates these risks – with real-time visibility, detection, and prevention. We look forward to continuing our mission of bringing the best insider threat capabilities to market, to protect organizations around the globe.”
ObserveIT continues to drive momentum in the industry and has recently achieved significant milestones. Adoption of the latest version of the company’s insider threat management solution, ObserveIT 7.5, has been the fastest in the company’s history. In the past 12 months, the company increased customer deals by 185 percent year-over-year while also increasing new customer deal size by more than 250 percent year-over-year. The company continues to achieve a high support Net Promoter Score – increasing to 76 – reflecting deep customer loyalty, continued confidence and overall support.
ObserveIT has also received several industry accolades. In Q2 2018, ObserveIT was named a gold winner of the 14th Annual 2018 Info Security PG's Global Excellence Awards® within the database security, data leakage-protection/extrusion prevention category, and was named to the Boston Business Journal’s exclusive list of Best Places to Work in Massachusetts for the second consecutive year. Additionally, the company was honored as a leader by the Cyber Defense Magazine 2018 InfoSec Awards for the insider threat detection category, and was named a bronze winner in the endpoint security management category from the Stevie American Business Awards.
“Preparing and protecting against insider threats requires organizations to have cybersecurity technology that can work in real-time to identify anomalous behavior,” said Jeff Williams, Founding Partner, Spring Lake Equity Partners. “ObserveIT’s approach allows organizations to uncover risky user behavior, investigate incidents and prevent data exfiltration; giving them peace of mind that they’re protected from insider threats.”
For more information on how ObserveIT helps organizations identify and eliminate insider threats, visit here.