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4/11/2011
04:29 PM
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Alert Logic Secures $12.6M Series E Funding

Round is being led by investors Updata Partners, Covera Ventures, DFJ Mercury and Access Venture Partners

HOUSTON – April 11, 2011 – Alert Logic, a leader in delivering on-demand Security-as-a-Service, today announced it closed a $12.6 million Series E financing led by existing investors Updata Partners, Covera Ventures, DFJ Mercury, and Access Venture Partners, along with several members of the company’s management team.

Alert Logic will use the proceeds of this financing to scale out its proven business model of delivering Security-as-a-Service solutions through a strategic channel of service provider partners. The company plans to broaden its product and service portfolio and bolster its existing Software-as-a-Service and Managed Security Service capabilities by investing in all aspects of the business, ranging from sales and marketing, to engineering and product development, as well as business development and strategic alliances.

“After doubling the size of our company in less than two years and building a customer base of over 1,200 customers representing $20 million in annual recurring revenue, it is clear our business model works,” said Gray Hall, president and CEO at Alert Logic. “Our customers and partners are telling us that our current SaaS delivery model and service provider channel gives us an ideal foundation on which to build more Security-as-a-Service solutions and drive these solutions through the rapidly growing hosting/cloud market.”

Alert Logic’s Security-as-a-Service business model uniquely combines security software products purpose-built to be delivered as-a-service, along with integrated managed services providing 24x7 monitoring, alerting, and expert guidance from a Security Operations Center staffed with certified security analysts. This model allows customers to achieve their security and compliance goals without the cost and complexity associated with traditional SIEM or MSSP solutions. Alert Logic’s go-to-market model is unique in that the company has partnered with over half of the largest hosting and cloud service providers and integrated their Security-as-a-Service offerings with the sales and delivery models of their partners.

“Alert Logic sits at the nexus of two of the strongest trends in IT: the proliferation of security and compliance mandates such as PCI, and the migration of infrastructure to the cloud,” said Carter Griffin, general partner at Updata Partners. “With their proven solutions and an incumbent position in some of the largest and fastest growing service providers in the world, Alert Logic has a head start and is poised to extend its leadership position in this space.”

About Alert Logic

Alert Logic simplifies IT security and compliance management by delivering an integrated solution consisting of Software-as-a-Service products and 24x7 Security Operations Monitoring services for intrusion detection, vulnerability assessment, and log management. Built from the ground up to address the unique challenges of public and private cloud environments, Alert Logic partners with over half of the largest cloud and hosting service providers to provide Security-as-a-Service for over 1,200 enterprise customers. Alert Logic is based in Houston, Texas, and was founded in 2002. For more information, please visit http://www.alertlogic.com.

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