Providence Equity Invests $96 Million Into Security Analyics Firm
Skybox Security, a provider of IT security risk analytics, announced on Wednesday that it has received a $96 million investment from Providence Strategic Growth (PSG), the growth equity affiliate of private equity firm Providence Equity Partners.
The company’s flagship Skybox Security Suite helps organizations automate security tasks such as vulnerability and threat management and network security management.
The Skybox platform integrates with more than 90 networking and security tools and leverages analytics, such as modelling and simulation, to extract relevant and actionable intelligence from the vast amounts of data created by other tools.
According to San Jose, California-based Skybox, the funds will be used to “strengthen routes to market”, accelerate technological innovation and hire more employees.
In four years, the company says it has grown its acquisition rate of new customers by 220 percent and revenue by 221 percent.
Founded in 2002, Skybox says its products are used by six of the top 10 global banks, 10 global telecommunications firms, five of the world’s largest consumer goods manufacturers and 10 of the largest energy providers globally.
With the investment, Mark Hastings and Thomas Reardon, managing directors with the Providence Strategic Growth team, will join the Skybox board of directors.
In January 2014, Skybox announced that it had raised $6 million in a funding round led by Susquehanna Investment Group and other investors.