Managed Security Services Firm Proficio Raises $12 Million

Proficio, a provider of managed detection and response services, announced on Monday that it has closed a $12 million round of funding from private equity firm Kayne Anderson Capital Advisors and Singapore-based telecommunications provider M1.

Founded in 2010, Proficio is a player in the managed security service provider (MSSP) space and helps its customers identify cyber threats and reduce the false positive security alerts.

“Proficio’s subscription-based managed service takes the pressure off enterprise network management teams by effectively owning the process of logging, monitoring and analyzing organizations’ security events,” the company explains.

The Carlsbad, California-based company says the investment will be used to expand its global geographical presence in the Americas, Asia Pacific and Europe, and introduce new cybersecurity platforms and services. 

The company, which acts an extension of customers’ IT security teams to protect data, applications and networks, says its managed security services business has experienced over 100 percent year-over-year revenue growth for the last three years.

“We’re witnessing strong growth in the managed security services market, fueled by an increase in cyberattacks, a shortage of skilled network security workers, stronger compliance mandates globally, and a changing threat landscape as IT infrastructure moves to the cloud,” said Martha Vazquez, senior research analyst with International Data Corporation.

“We are excited to be partnering with Kayne Capital as we accelerate the next phase of Proficio’s growth,” said Tim McElwee, co-founder, president and chairman of the board of Proficio. “We will continue our focus on delivering innovative solutions that help our customers protect, detect, and respond to cybersecurity threats. In the first half of 2017, we plan to introduce new services and platforms leveraging advanced analytics, threat intelligence, and orchestrated incident response.”