Now on Demand Ransomware Resilience & Recovery Summit - All Sessions Available
Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Cybersecurity Funding

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.

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.”

Written By

For more than 15 years, Mike Lennon has been closely monitoring the threat landscape and analyzing trends in the National Security and enterprise cybersecurity space. In his role at SecurityWeek, he oversees the editorial direction of the publication and is the Director of several leading security industry conferences around the world.

Click to comment

Trending

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest threats, trends, and technology, along with insightful columns from industry experts.

Join the session as we discuss the challenges and best practices for cybersecurity leaders managing cloud identities.

Register

SecurityWeek’s Ransomware Resilience and Recovery Summit helps businesses to plan, prepare, and recover from a ransomware incident.

Register

People on the Move

Bill Dunnion has joined telecommunications giant Mitel as Chief Information Security Officer.

MSSP Dataprise has appointed Nima Khamooshi as Vice President of Cybersecurity.

Backup and recovery firm Keepit has hired Kim Larsen as CISO.

More People On The Move

Expert Insights

Related Content

Application Security

Cycode, a startup that provides solutions for protecting software source code, emerged from stealth mode on Tuesday with $4.6 million in seed funding.

Cybercrime

A recently disclosed vBulletin vulnerability, which had a zero-day status for roughly two days last week, was exploited in a hacker attack targeting the...

Cybersecurity Funding

SecurityWeek investigates how political/economic conditions will affect venture capital funding for cybersecurity firms during 2023.

Cyber Insurance

Cyberinsurance and protection firm Boxx Insurance raises $14.4 million in a Series B funding round led by Zurich Insurance.

Data Breaches

LastPass DevOp engineer's home computer hacked and implanted with keylogging malware as part of a sustained cyberattack that exfiltrated corporate data from the cloud...

Cybersecurity Funding

2022 Cybersecurity Year in Review: Top news headlines and trends that impacted the security ecosystem

Cybersecurity Funding

Network security provider Corsa Security last week announced that it has raised $10 million from Roadmap Capital. To date, the company has raised $50...