💰 Security, Funded #54 - Secure defaults, the hidden costs of certificates, and big brain moves

Hey there,

I hope you had a great weekend!

Managed Service Providers (MSPs) and Managed Security Service Providers (MSSPs) continue to be one of the most acquired categories this year, as it was last year as well. I'm now seeing multiple consolidations happening where a firm might triple in size by acquiring two or more companies in one shot.

The MSP/MSSP space has seen an explosion of growth in general the last few years, and I'd expect it to continue as capital has become harder to acquire for product-based cybersecurity companies.

What remains to be seen, however, is if news of a recession will send funding back up as the stock markets have temporarily rallied.

Let's dive in.

💰 Summary

• 8 companies raised $288.7M across 7 unique product categories
• 7 companies were acquired or had a merger event

🧩 By Product Category

• $250.0M for Data Protection
• $11.5M for Distributed Ledger Technology (DLT) Security
• $10.0M for Remote Browser Isolation
• $8.3M for Infrastructure as Code (IaC)
• $6.0M for API Security
• $5.1M for Managed Security Services Provider (MSSP)
• $2.2M for Identity and Access Management (IAM)
• $755.6K for Professional Services

🗣️ SPONSOR

🏢 By Company

• Acronis, a company that solves safety, accessibility, privacy, authenticity, and security (SAPAS) challenges, raised a $250.0M Private Equity Round from BlackRock. (more)
• NAORIS, a distributed ledger technology (DLT) security protocol supporting decentralized identity and privacy of Web3, raised a $11.5M Venture Round from Draper Associates. (more)
• Island, a secure remote browser isolation platform, raised a $10.0M Series B from Cisco Investments. (more)
• Resourcely, a cloud resource configuration platform for deploying secure-by-default cloud services, raised a $8.3M Seed from Andreessen Horowitz and Felicis Ventures. (more)
• Impart Security, an API security platform, raised a $6.0M Seed from CRV. (more)
• Gyala, a managed security services provider (MSSP), raised a $5.1M Seed from CDP Venture Capital. (more)
• Ironchip, a location-based digital identity management platform, raised a $2.2M Venture Round from ABANCA and EASO Ventures.
• Risk Intelligence, a professional cybersecurity services firm, raised a $755.0K Debt Financing Round. (more)

🤝 Mergers & Acquisitions

• NAeS Solutions, a managed service provider (MSP) focused in the data center space, was acquired by FOS for $4.3M.
• Aiscorp, a managed security services provider (MSSP), was acquired by NEXION Networks for an undisclosed amount. (more)
• Cybit Sec, a threat intelligence company, was acquired by Resecurity, Inc. for an undisclosed amount. (more)
• PerimeterX, a bot protection platform, merged with HUMAN for an undisclosed amount. (more)
• Silicon, a managed security services provider (MSSP), was acquired by NEXION Networks for an undisclosed amount. (more)
• Stack41, a managed services provider (MSP), was acquired by Data Holdings for an undisclosed amount. (more)
• TecSec, an encryption key management and data protection company, was acquired by Lagercrantz Group for an undisclosed amount. (more)

🔐 Secure The Job

If you're looking for new opportunities (actively or passively), I've got two ways to help:

• Return on Security Job Board - Browse the jobs I curate each week and apply for what matches your interests.
• Return on Security Talent Collective - Apply to join the talent collective to get personally matched with high-growth, high-upside opportunities.

Are you currently hiring or looking to hire soon? Post standard jobs for FREE or upgrade to a Featured tier to really stand out and hire the best talent from the Return on Security community.

📚 Great Reads & Finds

• Cryptocurrency Legislation - Thirty-seven US states have addressed legislation regarding cryptocurrency, digital or virtual currencies and other digital assets in the 2022 legislative session
• Prep Tips for Cybersecurity Manager Interviews - There are few resources about how you prepare yourself to get a manager job, much less in cybersecurity. So I decided to add something that hopefully others can learn from and make their own.
• Combating Ransomware - A framework of key recommendations for action from the Ransomware Task Force (RTF) at Institute for Security and Technology (IST).

You can see the full list of curated posts across all issues here, and you can submit an article, post, tweet, or video here and it can show up in the newsletter!

🧪 Labs

Big brain moves only 🧠

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Thanks for reading!

Cheers,

Mike P