NEW YORK, March 18, 2021 / PRNewswire / – Security scorecard, the world leader in security ratings, today announced that the company has completed a $ 180 million Series E preferred share financing round with the participation of new investors including Silver Lake Waterman, funds and accounts advised by T. Rowe Price Associates, Inc., Kayne anderson rudnick, and Fitch Ventures, as well as existing investors Evolution Equity Partners, Complice, Riverwood Capital, Intel Capital, NGP Capital, AXA Venture Partners, GV (Google Ventures) and Boldstart Ventures. This round brings SecurityScorecard’s total funding to over $ 290 million.
SecurityScorecard offers the market-leading platform for security assessments and is used worldwide by thousands of businesses, including 7 of the top 10 pharmaceutical companies, 4 of the top payment processors and more than 10 of the top companies insurance to the world. The strong growth of the company has been accompanied by an expansion of use cases in the areas of supplier risk management, self-monitoring, reporting to the board of directors, and insurance underwriting. cybersecurity and due diligence in mergers and acquisitions.
Since its last round of funding in June 2019, SecurityScorecard has demonstrated significant global traction for its security ratings. The funding will accelerate the rapid global expansion and growth of SecurityScorecard, supporting the strong demand for SecurityScorecard’s security assessment platform, which has increased following several major supply chain attacks and developments. ” corresponding increased regulatory focus on supplier cybersurveillance.
“With the growing number of breaches, cybersecurity assessments are essential for organizations to make critical business decisions,” said Dr. Alexandre yampolskiy, CEO and co-founder of SecurityScorecard. “The size and caliber of this funding is a testament to the confidence that our existing and new investors have in SecurityScorecard. drive large-scale market adoption. “
The new funding round will further accelerate the growth of the SecurityScorecard business with planned investments in new product lines, global expansion, an expanding partner ecosystem and additional features to assess and mitigate cybersecurity risks in innovative ways. .
SecurityScorecard also announced that it has recently achieved key milestones and received strong industry approvals as the business has grown:
- Nearly two million organizations are monitored and rated daily by SecurityScorecard using its proprietary web architecture that supports ubiquitous distribution of its assessments. SecurityScorecard on track to assess over 20 million organizations by end of 2021
- SecurityScorecard customers are increasingly present all over the world. Despite the turbulent business climate, in Q4-2020, total international recurring revenue grew more than 61% year-on-year and the total number of international customers increased 89% year-on-year. SecurityScorecard also added more than 450 new logos and several very influential international alliance partners, including GM Sectec, IHS Markit,Diligent company, Require and Tomorrow street (a joint venture between Vodafone and Technoport – Luxembourg government technology incubator)
- Global recognition: SecurityScorecard has been recognized by Forrester Research, Inc. as a leader in The Forrester New Wave ™: cybersecurity risk assessment platforms, Q1 2021 report; recognized as a Customer choice in 2021 Gartner Peer Insights “Voice of the customer”: risk management tools for IT suppliers; recognized as a “2020 Technology Pioneer” by the World Economic Forum for its contributions to the cybersecurity industry and awarded several distinctions during the past year “
“Security ratings have become a key factor for organizations in understanding cybersecurity risks and have wide application throughout the enterprise and in strategic decision making. The depth of the SecurityScorecard data, integrations and platform has created a solid foundation with strong network effects to drive future growth, “mentioned Shawn o’neill, Managing Director of Silver Lake Waterman. “We are delighted to partner with Alex and his team and invest in SecurityScorecard to further expand their leadership position in the market.”
“SecurityScorecard’s business occupies a unique position in the security ratings space with a product platform that is an indispensable tool for businesses and insurers seeking to understand the security posture of their organization and of third parties. We are impressed with the entrepreneurial and progressive vision of the company on building a strong future, ”said Richard Seewald, Managing Partner at Evolution Equity Partners. “This latest round of funding indicates our strong support for their significant and sustainable growth as they continue to win against the competition with their market-leading solution.”
JP Morgan Securities LLC served as the sole placement agent for SecurityScorecard. For more information on the SecurityScorecard roundtable, please see here.
SecurityScorecard is recruiting for positions in multiple business functions, offering growth opportunities and a culture that has been repeatedly recognized as “Best Place to Work” by Inc. and Crain’s NY. Find all the open opportunities on https://securityscorecard.com/careers.
SecurityScorecard is the global leader in cybersecurity assessments and the only service with nearly 2 million companies continuously assessed. Founded in 2013 by security and risk experts Dr. Alexandre yampolskiy and Sam kassoumeh, SecurityScorecard’s patented scoring technology is used by more than 16,000 organizations worldwide for enterprise cyber risk management, third party risk management, board reporting and cyber underwriting. insurance, which makes all organizations more resilient by enabling them to easily find and correct cybersecurity risks through their outward-looking digital footprint. Every company has the universal right to its reliable and transparent assessment of the Instant SecurityScorecard. For more information, visit securityscorecard.com or contact us on LinkedIn.