Alert Logic Closes $12.6 Million Funding Round
Alert Logic, a leader in delivering on-demand Security-as-a-Service, today announced that it closed a $12.6 million Series E financing led by existing investors Updata Partners, Covera Ventures, DFJ Mercury, and Access Venture Partners, along with several members of the company’s management team. Alert Logic will use the proceeds of this financing to scale out its proven business model of delivering Security-as-a-Service solutions through a strategic channel of service provider partners. The company plans to broaden its product and service portfolio and bolster its existing Software-as-a-Service and Managed Security Service capabilities by investing in all aspects of the business, ranging from sales and marketing, to engineering and product development, as well as business development and strategic alliances.
“After doubling the size of our company in less than two years and building a customer base of over 1,200 customers representing $20 million in annual recurring revenue, it is clear our business model works,” said Gray Hall, president and CEO at Alert Logic. “Our customers and partners are telling us that our current SaaS delivery model and service provider channel gives us an ideal foundation on which to build more Security-as-a-Service solutions and drive these solutions through the rapidly growing hosting/cloud market.”
Alert Logic’s Security-as-a-Service business model uniquely combines security software products purpose-built to be delivered as-a-service, along with integrated managed services providing 24×7 monitoring, alerting, and expert guidance from a Security Operations Center staffed with certified security analysts. This model allows customers to achieve their security and compliance goals without the cost and complexity associated with traditional SIEM or MSSP solutions. Alert Logic’s go-to-market model is unique in that the company has partnered with over half of the largest hosting and cloud service providers and integrated their Security-as-a-Service offerings with the sales and delivery models of their partners.
“Alert Logic sits at the nexus of two of the strongest trends in IT: the proliferation of security and compliance mandates such as PCI, and the migration of infrastructure to the cloud,” said Carter Griffin, general partner at Updata Partners. “With their proven solutions and an incumbent position in some of the largest and fastest growing service providers in the world, Alert Logic has a head start and is poised to extend its leadership position in this space.”
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About Alert Logic Alert Logic, the leader in security and compliance solutions for the cloud, provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Fully managed by a team of experts, the Alert Logic Security-as-a-Service solution provides network, system and web application protection immediately, wherever your IT infrastructure resides. Alert Logic partners with the leading cloud platforms and hosting providers to protect over 3,300 organizations worldwide. Built for cloud scale, the Alert Logic patented platform stores petabytes of data, analyses over 400 million events and identifies over 50,000 security incidents each month, which are managed by its 24×7 Security Operations Center. Alert Logic, founded in 2002, is headquartered in Houston, Texas, with offices in Seattle, Dallas, Cardiff, Belfast and London. For more information, please visit www.alertlogic.com.