Proficio, a provider of managed detection and response (MDR) services, has raised USD12 million in a round of funding led by Kayne Anderson Capital Advisors.
The funding comes out of the firm’s Kayne Partners Fund group, which backs high-growth technology enabled businesses.
Proficio will use this investment to expand its global geographical presence in the Americas, Asia Pacific and Europe, and introduce new cybersecurity platforms and services.
Founded in 2010, Proficio specialises in the managed security service provider (MSSP) and managed detection and response (MDR) spaces. The company has established a strong customer base in key markets, such as healthcare and financial services, and was one of the first MSSPs to establish a next-generation security operations centre (SOC) in Singapore. Proficio’s ProSOC managed security services business is growing rapidly with over 100 per cent year-over-year revenue growth for the last three years.
“We are impressed by Proficio’s growth, customer adoption, and innovative managed detection and response services,” says Nate Locke, partner at Kayne Partners Fund group, who will join Proficio’s board of directors as part of this financing. “Proficio is changing the way organisations meet their IT security and compliance goals by providing the most advanced cybersecurity solutions without the cost and complexity of acquiring sophisticated software or operating a 24×7 Security Operations Centre on their own.”
“We are excited to be partnering with Kayne Capital as we accelerate the next phase of Proficio’s growth,” says 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.”
“We’re witnessing strong growth in the managed security services market, fuelled 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,” says Martha Vazquez, senior research analyst with International Data Corporation.
