Alert Logic (Security-as-a-Service for the cloud) today announced that it has closed a $12.2 million round of financing led by new investors Industry Ventures and DH Capital, and joined by all existing investment firms and several members of the company’s management team including Updata Partners, Covera Ventures, DFJ Mercury, OCA Ventures and Access Venture Partners. Alert Logic will use the funding to accelerate the growth of its new Web Security Manager product line, including deployment of Web Security Manager throughout Alert Logic’s channel of hosting and cloud service provider partners, and to accelerate the growth and adoption of the company’s new elastic cloud security solutions.
“After tripling the size of our company in less than three years and building a customer base of over 1,700 customers representing nearly $30 million in annual recurring revenue, we remain focused on delivering security and compliance solutions to customers of cloud providers,” said Gray Hall, president and CEO at Alert Logic. “Adding new product lines such as Web Security Manager, and new deployment models such as our elastic cloud solutions, is exactly what our customers and partners are asking us to do. This additional capital gives us the ability to move more aggressively in each of these strategic new directions.”
“We are excited about adding Alert Logic as a portfolio company,” said Justin Burden, partner at Industry Ventures. “Having previously invested in security industry leaders such as Fortinet, Sourcefire and Tripwire, we consider cloud security to be one of the strongest investment themes in the IT industry and we believe Alert Logic will prove to be a cloud security market leader.”
“DH Capital has been the leading provider of financial advisory services to hosting and cloud service providers since the inception of the industry segment,” said Peter Hopper, co-founder and CEO of DH Capital. “Alert Logic has the strongest and most-developed channel of service provider partners in the industry, and is setting the standard for delivering SaaS managed security service solutions.”
Alert Logic’s Security-as-a-Service solutions provide customers four distinct advantages: market-leading security tools, a fully outsourced and managed SaaS delivery model, integrated 24×7 Security Operations Center (SOC) services to monitor and provide expert guidance, and the ability to deploy wherever a customer has IT infrastructure – including the cloud.
