Cybersecurity Firm Raises $96 Million From Providence Equity Partners
Skybox Security, a San Jose, Calif.-based cybersecurity firm with R&D offices in Israel, said Wednesday that it has raised $96 million in funding from Providence Equity Partners.
Providence, which manages $45 billion in assets, invested in the company through its growth equity arm, Providence Strategic Growth. The latest round brings Skybox’s total fundraising to $138 million.
Founded in 2002, Skybox specializes in cybersecurity analytics, integrating threat data from a variety of sources on corporate networks and rating relative risks. The company says it has 120 employees and more than 500 customers in about 50 countries.
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Gidi Cohen, CEO and founder of Skybox, told Fortune that his firm aims to “help make decisions” for security pros, prioritizing critical information so they can ward off cyberattacks and prevent data breaches. “We help our customers deal with complexity and understand their exposures,” he said.
Thomas Reardon, managing director of Providence Strategic Growth and newly named board member at Skybox along with colleague Mark Hastings, praised the firm’s “innovations in network visualization and intelligence” in a statement. “The company is also showing very strong business performance, with impressive top-line growth, profitability and incredibly high customer acquisition and retention rates.”
Although Skybox declined to share specifics on its revenue figures with Fortune, it did mention that its most recent year-over-year top-line growth was 55%. The firm said it acquired 108 new customers last year compared to 89 in 2014 and 30 in 2011.
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Providence, a 27-year-old firm with strong investment roots in media and communications businesses, has some mixed history when it comes to security. Most notably, it lost $800 million on its stake in Altegrity, a company that provided security screenings before filing for bankruptcy a year ago. Skybox—a company situated in a market segment that research firm IDC estimates will reach $6.5 billion in 2018—may represent a shot at redemption.