BOSTON--(BUSINESS WIRE)--ObserveIT, the leading insider threat management provider with more than 1,700 customers around the world, today announced it closed $33 million in Series B funding. The investment round includes participation from Bain Capital Ventures, Spring Lake Equity Partners and NightDragon Security, the cybersecurity investment firm founded by industry veteran Dave DeWalt.
The funding will be used to accelerate innovation for ObserveIT’s award-winning insider threat management solutions and to expand ObserveIT’s sales and marketing teams to support the company’s global growth. This will enable the company to fulfill the growing demand for its threat detection solution across the globe.
“Whether accidental or malicious, insider threats are increasing in both frequency and cost,” said Mike McKee, CEO of ObserveIT. “Our recent momentum is a testament to the market’s need for a holistic cybersecurity solution which swiftly identifies and eliminates these risks – with real-time visibility, detection, and prevention. We look forward to continuing our mission of bringing the best insider threat capabilities to market, to protect organizations around the globe.”
ObserveIT has recently achieved significant milestones including adoption of the latest version of the company’s insider threat management solution, ObserveIT 7.5, which has been the fastest in the company’s history. In the past 12 months, the company increased customer deals by 185 percent year-over-year while also increasing new customer deal size by more than 250 percent year-over-year. The company continues to achieve a high support Net Promoter Score – increasing to 76 – reflecting deep customer loyalty, continued confidence and overall support.
For more information on how ObserveIT helps organizations identify and eliminate insider threats, visit here.
ObserveIT is the leading Insider Threat Management solution with more than 1,700 customers across 87 countries. ObserveIT is the only solution that empowers security teams to detect insider threats, streamline the investigation process, and prevent data exfiltration. With 300+ out-of-the-box insider threat indicators of compromise, rich metadata and outstanding search capability and playback of any policy violation, ObserveIT provides comprehensive visibility into what people – contractors, privileged users and high-risk users – are doing, and reduces investigation time from days to minutes. For more information visit: www.observeit.com.