Mon. Dec 23rd, 2024
Arctic Wolf Acquires Cybersecurity Automation Platform Revelstoke

arctic wolfa cybersecurity company that today raised hundreds of millions of dollars in debt and equity. announced that you plan to acquire Revelstokeis a company developing a security orchestration, automation, and response (SOAR) platform for an undisclosed amount.

Dan Schiappa, Arctic Wolf’s chief product officer, said in a blog post that the acquisition will enable Arctic Wolf’s platform to detect and respond to cybersecurity attacks “faster” and “more comprehensively” than before. He said it would be like this. Arctic Wolf’s flagship software ingests data from enterprise endpoints, cloud environments, and networks to provide a unified view of potential threats. Schiappa believes Revelstoke’s products complement this.

“We are evolving customized detection and response capabilities with response actions at scale, allowing our customers to directly benefit from the technology without having to purchase new modules,” Schipper said in an Arctic Wolf article. I’m writing this. blog. “By incorporating the Revelstoke platform… [Arctic Wolf[]Arctic Wolf will be able to provide customers with the advanced technology and deep security operational expertise needed to make SOAR outcomes essentially turnkey. ”

It was not immediately clear whether some or all of Revelstoke’s team would join the Arctic Wolf. An Arctic Wolf spokesperson later told TechCrunch that 30 people from Revelstoke will join Arctic Wolf, with Revelstoke co-founder and CEO Bob Kruse moving to Arctic Wolf’s product line sales team. Then he spoke.

Founded in 2020 and based in San Jose, California, Revelstoke hosted a platform that could automate various security processes using a library of pre-built integrations and response playbooks. The platform featured a drag-and-drop playbook builder that allowed customers to configure their own workflows with minimal code, as well as reporting capabilities to quantify the business impact of security teams’ work.

Revelstoke also maintained what it called an “integrated data layer” that allows various IT and cybersecurity apps and technologies to be interconnected for automation and orchestration purposes. We’ve also integrated OpenAI’s ChatGPT-like AI and large-scale language models into our core platform, streamlining the process of building responsive playbooks (at least in theory).

Prior to the Arctic Wolf acquisition, Revelstoke had raised $38 million from investors including SYN Ventures, ClearSky Security, Rally Ventures, and Crosslink Capital.

“Security operations is the next market-changing category, and Arctic Wolf is at the forefront of providing industry-defining cybersecurity platforms to enterprises of all sizes,” Kruse said in a written statement. “The cutting-edge SOAR technology we have built at Revelstoke is an ideal complement to Arctic Wolf’s portfolio, helping to end cyber risk and help thousands of people benefit from our platform. I’m excited to join the Arctic Wolf team on its mission to make a difference to our customers around the world. ”

Revelstoke is the third acquisition for Minnesota-based Arctic Wolf, founded in 2012, following the acquisitions of cybersecurity vulnerability assessment toolkit RootSecure and ransomware stress testing vendor Tetra Defense. becomes. Arctic Wolf, which has more than 2,000 employees, was reportedly valued at $4.3 billion and was named to Deloitte’s 500 Fastest Growing Companies list in 2019 and 2020.

Last year, Arctic Wolf CEO Nick Schneider was reported to have said the company was planning an IPO in 2022. However, he later walked back that statement, citing the prospects for the IPO and broader cybersecurity industry. entered More unstable areas.

Arctic Wolf is by all accounts in a strong position, with $499 million in venture capital, more than 3,000 customers worldwide, and estimated annual recurring revenue of more than $200 million. When the company raised $401 million in debt last October, Schneider said he would use some of it for mergers and acquisitions, and today he made good on that promise.