FTV Capital is investing $30 million in ReliaQuest. Tampa-based ReliaQuest provides co-managed security services. As part of this transaction, FTV Capital partners Kyle Griswold and Liron Gitig will join ReliaQuest’s board.
ReliaQuest Secures $30 Million Growth Equity Commitment from FTV Capital To Meet Rapidly Growing Need for Co-Managed Security Services
TAMPA, FL — JUNE 7, 2016 — ReliaQuest, a leading provider of customized and effective co-managed security services, today announced a significant investment led by FTV Capital, a growth equity investment firm with a strong track record in the enterprise technology space. The funding is the first institutional capital raised by ReliaQuest, and the proceeds will be used to fuel the company’s continued growth and technology platform expansion. As part of this transaction, FTV Capital partners Kyle Griswold and Liron Gitig will join the company’s board of directors.
“The risk and implications of a security breach are too high for most companies to go-at-it alone. Since ReliaQuest was founded nearly a decade ago, we have remained focused on helping our customers truly understand the threats that they face and help them implement and optimize their security platforms to stay ahead of the curve. Our customers turn to us to alleviate the pressures they face daily related to information security such as targeted malware, customer data theft, skills shortages and resource constraints,” said Brian Murphy, founder and CEO of ReliaQuest. “As ReliaQuest enters its next phase of growth, we chose to partner with FTV Capital because of the team’s deep domain expertise and a proven ability to help scale high growth companies, especially in highly-fragmented and competitive markets like IT security management,” continued Murphy.
Demand for sophisticated services and technology to combat security threats has exploded. Gartner estimates the global security outsourcing market at nearly $14 billion and forecasts approximately 15% annual growth through 2019 (Gartner, August 2015). Founded in 2007, ReliaQuest provides a highly tailored and robust solution that allows organizations to significantly augment their security environments while leveraging existing investments made in security professionals and technology. ReliaQuest’s advanced security operations centers, industry leading processes, and growing team of highly trained security analysts and engineers support a rapidly growing blue-chip client base operating across many industries including healthcare, retail, utilities, telecom and financial services, a vertical where FTV’s Global Partner Network can be particularly helpful.
“Security is becoming increasingly complex and hard to manage. There has been a proliferation of sophisticated security tools and a growing need for better intelligence, all of which is exacerbated by the significant dearth of security talent in the market today,” explained Kyle Griswold, FTV Capital partner. “The ReliaQuest team has built an elegant, differentiated offering that solves these challenges, enabling enterprises to effectively run this mission critical function.”
ReliaQuest was recently recognized by Florida Governor Rick Scott and Tampa Mayor Bob Buckhorn for the company’s rapid growth in cybersecurity and success in the nation’s top enterprises.
ReliaQuest, a pioneer in IT security solutions, ensures organizations remain secure and compliant as the IT world changes. ReliaQuest’s offering empowers IT professionals with the latest relevant security technology innovations and services that simplify often complex interactions between security, risk and compliance in order to minimize loss of data, business disruptions and reputation. The ReliaQuest team has a unique ability to deliver optimal solutions combined with our talented staff and documented best practices that unify people, process and technology in both on premise as well as co-managed service requirements. Headquartered in Tampa, FL, ReliaQuest has offices nationwide. For more information, visit www.reliaquest.com.
About FTV Capital
FTV Capital is a growth equity investment firm that has raised over $1.8 billion since inception to invest in high-growth companies offering a range of innovative solutions in three sectors: enterprise technology and services, financial services, and payments and transaction processing. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for more than a decade. Founded in 1998, FTV Capital has invested in 92 portfolio companies, including companies in the enterprise technology and services ecosystem such as Actimize (acquired by NICE), Aveksa (acquired by EMC), Cloudmark, e-Security (acquired by Novell) and Trustwave (acquired by SingTel). FTV has offices in San Francisco and New York. For more information, please visitwww.ftvcapital.com.