Kayne leads $12 mln round for Proficio

Carlsbad, California-based Proficio, a provider of managed detection and response services, has secured $12 million in funding. Kayne Anderson Capital Advisors LP led the round.

PRESS RELEASE

CARLSBAD, Calif.–(BUSINESS WIRE)–Proficio, an award-winning provider of managed detection and response (MDR) services, has raised $12 million in a round of funding led by Kayne Anderson Capital Advisors, L.P., a leading alternative investment management firm focused primarily on the middle market in North America. The funding comes out of the firm’s Kayne Partners Fund group, which backs high-growth technology enabled businesses.

Proficio will use this investment to expand its global geographical presence in the Americas, Asia Pacific and Europe, and introduce new cybersecurity platforms and services. Founded in 2010, Proficio is a trailblazer in the managed security service provider (MSSP) and managed detection and response (MDR) spaces. The company has established a strong customer base in key markets, such as healthcare and financial services, and was one of the first MSSPs to establish a next-generation security operations center (SOC) in Singapore. Proficio’s ProSOC managed security services business is growing rapidly with over 100 percent year-over-year revenue growth for the last three years.

“We are impressed by Proficio’s growth, customer adoption, and innovative managed detection and response services,” said Nate Locke, partner at Kayne Partners Fund group, who will join Proficio’s board of directors as part of this financing. “Proficio is changing the way organizations meet their IT security and compliance goals by providing the most advanced cybersecurity solutions without the cost and complexity of acquiring sophisticated software or operating a 24×7 Security Operations Center on their own.”

“We are excited to be partnering with Kayne Capital as we accelerate the next phase of Proficio’s growth,” said Tim McElwee, co-founder, president and chairman of the board of Proficio. “We will continue our focus on delivering innovative solutions that help our customers protect, detect, and respond to cybersecurity threats. In the first half of 2017, we plan to introduce new services and platforms leveraging advanced analytics, threat intelligence, and orchestrated incident response.”

“We’re witnessing strong growth in the managed security services market, fueled by an increase in cyberattacks, a shortage of skilled network security workers, stronger compliance mandates globally, and a changing threat landscape as IT infrastructure moves to the cloud,” said Martha Vazquez, senior research analyst with International Data Corporation.

About Proficio
Proficio is an award-winning provider of managed detection and response services. Its innovative approach to managed security service delivery is changing the way organizations defend against advanced threats, achieve regulatory compliance, and prevent security breaches. Proficio’s ProSOC service provides highly accurate, 24×7 security monitoring and alerting, advanced threat detection, and automated response services. Proficio is the trusted managed security service provider for some of the world’s leading utility, healthcare, industrial and consumer-focused organizations. To take your security to the next-generation, visit www.proficio.com. Join the conversation with Proficio’s security leaders at Twitter, Facebook and LinkedIn.

About Kayne Anderson Capital Advisors
Kayne Anderson Capital Advisors, L.P., founded in 1984, is a leading alternative investment management firm focused on niche investing in upstream oil and gas companies, energy infrastructure, specialized real estate, middle market credit and growth private equity. Kayne’s investment philosophy is to pursue niches, with an emphasis on cash flow, where our knowledge and sourcing advantages enable us to deliver above average, risk-adjusted investment returns. Kayne manages over $24 billion in assets (as of 9/30/2016) for institutional investors, family offices, high net worth and retail clients and employs 300 professionals in eight offices across the U.S.