Investment drives Siemplify’s global expansion and product innovation, cementing its leadership in the fast-growing SOAR market
NEW YORK and TEL AVIV, Israel – May 20, 2019 – Siemplify, the leading independent provider of security orchestration, automation and response (SOAR), today announced that it has secured $30 million in Series C funding led by Georgian Partners.
Siemplify will use these new funds to drive significant expansion of its global go-to-market strategy, as well as further enhance its market-leading security operations platform. Siemplify’s existing investors – 83North, G20 Ventures and Jump Capital – also participated in the round. The Series C investment brings Siemplify’s total funding to date to $58 million, a testament to the company’s growing dominance in the SOAR space.
“Siemplify is rapidly solidifying its position as the leading independent SOAR provider, with a differentiated offering and a clear vision of enabling organizations to manage security operations from end to end,” said Steve Leightell, partner at Georgian Partners. “We are excited to lead the Series C funding round and to support Siemplify as it continues its fast growth.”
This funding round comes amid rapid growth of the SOAR category and on the heels of Siemplify’s market-leading momentum, which includes:
- 1,000% year-over-year growth in 2017 and 280% growth in 2018, further outpacing the competition.
- 250% growth in annual recurring revenue in the first quarter of 2019.
- Continued success with leading global enterprises, underscored by recent wins with a Fortune 50 logistics giant, a Fortune 100 media and entertainment conglomerate, a Top 20 European bank and a Fortune 100 technology distributor.
- Widening leadership in the managed security service provider (MSSP) segment. Siemplify now serves 24% of the companies featured in the 2018 Gartner Magic Quadrant for Managed Security Services, Worldwide.
Faced with a steady increase in the volume of security alerts, disparate security tools not designed to work together and a global cybersecurity talent shortage, security teams are constantly under pressure to do more with less. Siemplify serves as a 10x force multiplier for security teams: the Siemplify platform is an intuitive workbench that enables them to manage security operations from end to end, automate repetitive tasks and integrate security tools to respond to cyberthreats with speed and precision, while getting smarter with every analyst interaction.
“Our security operations platform alleviates the most pressing pain points faced by security operations teams,” said Amos Stern, CEO and co-founder of Siemplify. “This significant investment and expertise from Georgian will allow us to expand our global presence and drive further innovation to make security operations smarter, more efficient and more collaborative. And as we continue our journey, nothing makes us more grateful than working alongside and solving challenges for the people to whom we owe our success: our customers and partners.”
Siemplify, the leading independent security orchestration, automation and response (SOAR) provider, is redefining security operations for enterprises and MSSPs worldwide. The Siemplify platform is an intuitive workbench that enables security teams to manage their operations from end to end, respond to cyberthreats with speed and precision, and get smarter with every analyst interaction. Founded in 2015 by Israeli Intelligence experts with extensive experience running and training security operations centers worldwide, Siemplify has raised $58 million in funding to date and is headquartered in New York, with offices in Tel Aviv. Visit us at siemplify.co or follow us on Twitter at @Siemplify.
About Georgian Partners
Georgian Partners is a thesis-driven growth equity firm investing in business software companies leveraging applied artificial intelligence, trust and conversational AI. Founded by successful entrepreneurs and technology executives, Georgian Partners uses its global software expertise to directly impact the success of companies. For more information, visit www.georgianpartners.com or follow us on Twitter at @GeorgianPrtnrs.
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