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Cybersecurity company growth leads to additional funding

ForeScout Technologies : 21 January, 2016  (Company News)
ForeScout Technologies gains late-stage funding to expand operations and grow into Intenet of Things security
Cybersecurity company growth leads to additional funding

Having tripled its valuation over the last year and a half to $1 billion and taking revenues of over $125 million in fiscal year 2015, ForeScout Technologies has now secured an additional $76 million in financing led by Wellington Management Company.

Michael DeCesare CEO of ForeScout TechnologiesThe agentless cybersecurity pioneer has been growing at a CAGR of 50% since 2012 whilst operating at a nearly neutral free cash flow position. Now, the additional capital that the company has secured will be used to expand global field operations, build a world-class support organisation and increase R&D efforts to accelerate leadership in the underserved Internet of Things (IoT) security market.

With Gartner predicting more than 30 billion devices being connected by the end of the decade, this investment underscores the growing demand for IoT security as organisations grapple with this critical new threat vector.

ForeScout’s award-winning technology provides the unique ability to see and control the rapidly growing population of unsecured and dark devices. Acting as the glue that links together previously disparate solutions, ForeScout CounterACT enriches over 70 security tools with its warehouse of device context enabling deliberate security orchestration across enterprise networks.  

Commenting on the implications of the Gartner predictions on cybersecurity, ForeScout's CEO and President, Michael DeCesare said, “It took 25 years for the world to get to 5 billion connected devices, but with the explosion of the IoT we’ll see around 30 billion by 2020 and so an entirely new approach to security is required.”

With device proliferation and IoT deployments representing easy entrances for cyber criminals if not detected and protected, Michael DeCesare concluded, "With agentless visibility, intuitive automated controls and a commitment to integrating with leading security and IT management solutions, ForeScout is well-positioned to own the burgeoning IoT security market.”

The ForeScout Technologies website gives more details.

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