Arctic Wolf, a cybersecurity firm that’s raised lots of of tens of millions of {dollars} in debt and fairness, as we speak announced that it plans to amass Revelstoke, an organization creating a safety orchestration, automation and response (SOAR) platform, for an undisclosed quantity.
In a weblog put up, Arctic Wolf chief product officer Dan Schiappa mentioned that the acquisition would allow Arctic Wolf’s platform to each detect and reply to cybersecurity assaults “sooner” and extra “comprehensively” than earlier than. Arctic Wolf’s flagship software program ingests information from an organization’s endpoints, cloud environments and networks to offer a unified view of potential threats, and Schiappa sees Revelstoke’s choices as complementary to this.
“We’re advancing our detection and response capabilities with tailor-made response actions at scale, whereas our clients will straight reap the advantages of the know-how with out having to buy new modules,” Schiappa wrote on Arctic Wolf’s blog. “By incorporating Revelstoke’s platform … into [Arctic Wolf[], Arctic Wolf can be now in a position to present clients with the superior know-how and deep safety operations experience wanted to make SOAR outcomes basically turnkey.”
It wasn’t instantly clear whether or not a portion — or all — of Revelstoke’s workforce would be part of Arctic Wolf. An Arctic Wolf spokesperson later instructed TechCrunch that 30 folks from Revelstoke will be part of Arctic Wolf and that Bob Kruse, Revelstoke’s co-founder and CEO, will transition into Arctic Wolf’s product-line gross sales workforce.
Revelstoke, based in 2020 and based mostly in San Jose, California, hosted a platform that would automate a variety of safety processes with pre-built integrations and a library of response playbooks. The platform featured a drag-and-drop playbook builder that allow clients configure their very own workflows with minimal code, plus a reporting functionality that tried to quantify the enterprise affect of a safety workforce’s work.
Revelstoke additionally maintained what it known as a “unified information layer,” which allowed it to attach numerous IT and cybersecurity apps and applied sciences collectively for automation and orchestration functions. And it built-in AI and huge language fashions à la OpenAI’s ChatGPT into its core platform, which streamlined the method of constructing response playbooks (at the very least in concept).
Previous to the Arctic Wolf acquisition, Revelstoke had raised $38 million from traders, together with SYN Ventures, ClearSky Safety, Rally Ventures and Crosslink Capital.
“Safety operations is the following market-changing class with Arctic Wolf main the cost in delivering an industry-defining cybersecurity platform for companies of each measurement,” Kruse mentioned in a canned assertion. “The cutting-edge SOAR know-how we’ve constructed at Revelstoke is the perfect complement to the Arctic Wolf portfolio and we’re excited to affix the Arctic Wolf workforce in its mission to finish cyber threat and see how our platform makes a distinction for 1000’s of shoppers worldwide.”
For Minnesota-based Arctic Wolf, based in 2012, Revelstoke is the corporate’s third acquisition following its buy of RootSecure, a cybersecurity vulnerability evaluation toolkit, and Tetra Protection, a ransomware stress check vendor. Arctic Wolf, which has over 2,000 staff, was reportedly final valued at $4.3 billion, and made Deloitte’s checklist of the fastest-growing 500 corporations in 2019 and 2020.
Final yr, Arctic Wolf’s CEO Nick Schneider was quoted within the press saying that the corporate deliberate for an IPO someday in 2022. However he later walked again these feedback because the panorama for IPOs — and the broader cybersecurity {industry} — entered shakier territory.
Arctic Wolf is from all appearances able of energy, nevertheless, with $499 million in enterprise capital, over 3,000 clients worldwide and an estimated over $200 million in annual recurring income. When the corporate raised $401 million in debt final October, Schneider mentioned a portion could be put towards mergers and acquisitions — and as we speak, he made good on that promise.