ATLANTA--(BUSINESS WIRE)--Apr 30, 2024--
Apptega, an industry-leading end-to-end cybersecurity compliance platform company, today announced it has raised $15 million in growth capital comprised of third-party debt and growth equity from Mainsail Partners, a growth equity firm that invests in fast-growing software companies.
The investment will go toward development of its continuous security and compliance platform, which is among few purpose-built for service providers, such as MSSPs and MDR companies. The company’s solution enables these service providers to provide real-time security and compliance scoring to clients in a way that satisfies industry and regulatory requirements. Increasingly, Apptega’s R&D efforts point toward productizing artificial intelligence so that managed service firms can deliver security and compliance guidance more efficiently and at higher margins.
“While many companies offer compliance software, few if any have considered the very specific needs of managed service providers, who must address a wide breadth of client challenges simultaneously and clearly demonstrate the value of often hard to quantify security services,” said Dave Colesante, Apptega CEO and cybersecurity veteran who joined the company in November.
“This is an incredible opportunity not only to build software that helps them deliver market-differentiated security and compliance services, but to provide the enablement and go-to-market programs that can help them grow recurring revenue and stand out from the competition,” he continued.
This round comes on the back of a period of robust growth for Apptega. In recent months, the company, which has been designated a high performer and leader in G2’s Security Compliance Software category for 12 consecutive quarters, has stacked its leadership team with security experts with deep experience in high-performing managed services companies, including eSentire, Securonix and Alert Logic. This leadership expertise has helped inform Apptega’s vision to enable managed service and security providers to easily deliver continuous compliance solutions that strive to drive revenue, margins and retention – a vision Mainsail Partners is doubling down on.
“Our investment speaks to the incredible confidence we have in Apptega’s product vision and its continued ability to deliver market-leading software that delights businesses of all sizes, including the many managed service and security providers that rely on it daily,” said David Farsai, Partner at Mainsail Partners and Apptega board member.
Market-leading compliance solutions tailormade for security providers
Apptega offers a full-lifecycle compliance platform that aligns to the technology stacks and services of managed service and security providers. By helping providers map their services and tools to the tasks that must be accomplished to meet the requirements of common security and compliance frameworks, Apptega empowers providers to:
- Bring to market continuous compliance offerings, from security assessment to audit, that aim to help increase recurring revenue, margins and retention.
- Standardize and validate their existing cybersecurity services by packaging them in a way that satisfies frameworks like SOC 2, PCI, CMMC and ISO 42001.
- Convert advisory engagements into long-term customer relationships.
Apptega counts among its partners some of the most established managed service providers, and among its customers thousands of global brands that use the platform to speed internal compliance through automation and AI-powered guidance. The company was recently ranked #234 on the Inc. 5000’s 2022 list of fastest-growing private companies and received an initial growth investment from Mainsail Partners in March 2022.
For more information about Apptega and its continuous compliance platform, visit www.apptega.com.
About Apptega
A G2 leader across various risk management categories, Apptega is a market-leading end-to-end cybersecurity compliance platform that security-focused IT providers and in-house teams use to build and manage cybersecurity and compliance programs simply, quickly and affordably. It's trusted by hundreds of MSSPs and security-focused MSPs, who are growing lucrative compliance practices, creating stickier customer relationships, and winning more business from competitors. To learn more, visit apptega.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20240430841949/en/
CONTACT: Walker Sands on behalf of Apptega
KEYWORD: UNITED STATES NORTH AMERICA GEORGIA
INDUSTRY KEYWORD: SOFTWARE TECHNOLOGY SECURITY
SOURCE: Apptega
Copyright Business Wire 2024.
PUB: 04/30/2024 08:00 AM/DISC: 04/30/2024 07:59 AM
http://www.businesswire.com/news/home/20240430841949/en
