Skybox Security, a global leader in cybersecurity management on 25 October announced signing of a definitive agreement to receive a USD 150 million growth equity investment led by CVC Capital Partners' Growth Fund (CVC Growth) for USD 100 million, with participation from Pantheon for USD 50 million.
With an annual growth rate (CAGR) of 46 percent and positive cash flow (2014-2016), Skybox will utilize the round of funding to enable an accelerated investment in sales and marketing, customer care and R&D.
It will also be used for potential M&A activity, to capitalize on the approximately USD 10 billion market opportunity in cybersecurity management.
"Skybox's track record is impressive and there is clear demand for their solution", said senior managing director of CVC Growth Partners, Jason Glass.
The demand for Skybox's solutions has been increasing due to a maturing cybersecurity market and the desire among security leaders to more efficiently manage security programs and gain better ROI from existing technologies.
In the first half of 2017, for example, Skybox showed a 62 percent increase in sales and 59 percent increase in product transactions compared to the same period last year (January 1 - June 30).
"Enterprises, governments . . . everyone is either embarking on or going through massive digital transformation, and this means new challenges for security because the attack surface of these organizations is growing more complex," said Skybox CEO Gidi Cohen.
"With this investment, we'll accelerate that innovation, focusing on some of the most critical areas, such as security management for the cloud and the OT networks that control critical infrastructure," added Cohen.