American cloud security provider iboss today announced that it has raised $145m in new funding.
The fresh financing will be spent on supporting the company's "rapid growth" in a market it says is worth $25bn.
iboss is a privately held company founded in 2003 that is headquartered in Boston, Massachusetts. The company is known for its cloud platform, which provides network security as a service, delivered in the cloud, as a complete SaaS offering.
According to the company's CEO, Paul Martini, the ongoing global health pandemic has accelerated the shift to cloud-based cybersecurity providers, giving iboss a boost.
“COVID-19 has exposed massive vulnerabilities with outdated, hardware-based cybersecurity solutions and accelerated the timeline of moving away from the old method of securing physical office perimeters,” said Martini.
“Implementing modern architecture that provides network security in the cloud is the best way to ensure safety and productivity, even as remote workers rely more and more on fast connections for things like video meetings and online productivity apps.”
iboss uses a Secure Access Service Edge (SASE) model to protect dispersed workforces that increasingly connect to cloud applications such as Microsoft Office 365 and Zoom.
“iboss has created the largest, most modern and comprehensive SASE security platform on the market and is the only platform that can fully transition organizations from on-prem security appliances to SaaS security delivered in the cloud,” said Dave DeWalt, founder of NightDragon and co-chairman of iboss.
“What makes this stronger is that iboss is an open security platform that allows organizations to apply the security engines and log analytics platforms of their choosing compared to existing closed SASE solutions that lack this flexibility and restrict better security due to lack of collaboration with top cybersecurity intelligence vendors.”
The funding round was led by NightDragon and global investment firm Francisco Partners.
“We are thrilled to partner with iboss and participate in this growth financing,” said Francisco Partners' head of credit, Scott Eisenberg.
“As the traditional enterprise perimeter dissolves, security solutions need to enable safe access to apps and services anytime, anywhere. iboss’ cloud-first solution was designed to address this transformational infrastructure shift.”