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Booz Allen Spins Out SnapAttack™ to Standalone Company
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Booz Allen Hamilton (NYSE: BAH) has completed the transfer of all assets related to SnapAttack™, a cloud-based cyber threat detection solution, to a newly formed company. This entity focuses on enhancing cyber threat hunting and detection services. Key personnel, including CTO Fred Frey and CPO Tim Nary, will lead SnapAttack, which maintains a strategic partnership with Booz Allen to leverage its federal client base. This strategic move aims to accelerate SnapAttack's growth and improve its capabilities in addressing sophisticated cyber threats.
Positive
Booz Allen retains a significant minority stake in SnapAttack, creating potential future value.
The spin-off enhances Booz Allen's focus on its core technology development while allowing SnapAttack to scale independently.
SnapAttack aims to improve its service offerings, addressing critical business needs in cybersecurity.
Negative
None.
The new entity will provide cyber threat hunting detection for government and commercial clients and continue product growth
MCLEAN, Va.--(BUSINESS WIRE)--
Booz Allen Hamilton (NYSE: BAH) announced today it has completed a transaction to transfer all assets related to SnapAttack™, a cloud-based software solution that brings together actionable threat intelligence and hacker detection to proactively detect and defend against cyber threats, to a new cyber threat hunting and detection company (www.snapattack.com). Financial terms were not disclosed.
The entity includes a dedicated technical team and the SnapAttack product, a unique technical solution that enables community collaboration around threat intelligence, attack emulation, and detection analytics to help organizations identify potential vulnerabilities and risks, and strengthen systems before threat actors attempt similar techniques to their IT infrastructure.
“Spinning out products like SnapAttack is one example of how we incubate internally and scale externally―an approach that allows us to focus on our strength of developing leading technology, then carefully identifying the best opportunities in the market for its long-term growth,” said Susan Penfield, chief innovation officer at Booz Allen and head of the firm’s Strategic Innovation Group. “In doing so, we empower Booz Allen’s innovators to create and scale leading-edge products and obtain an equity stake in the products they help build.”
SnapAttack was developed and launched publicly by Booz Allen DarkLabs―an elite team of security researchers, threat hunters, penetration testers, reverse engineers, network analysts, and data scientists, dedicated to stopping cyber attacks before they occur—based on years of experience in commercial and nation-state-level cyber operations in cyber defense (blue teaming), data analytics, threat hunting, and cyber offense (red teaming). As one of the world’s largest cybersecurity solution providers, Booz Allen’s technical talent develops products like SnapAttack by leveraging advanced and emerging technologies alongside decades of working with clients to defeat advanced cyber threats.
The SnapAttack product development team will continue to be led by Chief Technology Officer Fred Frey and Chief Product Officer Tim Nary, SnapAttack’s original developers, both of whom began their careers at Booz Allen and exemplify how innovators at Booz Allen can grow and scale cutting-edge technology within the firm and beyond. Under their leadership, SnapAttack will continue to focus on keeping government and commercial clients ahead of advanced cyber threats.
Booz Allen is maintaining a significant minority stake in the new company as well as a strategic partnership agreement to continue collaboration, further enhancing and complementing the firm’s robust threat detection management capabilities. Booz Allen will be the primary channel partner for SnapAttack to its federal client base, and this collaboration will provide clients with scalable, enhanced access to SnapAttack along with continued access to the firm's best-in-class capabilities, technology, and services. Additional investors include Volition Capital and Strategic Cyber Ventures.
“SnapAttack addresses a critical requirement for organizations that need to move quickly, collaborate, and get continuously better at detecting and defending against sophisticated cyber threats,” said Patrick Gorman, executive vice president and a leader in Booz Allen’s cybersecurity business. “SnapAttack will now have even more opportunity to scale at the pace of clients, address urgent threat detection needs, and access a broader ecosystem of innovators and capital investment to help it grow as the industry standard in proactive security and hacker tradecraft.”
BAHPR-CO
About Booz Allen Hamilton For more than 100 years, military, government, and business leaders have turned to Booz Allen Hamilton to solve their most complex problems. As a consulting firm with experts in analytics, digital solutions, engineering, and cyber, we help organizations transform. We are a key partner on some of the most innovative programs for governments worldwide and trusted by its most sensitive agencies. We work shoulder-to-shoulder with clients, using a mission-first approach to choose the right strategy and technology to help them realize their vision.
With global headquarters in McLean, Virginia, our firm employs approximately 29,200 people globally as of September 30, 2021, and had revenue of $7.9 billion for the 12 months ended March 31, 2021. To learn more, visit www.boozallen.com. (NYSE: BAH)
About Volition Capital Volition Capital is a growth equity firm that invests in founder-owned, high-growth software, Internet, information services and tech-enabled services companies that have demonstrated both operating discipline and true break-out potential. The firm selectively partners with founders to help them achieve their fullest aspirations for their businesses. Founded in 2010, Volition has over $1.1 billion in assets under management and has invested in over 35 companies in the United States and Canada.
About Strategic Cyber Ventures Strategic Cyber Ventures (SCV) is a Washington D.C. based venture capital firm that invests in rapidly growing cybersecurity, privacy, and resiliency focused technology companies. The SCV team brings an expert, more modern venture capital experience to startup founders and the broader investment ecosystem, working every day to bridge the gap between emerging commercial technology and corporate and national security challenges. SCV was founded in 2016 by Hank Thomas, a former U.S. Army Intelligence Officer and security consultant.
About SnapAttack
SnapAttack (www.snapattack.com) is a cyber threat hunting and detection company with a unique technical solution that enables community collaboration around threat intelligence, attack emulation and behavioral analytics. The novel approach helps organizations proactively identify potential vulnerabilities, risks, and gaps in their infrastructure before an incident occurs. SnapAttack was incubated in Booz Allen’s Dark Labs and is rooted in years of experience in nation-state level cyber operations and tradecraft. In 2021, SnapAttack was established as a stand-alone company to focus on proactive threat hunting, detection-as-code, purple teaming, and rapidly evolving their platform capabilities.
