ReliaQuest Valued At More Than One Billion Dollars Following Growth Round Led by KKR

Rhea-AI Summary

ReliaQuest announced a new funding round led by existing investor KKR, alongside Ten Eleven Ventures and FTV Capital, aimed at accelerating global expansion and development of the GreyMatter Open XDR platform. This follows a previous $300 million growth equity round in 2020. Key achievements include surpassing $100M in annual recurring revenue and doubling new customers year-over-year. The investment will enhance the technological capabilities of the GreyMatter platform, solidifying its market leadership.

Positive

• New funding round led by KKR to accelerate global operations.
• Surpassed $100M in annual recurring revenue.
• More than doubled new customer acquisition year-over-year.
• Addition of key executives and board members to enhance leadership.
• Enhanced GreyMatter platform with new capabilities and secured a patent.

Negative

• None.

New funding round led by existing investor KKR to be used to further accelerate ReliaQuest’s ongoing global expansion and development of the GreyMatter Open XDR platform

TAMPA, Fla.--(BUSINESS WIRE)-- ReliaQuest, the leader in Open XDR-as-a-Service, today announced a new funding round led by existing investor KKR. Ten Eleven Ventures, FTV Capital and founder Brian Murphy also participated in the investment. The new round follows a $300 million growth equity round in 2020 and will be used to accelerate the expansion of ReliaQuest’s business operations and the continued development of its GreyMatter platform.

Whether organizations need fully managed detection and response (MDR), co-managed security operations, or an automated Open XDR platform, ReliaQuest delivers the outcomes and board-ready reporting that organizations require to solve the most challenging aspects of cybersecurity while maturing their programs over time. The ReliaQuest GreyMatter platform, backed by 24/7/365 security expertise, force multiplies security operations delivering unified detection and response with transparency and automation.

“Customers are gravitating to our Open XDR approach to deliver tailored security outcomes for their organization and are embracing ReliaQuest as a true force-multiplier for their security program,” said Brian Murphy, CEO of ReliaQuest. “This investment allows us to both increase our market presence and continue to innovate on our GreyMatter cloud-native platform. KKR, Ten Eleven and FTV have been in lockstep with us as the momentum builds in the market and they continue to invest in our strategic partnership to accelerate growth as we expand across the world.”

This latest round of investment marks a momentous year for ReliaQuest, which included:

• Surpassing $100M in annual recurring revenue
• More than doubling number of new customers year-over-year
• Adding key executives, including Chief Product Officer Brian Foster, Vice President and head of engineering Paul Kraus and Chief Marketing Officer Alex Bender
• Expanding the board with industry veterans, including Mike Burkland, John Spiliotis, John Fernandez and Kara Wilson
• Securing a patent for the GreyMatter Universal Translator's unique ability to ingest and normalize security data
• Adding new capabilities within the GreyMatter platform, including the innovative Model Index for program measurement and reporting and Verify for breach and attack capabilities

“Over the past several years, we’ve seen ReliaQuest evolve its solution into a leading platform that is highly capable of solving security challenges for organizations across industries and geographies,” said Stephen Shanley, Managing Director at KKR. “We’re excited about our strategic partnership with ReliaQuest and its momentum since our initial investment. This additional funding will help make key enhancements to the GreyMatter platform that will further solidify its leadership position in the market.”

KKR will be making the investment through its Next Generation Technology Growth Fund II, a fund dedicated to growth equity investment opportunities in the technology space.

About ReliaQuest

ReliaQuest, the leader in Open XDR-as-a-Service, is the force multiplier for security operations teams. ReliaQuest GreyMatter is a cloud-native Open XDR platform that brings together telemetry from any security and business solution, whether on-premises, or in one or multiple clouds, to unify detection, investigation, response and resilience. ReliaQuest combines the power of technology and 24/7/365 security expertise to give organizations the visibility and coverage they require to make cybersecurity programs more effective.

Hundreds of Fortune 1000 organizations trust ReliaQuest GreyMatter to operationalize security investments, ensuring teams focus on the right problems while closing visibility and capability gaps to proactively manage risk and accelerate initiatives for the business. ReliaQuest is a private company headquartered in Tampa, Fla., with multiple global locations. For more information, visit www.reliaquest.com.

About KKR

KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211201005291/en/

ReliaQuest:

Dan Wire

ReliaQuest

dwire@reliaquest.com

KKR:

Julia Kosygina or Miles Radcliffe-Trenner

212.750.8300

Media@KKR.com

Source: ReliaQuest

FAQ

What is the purpose of the new funding round for KKR's investment in ReliaQuest?

The funding aims to accelerate ReliaQuest's global expansion and the development of its GreyMatter Open XDR platform.

How much did ReliaQuest raise in its previous funding round before KKR's latest investment?

ReliaQuest raised $300 million in a growth equity round in 2020.

What significant milestones has ReliaQuest achieved this year?

ReliaQuest surpassed $100M in annual recurring revenue and doubled its new customer base year-over-year.

What are the notable changes in ReliaQuest's leadership structure?

ReliaQuest has added key executives, including a Chief Product Officer and Chief Marketing Officer.

What enhancements are being made to the GreyMatter platform following KKR's investment?

The investment will fund technological enhancements to solidify the GreyMatter platform's leadership in the market.