At a time when cyber attacks are probably one of the biggest threats to our national security, it hardly comes as a surprise that one of the world’s leading cybersecurity companies iboss has accepted an investment offer of $35 million from Goldman Sachs. For a company that has always been profitable, why the change of heart and what does it hold for the future of this technology company?
In the last 3 years alone, iboss has grown by more than 1800% and was named one of the fastest growing technology companies by Deloitte in 2011. Their company may not have been an overnight success but having founded iboss back in 2003 and then resisted a number of acquisition offers, founders Paul and Peter Martini’s acceptance of support is a significant move as the company embarks on its next stage of growth.
“This funding from Goldman Sachs will provide significant resources for expanding research and development into new technologies along with international expansion,” said Paul Martini, CEO of iboss. “We’ve been profitable since we launched and after growing by reinvesting our profits, this is the right time to accelerate our expansion with outside funding.”
iboss isn’t about helping organisations build thicker walls or solely having technology or solutions that detect malware. The iboss approach is data anomaly detection, which specifically looks for hackers stealing sensitive information by detecting suspicious data transfers. Instead of a firewall that keeps hackers out, iboss prides itself on finding abnormal communications within, where a hacker may be downloading something valuable. According to iboss, it’s like having an alarm system for your jewellery box, rather than your house, to better protect what’s valuable.
In an age of high-profile hacks against companies like Sony, Ebay and Talk Talk, iboss’ advanced solutions deliver unparalleled visibility across all inbound and outbound data channels as well as include security weapons that reveal blind spots, detect breaches and minimise the consequences of data exfiltration.
As part of this growth, the cybersecurity company also recently invested $13 million to open a new global headquarters in San Diego that will include a state-of-the-art threat research centre to identify new malware and viruses that threaten computer network.
Security breaches affect not just the people an organisation sells to but also many people within an organisation from the IT director all the way up to the board. A brand will suffer too and in the case of Sony, you have to sell assets or get rid of departments to cover the losses, regardless of whether they had anything to do with the breach in the first place. With security chiefs under increasing pressure, getting the right protection for today’s complex network requirements isn’t as easy as it seems.