StackPath, a Security-as-a-Service company headquartered in Dallas, Texas, launched today. The cybersecurity company also announced $180 million in funding led by private equity firm ABRY Partners. In addition, StackPath announced four key acquisitions: MaxCDN, Fieblade, Cloak and Staminus.
The company’s $150 million ‘Series A’ financing is significantly larger than the usual early-stage rounds, with average Series A tech deals at about $7.8 million.
StackPath is founded by Lance Crosby, who is the founder and former chairman and CEO of SoftLayer Technologies, which was acquired by IBM in 2013 and now the foundation of IBM’s Cloud Computing division.
“The Internet is where the world does business,” said Crosby. “It may be the single most important utility supporting businesses today, yet we continue to overtax the aging infrastructure and struggle to make it secure. The StackPath platform is an integrated response to a fragmented problem created by too many individual, appliance-based, bolt-on security solutions.”
StackPath is Crosby’s vision for a frictionless and scalable security platform specifically designed to accommodate the crushing demand of traffic on the Internet, the seemingly endless new point solutions purporting to fix the latest threat, in an ever-expanding spectrum of cyber threats, the company said in a press release.
“The most pressing issue facing the enterprise today is the fear of being hacked. Last year, we saw over 400 million identified malware attacks, with the amount of new threats more than doubling up 125 percent from 2014 — creating billions of dollars in financial loss globally,” said Robert Westervelt, Analyst and lead of IDC’s data security program.
“As organizations reduce their on-premise footprint and consume more resources, I believe holistic platforms like this new offering is an extremely effective option. This approach provides scalability and flexibility, supports hybrid deployments and helps reduce the complexity issues that often expose sensitive data to attackers,” he added.