Arctic Wolf Networks Employs 200 In Waterloo With More Jobs Coming
Waterloo Ontario / Eden Prairie, Minnesota – Arctic Wolf, the leader in Cybersecurity operations, today announced it has raised US$200 million in Series E funding at a valuation of US$1.3 billion. The funding round was led by Viking Global Investors, with additional participation from DTCP and existing investors. This new round of funding will enable Arctic Wolf to accelerate the introduction of new security operations offerings, address new markets, and further cement its leadership position in the security operations and managed detection and response (MDR) markets.
Waterloo Office To Hire 100 More Employees
As a result of this latest round of funding Arctic Wolf, with an office in Waterloo, could see an additional 100 job hires in addition to the 200 employees already working in the region. This announcement comes on the heals of a $60 million round of investment in March of 2020. Both will further fuel the company’s exponential growth. The company was co-founded by University of Waterloo computer science graduate, Kim Tremblay.
What Does Arctic Wolf Do?
The Arctic Wolf Platform, provides security operations as a concierge service. Arctic Wolf Concierge Security experts act as an extension of an organization’s internal team, providing tailored threat detection and response, as well as ongoing risk management to keep their valuable business data safe. By pairing the intelligence of a cloud-native platform with the expert insight of security operations experts, Arctic Wolf helps organizations end cyber risk.
“Every year, businesses continue to make significant new investments in cybersecurity tools, yet we still see breaches in the headlines. The rapid growth of Arctic Wolf is being driven by organizations realizing that they don’t have a tools problem, but an operational one, and that they can’t solve their security operations challenges on their own,” said Brian NeSmith, CEO and Co-Founder, Arctic Wolf. “Whether a small business or a large enterprise, the Arctic Wolf Platform is built to meet their cybersecurity needs, and this new round of funding will allow us to rapidly scale our business so that we can keep even more organizations safe from cyberattacks.”
Arctic Wolf’s primary security operations offering is Arctic Wolf Managed Detection and Response, a solution that enables organizations to detect, respond, and recover from advanced cyber threats. Gartner forecasts that “By 2025, 50% of organizations will be using MDR services for threat monitoring, detection and response functions that offer threat containment capabilities.”1 This latest round of funding makes Arctic Wolf the first and only cloud-native MDR vendor to secure a valuation of over $1 billion.
Arctic Wolf’s recent corporate milestones and year-over-year performance metrics include:
- 106% growth in subscription revenue
- 180% growth in the number of customers in the enterprise segment
- 301% growth in the number of customers using multiple solutions
- 282% growth in the number of channel partners, driven by the company’s transition to a 100% channel sales model
- 270% growth in the number of security events (now approaching 1 trillion per week) processed by the Arctic Wolf Platform