Like many cybersecurity companies, Securonix has added XDR (eXtended detection and response) to its branding, marketing and outreach to potential MSSP partners.
The proof? Until the end of 2021, Securonix is positioned primarily as a “Next-Gen SIEM” (Security Information and Event Management) software vendor. Fast forward to 2022, and every Securonix news announcement now mentions XDR directly in the first paragraph.
Why the XDR brand is everywhere
Frankly, it’s a case of déjà vu: Sumo Logic, a SIEM and SOAR cloud provider, made a similar XDR rebrand in September 2021.
It’s a sign of the times, as MSSPs and CISOs increasingly seek global XDR platforms that span and protect endpoints, networks, and cloud systems. In fact, more than nine in 10 organizations are working on an XDR project or planning an XDR investment in the next 12 months, according to a survey sponsored by security vendor Hunters and executed by ESG Research.
Eager to potentially ride the XDR wave, Vista Equity Partners recently led a $1 billion investment round in Securonix. Volition Capital and Eight Roads Ventures also participated in the round. The software company‘s overall valuation was not disclosed.
Securonix: Growing Enterprise and MSSP Engagement
Securonix was in growth mode even before XDR funding and brand positioning. Over the past 12 months, the company has generated:
- SaaS ARR (annual recurring revenue) growth of 100%;
- 240% growth in bookings with the new MSSP logo year over year; and
- 100% year-over-year headcount growth, eclipsing 1,000 employees worldwide, the company said.
The growth stats certainly look impressive – although actual dollar revenue figures weren’t disclosed, and we don’t know how much revenue MSSPs influence for Securonix.
Meanwhile, M&A activity as well as investor activity in the SIEM, SOAR and XDR markets remain strong. Examples of offers:
We will be watching to see if or how the SIEM, SOAR and XDR markets are converging further.