EQT, KKR, and FTV Capital Join Forces to Fund ReliaQuest with Over $500 Million

EQT Leads Major Funding Round for ReliaQuest

EQT has recently announced a significant milestone in the cybersecurity landscape by leading a funding round that raised over $500 million for ReliaQuest. This funding, also participated in by KKR and FTV Capital, brings the total valuation of ReliaQuest to an impressive $3.4 billion. Joining this round are Ten Eleven Ventures and Finback Investment Partners, which showcases the growing interest in cutting-edge cybersecurity solutions that leverage artificial intelligence.

ReliaQuest is hailed for its innovative approach to securing enterprises through its AI-powered operations. Their technology platform, GreyMatter, successfully integrates with more than 200 different cybersecurity tools. This capability allows organizations to utilize their existing technology stack effectively, enabling security teams to detect, investigate, and respond to cyber threats swiftly and efficiently. The automation of mundane cybersecurity tasks is designed to provide security teams with more time and resources to focus on strategic initiatives, thus enhancing overall security outcomes.

The interest in ReliaQuest is underlined by its accelerated growth trajectory, particularly in the last few years. Since its previous funding round in 2020, the company has increased its Annual Recurring Revenue by more than four times, surpassing $300 million recently. Currently, ReliaQuest is experiencing a remarkable growth rate of over 30% year-over-year while maintaining profitable operations.

Brian Murphy, the founder and CEO of ReliaQuest, emphasized that the company's success is driven by their commitment to solving customer problems. As enterprise security teams grapple with an ever-increasing volume of data and rapidly evolving threats, Murphy notes that Chief Information Security Officers (CISOs) require rapid containment measures that are cost-effective and technologically sound. The infusion of investment aims to bolster ReliaQuest's innovative capabilities, empowering them to further enhance their cybersecurity offerings and support an even broader audience of CISOs worldwide.

Kirk Lepke, a partner in EQT Growth’s advisory team, has lauded Murphy's leadership and the firm’s vision. He points out that by enriching the GreyMatter platform with advanced AI and automation features, ReliaQuest has positioned itself as a leader in the cybersecurity domain, capable of managing the complexities of security operations in the largest enterprises. EQT is eager to support ReliaQuest in its mission to transform the cybersecurity sector.

This funding round signifies not only a financial boost for ReliaQuest but also a strategic opportunity to innovate in the rapidly evolving field of cybersecurity. The ongoing enhancements in AI-driven solutions are set to push industry standards forward, aiding businesses in overcoming the increasingly sophisticated cyber threat landscape.

As cyber threats continue to rise, partnerships like the one between EQT, KKR, and FTV Capital with ReliaQuest highlight the importance of investing in technologies that can adapt and evolve. Together, they are paving the way for a more secure digital environment for enterprises globally.

With the investment from reputable firms and a dedicated team, ReliaQuest is likely to lead the charge in redefining the frameworks of cybersecurity operations, ensuring that businesses are better equipped to tackle the challenges posed by cyber adversaries.