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The company's valuation has more than tripled in less than a year.
July 13, 2021
Arctic Wolf has secured $150 million in new financing, bringing the company’s valuation to $4.3 billion.
Viking Global Investors, Owl Rock, a division of Blue Owl Capital, and other investors led the Arctic Wolf financing round. The $4.3 billion valuation more than triples the company’s valuation in less than a year.
Arctic Wolf’s business has doubled in the past year in terms of revenue and headcount, expanding substantially in the enterprise market. It now has about 3,000 customers.
Arctic Wolf says it’s the fastest-growing company in the fastest-growing part of the cybersecurity market. Gartner says worldwide spending on information security and risk management technology and services should grow 12.4%, to reach $150.4 billion in 2021.
Bob Skelley is Arctic Wolf’s senior vice president of global channels. He said this funding will fuel Arctic Wolf’s growth.
Arctic Wolf’s Bob Skelley
“We will be accelerating the introduction of new products, which will allow our partners to expand the ways they can help protect their customers while also increasing their annual recurring revenue,” he said.
Arctic Wolf will continue to expand operations globally. Moreover, it will bring to market new products and innovation to build security operations for customers.
Arctic Wolf’s partners have been the “cornerstone of our incredible growth,” Skelley said. The company shifted to a 100% channel-based sales organization in 2019.
“And that transition was truly an inflection point for our business,” he said. “Since then, we have grown to have a network of over 650 channel partners and 40,000 trained sellers. And this incredible partner community has helped us to double sales for seven consecutive years.”
Recently, Arctic Wolf launched a new managed security awareness solution. It helps organizations build cyber resilience against attacks by malicious hackers.
Additionally, Arctic Wolf restructured its partner program with new tiers and support services, and launched Service Assurance. Having recently debuted in EMEA, the new funding will further accelerate Arctic Wolf’s global growth.
“This new round of funding validates Arctic Wolf’s leadership in the security operations space,” Skelley said. “As a result, our partners and customers can have confidence that they are doing business with a trusted security adviser with the financial backing to support their business for years to come.”
In addition to new product introductions, the funding will help Arctic Wolf execute the enhancements to the partner program it unveiled last month, he said.
“For our top partners who have embraced the Arctic Wolf approach to security operations, this will include a named channel account management team, access to executive leadership, quarterly business reviews, invitations to exclusive training summits and priority access to marketing support,” Skelley said.
Pravin Vazirani is managing director and co-head of technology investing at Owl Rock.
“We believe the company is emerging as the clear leader in the market, and is an essential partner to every organization today that is challenged by the skills shortage in cybersecurity and at the same time is looking to securely take advantage of mega technology trends that are driving the need to adopt solutions like the Arctic Wolf platform to secure cloud, network, and data assets.”
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