SaaS Alerts, a Wilmington-based cybersecurity startup, has received a $22 million investment from private equity firm Insight Partners, according to a news release.
This funding is aimed at accelerating the company’s growth within the burgeoning digital security industry.
The local startup’s service is built for Managed Service Providers (MSPs) to protect their customer’s software-as-a-service applications including Office 365, Google Workspace, Salesforce, Slack and Dropbox. MSPs are third-party firms that remotely manage customers’ IT.
According to the release, more businesses have been using these productivity and collaboration tools, especially during the growth of remote working prompted by the COVID-19 pandemic. This increase in use has highlighted some of the potential threats and security gaps that exist within these applications.
“These security concerns present opportunities for MSPs to better safeguard their clients while offering SaaS security services that drive profitable new revenue streams,” the release stated.
Of the investment, Insight Partners’ principal said in the release that Saas Alerts has “pioneered SaaS security for MSPs and has a clear vision for how detecting and correlating abnormal user behavior can greatly impact the MSP industry."
Insight Partners is a New York City-based venture capital firm that focuses on investing in growth-stage tech, software and internet businesses. The firm has also previously invested in Wilmington-based nCino, including being part of a $29 million funding round
"We couldn't be more excited to partner with Insight Partners and we see their investment in SaaS Alerts as a monumental endorsement for what we have built and what we intend to build as we collaborate going forward," Jim Lippie, CEO of SaaS Alerts, said in the release.