SOCaaS, MSSP Funding: Digital Hands Raises $15 Million
Digital Hands, an MSSP and security operations center-as-a-service (SOCaaS) provider that supports MSP partners, has raised $15 million from private equity firm Fulcrum Equity Partners.
Digital Hands will use the funding to expand its service offerings and explore ways to support customers of all sizes, the company said.
Digital Hands provides the following managed security services:
- Managed Firewall.
- Network Security.
- Managed IDS/IPS.
- Unified Threat Management.
- Managed Endpoint Protection.
Furthermore, the company provides SOCaaS in combination with security orchestration, automation and response (SOAR) tools. Digital Hands also delivers CyGuard Security Information and Event Management (SIEM), Advanced Endpoint Protection and Discovery solutions.
Digital Hands: Talent, Partner Initiatives
Digital Hands has been building a partner program for MSPs and other partners seeking SOCaaS. Key partners include Ingram Micro.
The company has also made several key hires. Examples include:
- June 2019: Charlotte Kibert joined the company as VP of customer success. She previously held executive positions at Concertium, Ausra Group, Vology and Vital Network Services. Also, she’s held partner- and channel-centric roles at IBM, AT&T, Centurylink, World Wide Technologies, Cisco, Microsoft, and Tech Data.
- June 2019: John Salmon joined as VP of sales. Both executives report to COO Myrna Soto. Salmon was an original member of the TrustWave launch team in 2002, and was VP of enterprise solutions as the company grew into a Top 100 MSSP.
- March 2019: Soto arrived as COO in May. Soto, who previously served as a partner at venture capital firm ForgePoint Capital and corporate SVP and global chief information security officer at Comcast, manages Digital Hands’ marketing, human resources, customer success, security operations and sales.
SOCaaS: Market Grows, Competition Grows
No doubt, demand for SOCaaS is growing rapidly. Thousands of MSPs worldwide are contemplating their managed security services strategies. The journey involves a major inflection point — buy, build or partner for SOC capabilities?
As a result, dozens of companies now offer SOCaaS to MSPs and other types of channel partners. Private equity firms and venture capitalists have also been active in the market. In addition to the Digital Hands funding news, rivals such as Arctic Wolf Networks have also raised funding.
Numerous MSSPs and cybersecurity companies focused on the IT channel have also raised money.
Additional insights from Joe Panettieri.