SIEM, SOAR Security Software Companies Emphasize XDR Efforts
Like many cybersecurity companies, Securonix has added XDR (eXtended detection and response) to its branding, marketing and outreach to potential MSSP partners.
The evidence? Through the end of 2021, Securonix positioned mainly as a “Next-Gen SIEM” (security information and event management) software company. Fast forward to 2022, and every Securonix news announcement now mentions XDR right in the first paragraph.
Why XDR Branding Is Everywhere
It’s a sign of the times as MSSPs and CISOs increasingly crave all-encompassing XDR platforms that blanket and protect endpoint, network and cloud systems. Indeed, more than nine in 10 organizations are either working on an XDR project or planning an XDR investment in the next 12 months, according to a survey sponsored by security provider 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: Business and MSSP Engagement Growth
Securonix was in growth mode even ahead of the funding and XDR brand positioning. Over the past 12 months, the company has generated:
- 100% SaaS ARR (annual recurring revenue) growth;
- 240% Year-over-Year new MSSP logo bookings growth; and
- 100% Year-over-Year employee headcount growth, eclipsing 1,000 employees worldwide, the company said.
The growth statistics certainly look impressive — though actual revenue dollar figures were not disclosed, and we don’t know how much revenue that MSSPs influence for Securonix.
Meanwhile, M&A activity as well as investor activity across the SIEM, SOAR and XDR markets remains strong. Example deals include:
- February 2022: Infinite Group Inc. (IGI) acquired Pratum;
- January 2022: Google Chronicle acquired Siemplify; and
- November 2021: Angel investors are backing BitLyft.
We’ll be watching to see if or how the SIEM, SOAR and XDR markets further converge.