Siemplify, which provides a security orchestration, automation and response (SOAR) platform for MSSPs, reported 280 percent year-over-year bookings growth in 2018, nearly quadrupling its bookings growth from 2017.
In addition, Siemplify increased its customer base by 350 percent year over year in 2018; this figure represents a more than 3x increase in customers. (No doubt, the figures sound impressive. But we'll offer these two caveats: The company, since it's privately held, does not disclose actual profit or revenue figures.)
Siemplify's 2018 Milestones
Some of Siemplify's 2018 milestones included:
- Siemplify Appoints Global Channel Head: Siemplify in November hired former Carbon Black and Cisco executive Bradd Barmettler as its global head of channel; in this role, Barmettler is responsible for the development, execution and management of Siemplify's channel partner ecosystem.
- Siemplify Raises $14 Million in Series B Funding: Siemplify in July secured $14 million in Series B funding. The company said it would use the funding to bolster its marketing and sales efforts and drive product innovation.
- Siemplify Upgrades Its SOAR Platform: Siemplify in May introduced version 4 of its SOAR platform; version 4's features include cloud functionality and remote execution capabilities for hybrid and multi-tenant environments.
Siemplify reported "record-breaking results" in 2018, CEO Amos Stern said, and the company is poised to capitalize on the rising demand for SOAR tools in the years to come.
A Closer Look at the Siemplify Platform
The Siemplify platform enables MSSPs to manage disparate technologies, permissions, reports and playbooks across their customer base, the company stated. This ensures that MSSPs can use the Siemplify platform to continuously measure, monitor and improve their security operations centers (SOCs).
Furthermore, the Siemplify platform allows MSSPs to obtain insights into security events and automate incident investigation, analysis and response, the company noted. It also can be deployed across local, remote and hybrid security information and event management (SIEM) environments.
What Are SOAR Tools?
SOAR tools simultaneously ingest threat data from multiple sources and execute automated playbooks, SOAR solutions provider Demisto indicated. By doing so, they help security teams reduce false-positive alerts and automate their incident response efforts.
The share of organizations with security teams of five or more people that will use SOAR tools is projected to increase from less than 1 percent in 2018 to 15 percent in 2020, technology research firm Gartner stated. Also, a lack of skilled cybersecurity professionals and the increasing frequency and severity of cyberattacks could accelerate the demand for SOAR tools globally.