Private equity firm Periscope Equity has invested in CyberMaxx, a Top 250 MSSP that provides managed detection and response (MDR) security services to healthcare organizations. Financial terms of the investment were not disclosed.
CyberMaxx, founded in 2009, will use the investment money to explore opportunities to accelerate its growth and drive product innovation, according to a prepared statement.
CyberMaxx has 34 employees listed on LinkedIn. The company is based in Nashville, Tennessee. CyberMaxx Co-founder Thomas Lewis previously was CEO of LBMC Information Security. Earlier, he held posts at Deloitte & Touche, Ernst & Young, and Ernst & Young. CEO Jason Riddle has led the company since 2014, and previously was VP of infrastructure services at Comdata.
Periscope Equity, based in Chicago, typically invests in digital marketing, security, healthcare technology and business process automation companies. The private equity firm has made 10 platform investments, and 17 add-on acquisitions.
MDR Security for Healthcare: Key Services
Healthcare organizations can use CyberMaxx's MAXX MDR service for threat prevention and response, the company stated. Maxx MDR includes the following platforms:
- MAXX EDR: Uses CrowdStrike endpoint detection and response (EDR) capabilities to contain and remediate threats.
- MAXX Network: Leverages sensors to provide around-the-clock security monitoring.
- MAXX SIEM: Provides analytics to help healthcare organizations detect threats and limit false-positive alerts.
Along with MAXX MDR, CyberMaxx delivers MAXX Response, which provides healthcare organizations with access to a security team that can respond to cyberattacks and help them develop and implement security plans, the company said. It also offers MAXX VRM for vulnerability risk management and threat intelligence.
What Does the Future Hold for the Healthcare Cybersecurity Market?
CyberMaxx is certainly focused on a growing market opportunity.
Healthcare cybersecurity market revenues are estimated to reach $10.8 billion in 2021, according to industry analyst Market Data Forecast. These revenues also are projected to increase at a compound annual growth rate of 17.8 percent and total nearly $24.6 billion by 2026.
Research indicates that nearly 40 percent of healthcare organizations were victimized by cloud ransomware attacks in 2020. Hospital and healthcare services provider Universal Health Services (UHS) and Fresenius, Europe's largest private hospital operator, were among the healthcare organizations to experience ransomware attacks in 2020.