SIEM and SOAR security software provider Securonix has hired Ivanti, BMC Software and SAP veteran Nayaki Nayyar as CEO. Former CEO Sachin Nayyar (not related to his successor) shifts to executive chairman of the board of directors.
Securonix, founded in 2008, is based in Addison, Texas. The company develops a SaaS-based, multi-tenant security analytics, operations and response platform for MSPs, MSSPs and channel partners.
New CEO Nayaki Nayyar deeply understands that channel partner ecosystem. Among the proof points: She serves on the boards of such companies as:
- technology distributor TD Synnex;
- AI technology solutions provider Veritone; and
- and Corteva Agriscience, a publicly traded agri-science company.
Securonix Funding, Financial Backers and Business Growth
The Securonix CEO change surfaces less than a year after Vista Equity Partners led a $1 billion growth investment in the business. Volition Capital and Eight Roads Ventures also participated in the round. Additional investors that eventually surfaced included:
At the time of the February 2022 investment, Securonix pointed to:
- 100% SaaS ARR (annual recurring revenue) growth;
- 240% Year over Year (YoY) new MSSP logo bookings growth; and
- 100% YoY employee headcount growth, eclipsing 1,000 employees worldwide.
MSSP Alert does not have updated financial figures for Securonix; nor do we know actual revenue or EBITDA dollar figures.
Securonix CEO Transition: Executive Perspectives
In a prepared statement about the executive succession, new CEO Nayaki Nayyar said:
“I am super proud to join Securonix, an exceptionally innovative pioneer that has redefined the SIEM market, has been named a leader in SIEM by Gartner four years in a row and set the standard for cloud-native security analytics and operations. Securonix has achieved excellence across multiple domains, including product innovation in Next-Gen SIEM, UEBA and SOAR, threat detection/hunting, data science, and operations, and is now poised to scale its operations and reach. I look forward to working with the team at Securonix to achieve our mission to address the cybersecurity challenges faced by organizations globally.”
Added Executive Chairman Sachin Nayyar:
“On behalf of the Board of Directors, I am delighted to welcome Nayaki to the Securonix team. Securonix is well-positioned for sustained long-term growth with the industry leading solution in the SIEM, UEBA and SOAR markets and strategic GTM partnerships with Snowflake and AWS. Nayaki’s track record of innovative corporate leadership and deep subject matter expertise make her the right leader to guide Securonix through its next phase of growth.”
Concluded Nadeem Syed, a senior managing director at Vista Equity Partners and Securonix board member:
“Nayaki is a seasoned software product leader with distinctive experience building operationally excellent platforms, while simultaneously helping customers migrate to a seamless cloud experience. Her deep product experience, coupled with her stellar track record of scaling businesses and building global teams, make her the ideal leader to push Securonix even farther ahead of its peers in both product capabilities and customer experience.”
Cloud SIEM Market: Growing But Crowded
Generally speaking, customer demand for cloud-based SIEM remains strong. But the cloud SIEM market is crowded with competition. Well-known rivals include Microsoft, IBM, Splunk and Exabeam, according to the Gartner Magic Quadrant - Leaders Quadrant -- for SIEM in 2022.
The global SIEM market is expected to reach $9.82 billion by 2027, which represents a 12.3% compound annual growth rate (CAGR) from 2022, according to IMARC Group.