IoT Security Leader Seeing Rapid Growth and Expansion Opportunity
ForeScout Technologies Inc., the pioneer in agentless cybersecurity, today announced it has secured $76 million in additional financing led by Wellington Management Company LLP. Now valued at $1 billion, ForeScout has tripled its valuation over the past 18 months while also surpassing $125 million in revenue in fiscal year 2015. The company has achieved in excess of 50 percent compounded annual growth rate since 2012, having grown at that scale while operating near free cash flow neutral.
The additional capital will be used to expand global field operations, build a world-class support organisation and increase R&D efforts to accelerate leadership in the underserved Internet of Things (IoT) security space. This investment underscores the growing demand for IoT security as organisations grapple with this critical new threat vector. Gartner predicts there will be 30 billion connected devices by 2020.
ForeScout’s award-winning technology provides the unique ability to see and control the rapidly growing population of unsecured and dark devices. Acting as the glue that links together previously disparate solutions, ForeScout CounterACT™ enriches over 70 security tools with its warehouse of device context enabling deliberate security orchestration across enterprise networks.
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“It took 25 years for the world to get to 5 billion connected devices, but with the explosion of the IoT we’ll see around 30 billion by 2020—an entirely new approach to security is required,” said Michael DeCesare, ForeScout CEO & President. “Device proliferation and IoT deployments are easy entrances for cyber criminals if not detected and protected. With agentless visibility, intuitive automated controls and a commitment to integrating with leading security and IT management solutions, ForeScout is well-positioned to own the burgeoning IoT security market.”