Synack announces $21.25M strategic investment from world’s leading technology companies, doubling revenue quarterly for twelve consecutive quarters and ongoing international expansion
Synack, Inc. (“Synack”), the first hacker-powered intelligence platform, today announced it raised $21.25 million in a Series C round of funding led by Microsoft Ventures. The financing also included participation from new investors Hewlett Packard Enterprise (“HPE”) and Singtel Innov8 (the Corporate Venture Arm of the Singtel Group). This financing brings Synack’s total funding to over $55 million.
The new investment included participation from current Synack investors, including GGV Capital, GV (formerly Google Ventures) and Kleiner Perkins Caufield& Byers, and will be used to further develop the Synack Platform, scale adoption across the U.S. and Europe, enter Asia Pacific (APAC), and continue to recruit and invest in the most skilled hackers in the world. Microsoft Ventures will take a seat on Synack’s board. Additionally, Gary Steele, CEO of Proofpoint and security industry veteran, will be joining Synack’s Board of Directors to support the company through this phase of high growth.
With the rise of cyber attacks and shortage of security talent, Synack plays a critical role in protecting the world’s high-stakes enterprises and government entities. Leveraging a global crowdsourced network of highly vetted ethical hackers, Synack’s platform delivers an offensive approach to defense for organizations.
“The best defense is a good offense. Businesses can only stay one step ahead of the adversary by beating them at their own game,” said Jay Kaplan, CEO and co-founder of Synack. “Bringing Microsoft Ventures, HPE and Singtel Innov8 on board highlights their ongoing investment in security for their products and customers. We have a shared vision for the future of cybersecurity and see a huge opportunity for alignment in platform development and scaling channels to market.”
Today’s most competitive organizations know exactly how critical it is to have high quality security at the core of every technology and business. Having these tech industry giants invest in Synack’s innovative platform is another commitment to helping organizations around the world determine how exploitable they are from a cyberattack.
In just four years, Synack has onboarded some of the largest Fortune 500 companies and various branches and agencies of the U.S. Government. This mainstream adoption of Synack’s model has resulted in a greater than 300 percent increase in year-over-year bookings over the last four quarters, in Financial Services, Retail and Government. Building on its momentum, the company’s announced funding and partnership with Microsoft Ventures, HPE and Singtel Innov8 will:
- Keep cybersecurity at the forefront: Microsoft and HPE are two of the most forward-thinking organizations when it comes to cybersecurity, understanding why security must be baked into a company’s DNA from the start:
- “Traditional security testing presents many challenges that Synack tackles head-on with an innovative, crowd-focused approach,” said NagrajKashyap, corporate vice president at Microsoft Ventures. “Based on their already strong market traction and history of working with Fortune 500 enterprise customers, we look forward to seeing what Synack accomplishes next.”
- “We are excited to invest in Synack,” said Vishal Lall, SVP, Strategy and Ventures, HPE. “Synack brings an exciting new crowdsourced approach to penetration testing and together we will help solve our customers’ pressing cybersecurity challenges.”
- Drive European growth and support expansion into APAC: As the security talent gap in Europe continues to widen, and GDPR deadlines are looming, Synack has experienced organic demand from large enterprises and governments. Today, Synack Europe includes a network of specialized hackers and a growing number of customers in the region. Additionally, Synack will begin exploring opportunities and entering a new market, APAC, which has been clamoring for new cybersecurity innovation.
- Proven leadership to guide high-growth: As Synack continues to rapidly expand into new industries and markets, the company is adding two industry veterans to help guide the company’s next phase of high growth. In addition to a representative from Microsoft Ventures, Gary Steele, CEO of Proofpoint Security and security veteran, has deep experience growing and scaling security companies and will bring a wealth of knowledge and experience to Synack.
Synack’s global network of security researchers, supported by groundbreaking proprietary technology, uncover critical security vulnerabilities left undetected by traditional security solutions. Synack delivers a signal-to-noise ratio greater than 95 percent, manages all triage and operations, and provides an analytical view of the whole environment for the customer. In Synack’s most recent Hack the Pentagon program, over 2,500 hours were dedicated to exploiting sensitive Department of Defense (DoD) assets. The first critical vulnerability, discovered in under four hours, was found in a widely-deployed sensitive file transfer mechanism. It was then confirmed, triaged, and accepted by DoD within 24 hours.
For Synack Co-Founders CEO Jay Kaplan and CTO Mark Kuhr, former NSA operators working to combat terrorism in some of the highest stakes intelligence operations, their vision was to build a modern cybersecurity platform combining security intelligence vetted by the most skilled and trusted researchers to help organizations understand and address their security risks. It was during that time they aspired to work with the best technology companies and minds in venture capital, and today’s investment further makes this goal a reality.
Based in Redwood City, California, Synack is a security company revolutionizing how enterprises view cybersecurity: through a hacker’s eyes. Synack’s hacker-powered security platform arms clients with hundreds of the world’s most skilled, highly vetted ethical hackers who provide a truly adversarial perspective of clients’ IT environments. Synack’s confidential client base is comprised of some of the largest F500/G500 enterprise organizations across banking and financial services, healthcare, consumer goods and retail, manufacturing, technology and the U.S. Federal Government. All engagements are conducted by Synack’s vetted skilled professionals and are treated with absolute privacy. Synack was founded in 2013 by former NSA security experts Jay Kaplan, CEO, and Dr. Mark Kuhr, CTO. For more information, please visit https://www.synack.com/.
SutherlandGold Group for Synack
Spain’s jobless hit four million for first time in five years as pandemic curbs bite
By Nathan Allen and Belén Carreño
MADRID (Reuters) – The number of jobless people in Spain rose above 4 million for the first time in five years in February, official data showed on Tuesday, as COVID-19 restrictions ravage the ailing economy.
Since the onset of the pandemic, Spain has lost more than 400,000 jobs, around two-thirds of them in the hospitality sector, which has struggled with limits on opening hours and capacity as well as an 80% slump in international tourism.
Jobless claims rose by 1.12% from a month earlier, or by 44,436 people to 4,008,789, Labour Ministry data showed, the fifth consecutive monthly increase in unemployment.
That number was 23.5% higher than in February 2020, the last month before the pandemic took hold in Spain.
“The rise in unemployment, caused by the third wave, is bad news, reflecting the structural flaws of the labour market that are accentuated by the pandemic,” Labour Minister Yolanda Diaz tweeted.
Restrictions vary sharply from region to region in Spain, with some shutting down all hospitality businesses, though Madrid has taken a particularly relaxed approach and kept bars and restaurants open.
A total of 30,211 positions were lost over the month, seasonally adjusted data from the Social Security Ministry showed. It was the first month more positions were closed than created since Spain emerged from its strict first-wave lockdown in May.
Still, the number of people supported by Spain’s ERTE furlough scheme across Spain fell by nearly 29,000 to 899,383 in February.
“These figures have remained more or less stable since September, indicating that the second and third waves of the pandemic have had a much smaller effect than the first in this regard,” the ministry said in a statement.
Hotels, bars and restaurants and air travel are the sectors with the highest proportion of furloughed workers, it added.
Tourism dependent regions like the Canary and Balearic Islands have been particularly hard hit, with the workforce contracting by more than 6% since last February in both archipelagos.
The last time the number of jobless in Spain hit 4 million was in April 2016.
(Reporting by Anita Kobylinska, Nathan Allen and Belén Carreño, Editing by Inti Landauro, Kirsten Donovan and Philippa Fletcher)
Pandemic ‘shecession’ reverses women’s workplace gains
By Anuradha Nagaraj
(Thomson Reuters Foundation) – The coronavirus pandemic reversed women’s workplace gains in many of the world’s wealthiest countries as the burden of childcare rose and female-dominated sectors shed jobs, according to research released on Tuesday.
Women were more likely than men to lose their jobs in 17 of the 24 rich countries where unemployment rose last year, according to the latest annual PricewaterhouseCoopers (PwC) Women in Work Index.
Jobs in female-dominated sectors like marketing and communications were more likely to be lost than roles in finance, which are more likely to be held by men, said the report, calling the slowdown a “shecession”.
Meanwhile, women were spending on average 7.7 more hours a week than men on unpaid childcare, a “second shift” that is nearly the equivalent of a full-time job and risks forcing some out of paid work altogether, it found.
“Although jobs will return when economies bounce back, they will not necessarily be the same jobs,” said Larice Stielow, senior economist at PwC.
“If we don’t have policies in place to directly address the unequal burden of care, and to enable more women to enter jobs in growing sectors of the economy, women will return to fewer hours, lower-skilled, and lower paid jobs.”
The report, which looked at 33 countries in the Organisation for Economic Co-operation and Development (OECD) club of rich nations, said progress towards gender equality at work would not begin to recover until 2022.
Even then, the pace of progress would need to double if rich countries were to make up the losses by 2030, it said, calling on governments and businesses to improve access to growth sectors such as artificial intelligence and renewable energy.
Laura Hinton, chief people officer at PwC, said it was “paramount that gender pay gap reporting is prioritised, with targeted action plans put in place as businesses focus on building back better and fairer”.
Britain has required employers with more than 250 staff to submit gender pay gap figures every year since 2017 in a bid to reduce pay disparities, but last year it suspended the requirement due to the coronavirus pandemic.
(Reporting by Anuradha Nagaraj @AnuraNagaraj; Editing by Claire Cozens. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers the lives of people around the world who struggle to live freely or fairly. Visit http://news.trust.org)
German January exports to UK fell 30% year-on-year as Brexit hit – Stats Office
BERLIN (Reuters) – German exports to the United Kingdom fell by 30% year-on-year in January “due to Brexit effects”, preliminary trade figures released by the Federal Statistics Office on Tuesday showed.
In 2020, German exports to the UK fell by 15.5% compared to 2019, recording the biggest year-on-year decline since the financial and economic crisis in 2009, when they fell by 17.0%, the Office said.
“Since 2016 – the year of the Brexit referendum – German exports to the UK have steadily declined,” the Office said in a statement.
In 2015 German exports to the UK amounted to 89.0 billion euros. In 2020, German they totalled 66.9 billion euros.
Imports to Germany from the UK totalled 34.7 billion euros in 2020, down 9.6 % compared to 2019.
(Reporting by Paul Carrel; Editing by Madeline Chambers)
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