Dallas Cybersecurity Software Firm StackPath Makes $180M Debut
Dallas—StackPath, a cybersecurity software company based in Dallas, has come out of stealth mode with $180 million in investment and 30,000 customers, according to media reports.
StackPath is led by Lance Crosby, former co-founder and CEO of SoftLayer, a Dallas software company that IBM acquired for an estimated $2 billion in 2013.
“The Internet is where the world does business. It may be the single most important utility supporting businesses today, yet we continue to overtax the aging infrastructure and struggle to make it secure,” Crosby said in a press release. “The StackPath platform is an integrated response to a fragmented problem created by too many individual, appliance-based, bolt-on security solutions.”
StackPath is offering what it calls “security-as-a-service,” Web-based software that uses a machine learning engine to become “smarter and more threat-aware” with each recorded event, such as a hacking attempt. The software works with both on-premise infrastructure and public clouds, including Amazon, Microsoft, and Google cloud services, and StackPath is developing its own technology as well, according to a Reuters article.
The company’s lead investor is Abry Partners, a Boston-based private equity firm.
There were more than 400 million identified malware attacks last year, with the amount of new threats more than doubling by 125 percent from 2014, according to Robert Westervelt with the IDC’s data security program, the press release stated.
The funds will be used to further develop StackPath’s software as well as make additional acquisitions. So far, StackPath has acquired four companies: delivery network company MaxCDN, a cloud firewall company in Israel called Fireblade, an anti-DDoS attack specialist called Staminus, and a virtual private network company, Cloak, according to Fortune.