Up-and-coming cybersecurity specialist ForeScout Technologies, Inc. recently announced that the company is now valued at a whopping $1 billion, thanks to an additional $76 million in financing led by the investment firm Wellington Management Company LLP.
ForeScout’s innovative agentless security technology — known as ForeScout CounterACT — was designed expressly to protect Internet of Things (IoT) devices, an industry that has basically exploded over the past few years. CounterACT links disparate security solutions regulates modern networks with their variety of software, switches, appliances and other components while preventing connections from devices that don’t belong. The system features complete visibility, intuitive automation controls and integration with a range of security and IT management solutions to ensure full protection against cyber criminals.
“Device proliferation and IoT deployments are easy entrances for cyber criminals if not detected and protected,” said Michael DeCesare, CEO & President of ForeScout. “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.”
ForeScout is enjoying rising success as IoT networks become more common and demand continues to increase for robust security solutions that serve them, despite the fact these agentless security solutions have been offered for more than a decade. The company has tripled its valuation over the past year and a half while generating increasingly substantial revenue and reaching a compound annual growth rate over 50 percent.
The capital just secured from Wellington Management Company will reportedly be used to expand global field operations, develop a support organization and pour more resources into research and development to further widen the company’s lead in the IoT security space. As business and consumer networks alike continue to add connections from an ever-increasing variety of devices, a comprehensive security solution is an essential asset. ForeScout’s dedication to expanding CounterACT’s capabilities and reach will ensure that users will be able to stay at least one step ahead of security compromises, because the last thing a homeowner needs is for a criminal to hack into their washing machine or television.
Edited by
Kyle Piscioniere
