Arctic Wolf, a security operations center-as-a-service (SOCaaS) provider, doubled its annual revenue in the company's latest fiscal year. Moreover, revenues for the quarter ended April 30 reached a record high, Arctic Wolf says.
The big question: Is Arctic Wolf marching toward an eventual IPO or strategic exit, or will the company eventually chew on Series E funding opportunities? It may be too soon to say since the company in March 2020 raised $60 million in Series D financing.
Also unknown: What are Arctic Wolf's actual revenue, EBITDA and net income figures? Those details remain undisclosed by the privately held, venture capital-backed software company.
What Cybersecurity Solutions Does Arctic Wolf Offer?
Arctic Wolf offers a variety of cybersecurity solutions, including:
- Managed Detection and Response (MDR): Provides 24×7 monitoring across an organization's networks, endpoints and cloud environments.
- Managed Risk: Helps organizations discover, benchmark and guard against digital risks across networks, endpoints and cloud environments.
- Managed Cloud Monitoring: Detects cloud risks, monitors cloud platforms and promotes cloud security across infrastructure-as-a-service (IaaS) and SaaS resources.
Arctic Wolf's cybersecurity solutions are delivered via the company's concierge security team, which provides tailored threat detection and response and ongoing risk management. They also work in combination with a cloud-native platform designed to protect organizations against cyber threats.
Setting a SOCaaS Standard in the IT Channel?
Arctic Wolf also uses a 100 percent channel partner strategy, which enables U.S. and Canadian channel partners to integrate the company's SOCaaS into their portfolios and offer MDR as a value-add solution or service.
Still, the SOCaaS market for MSPs and MSSPs remains highly fragmented -- especially in the small business segment. Dozens of cloud, software, MDR and MSSP companies promote SOCaaS solutions to partners and end-customers. Also, venture capitalists continue to invest heavily in the market.
True believers include Google's venture capital arm, which led Expel's Series D funding in May 2020 to drive SOCaaS expansion.
Additional insights from Joe Panettieri.
