BlueVoyant, a Top 250 MSSP, has raised $30 million and purchased Concanon, a professional services company focused on Splunk, The funding and acquisition will strengthen BlueVoyant's Splunk-related security operations center (SOC) expertise, the buyer says.
This is technology M&A deal 603 that MSSP Alert and sister site ChannelE2E have covered so far in 2021.
BlueVoyant and Concanon: MDR, Cybersecurity and Splunk Big Data Market Expertise
BlueVoyant is a New York-based MSSP that was founded in 2017. It offers a partner program that allows technology providers to integrate its MDR, security information and event management (SIEM) and other managed security services into their portfolios.
Concanon of Delray Beach, Florida, has 38 employees listed on LinkedIn. The company specializes in business solutions consulting, the seller says. Concanon's expertise spans software, professional services and vertical market knowledge to address cybersecurity, IT operations and big data use cases, Concanon says. Additional Concanon partners beyond Splunk include CloudBees, Crible and Scianta Analytics.
Along with buying Concanon, BlueVoyant has raised $30 million in incremental funding to support its acquisition and expanded its managed Splunk security capabilities, the buyer indicated.
Together, the acquisition and funding could boost BlueVoyant's Modern SOC for Splunk Cloud Platform, which features 24/7 managed detection and response (MDR). The MDR services are powered by the MSSP's cloud-based managed security operations center (SOC).
BlueVoyant Acquires Concanon: Executive Perspectives
Along with buying Concanon, BlueVoyant has raised $30 million in incremental funding to support its acquisition and expanded its managed Splunk security capabilities, the buyer indicated.
The big area of focus involves BlueVoyant's Modern SOC for Splunk Cloud Platform, which features 24/7 managed detection and response (MDR), powered by the MSSP's cloud-based managed security operations center (SOC).
In a prepared statement about the acquisition, Milan Patel, global head of managed security services at BlueVoyant, said:
"We continue to see an exponential rise in customers moving to the cloud, exposing a critical need to deploy cloud-native security technologies to take advantage of more robust integrations across clouds and software as a service products,. Acquiring Concanon enables BlueVoyant to provide end-to-end services to customers already in the Splunk Cloud Platform and to those customers who are interested in migrating. This includes onboarding, ongoing maintenance, and 24/7 security monitoring."
Added Mike Cormier, managing director and co-founder of Concanon:
"Our mission is to ensure that our customers can evolve insights by not only trusting in their data but ensuring that their data is secure. We pride ourselves on helping customers solve tough business problems with innovative solutions by extracting the right data, implementing understandable processes to enhance and enrich that data, and having the right amount of time to make the best decisions possible. The marriage between BlueVoyant and Concanon will enable us to do that at scale."
BlueVoyant's MSSP Business Development, Expansion
BlueVoyant has been active recruiting cybersecurity talent, partnering, acquiring businesses and raising funds. Key milestones include:
- September 2021: BlueVoyant partnered with global telecommunications company Telstra to offer MDR security services in Australia and New Zealand.
- February 2021: BlueVoyant hired IBM Security veteran Gyorgy Robert Racz to drive its European expansion.
- October 2020: Acquired Managed Sentinel, which offers Azure Sentinel and Microsoft Defender deployment and management services,.
- July 2020: Secured $68 million in funding led by Singapore investment company Temasek, bringing its total financing to $275 million.
BlueVoyant is a New York-based MSSP that was founded in 2017. It offers a partner program that allows technology providers to integrate its MDR, security information and event management (SIEM) and other managed security services into their portfolios.
