BlueVoyant: The Next MSSP, MDR Security Unicorn? -

BlueVoyant apparently is seeking to raise $150 million, and the funding round could value the next-generation MSSP at $1.4 billion -- though terms are not finalized, Bloomberg reported.

BlueVoyant, originally known as BlueteamGlobal, was formed through the combination of three cybersecurity companies and secured $125 million in financing in 2017. Fast forward to 2021, and BlueVoyant has remained very active on the funding, acquisition and business expansion fronts.

BlueVoyant: Cybersecurity Business Timeline

Among the next-generation MSSP’s business moves in 2021:

October 2021: Acquired 202 Group, a provider of supply chain risk management solutions to the U.S. federal government.

October 2021: Extended its MDR to support SentinelOne endpoint detection & response (EDR) capabilities.

October 2021: Raised $30 million and purchased Concanon, a professional services company focused on Splunk,

September 2021: Partnered with Telstra to launch MDR endpoint cybersecurity services in Australia & New Zealand.

July 2021: Acquired Marclay Associates, a UK-based cybersecurity consultancy.

July 2021: Launched Modern SOC for Splunk platform.

March 2021: Unveiled the Modern Security Operations Center (SOC) consulting, implementation & MDR services portfolio. The launch arrived five months after BlueVoyant acquired Managed Sentinel — a Microsoft Azure Sentinel partner for cloud-based SIEM services.

February 2021: Hired IBM Security veteran Gyorgy Robert Racz to drive European expansion.

July 2020: Raised $68 million led by Temasek, bringing total funding at the time to $275 million.

BlueVoyant's Managed and Professional Cybersecurity Services

Roll all that activity together, and BlueVoyant's cybersecurity services now include:

Third-Party Cyber Risk Management for supply chains.

Managed detection and response (MDR) for Microsoft 365, endpoint and Splunk environments.

Digital risk protection that continuously monitors domains and websites, social media, apps in official and unofficial stores, deep & dark web, instant messaging and open-source.

Professional services that span proactive services as well as incident response.

Among the variables we don't know: BlueVoyant's monthly recurring revenue (MRR) and profits (or losses). Plus, we don't know how much of the revenue involves software-driven intellectual property vs. human-powered SOC operations. We'll be poking around for clues that may ultimately answer those questions.