- Huntress CEO Recounts Early Challenges and the Pivot as Investors Embrace SMBs and MSPs
- New Charter Technologies Acquires Dynamic Edge
- Rewst CEO: New Funding Round Means We’ll Be Here Forever
- Platform Fulcrum IT Acquires Fortress SRM, Gains In-House SOC
Every MSP is involved in cybersecurity or should be involved in cybersecurity. But the world of managed services involves many other technologies, tools and trends as well.
With that in mind each week MSSP Alert brings you the top headlines from our affiliate site ChannelE2E which focuses on MSP tools, M&A, AI, and other topics of importance to service providers.
This week, we report on New Charter Technologies’ acquisition of Dynamic Edge, an MSP. In addition, we cover Rewst’s $45 million round of funding led by Sapphire Ventures with existing investors Meritech Capital and OpenView. We also hear from the CEO of Huntress on its evolution as a cybersecurity provider, and cover how Fulcrum IT has gained an in-house SOC with its acquisition of Fortress SRM.
Huntress CEO Recounts Early Challenges and the Pivot as Investors Embrace SMBs and MSPs
Huntress, an MDR and cybersecurity provider that specializes in SMBs and the service provider channel raised a huge round of funding a couple months ago in June — $150 million. The series D round was led by giants including Kleiner Perkins, Meritech Capital and existing investor Sapphire Ventures. It more than doubled Huntress’ valuation to beyond $1.5 billion.
It wasn’t always that easy, CEO and co-founder Kyle Hanslovan told ChannelE2E. Back when he founded the company in 2015, “Silicon Valley still owned everything… cybersecurity was hot then, but cybersecurity was like for the people who could buy Formula One cars… they weren’t thinking about, like, a sports car for the masses.”
But that’s just what Hanslovan had in mind with Huntress. He wasn’t going after the consumer side of the business and he wasn’t going after the large enterprise side of the business. He was targeting the SMBs and the service providers.
“We’re really here because we have to give a voice to the 99% that nobody else cares about – the small business to small enterprise — companies below 2,500 employees that Silicon Valley doesn’t care about.”
Read the full story on Channel E2E.
New Charter Technologies Acquires Dynamic Edge
New Charter Technologies has acquired Ann Arbor, Michigan-based MSP Dynamic Edge for an undisclosed amount.
It was a part of a big week for the company. New Charter also was recently included in the Inc 5000 list of America’s fastest-growing private companies this week.
New Charter labeled the Dynamic Edge deal as a strategic move, both in terms of geographic reach and service offerings. Founded in 1999, Dynamic Edge provides IT solutions for various industries including finance, healthcare, manufacturing, and non-profit organizations. Their offerings include 24x7 managed and co-managed IT support, cybersecurity services, custom application development, and regulatory compliance. The company has 43 employees listed on LinkedIn.
Read the full story on Channel E2E.
Rewst CEO: New Funding Round Means We’ll Be Here Forever
Younger companies have been driving significant innovation in the MSP vendor market over the last few years, and AI and automation is a top theme. Rewst is one of the rising stars. The company announced a $45 million round of funding led by Sapphire Ventures with existing investors Meritech Capital and OpenView last week.
The most recent round brings the total raised in the last 12 months alone to $76 million. For all time, Rewst has raised a total of $104 million.
It's just another milestone in the company’s recent momentum — growth to 900 MSP partners, a total customer increase of 204%, annual recurring revenue growth of 184% for the first half of 2024 measured year over year. With all that success, why the need for additional funding?
Read the full story on Channel E2E.
Platform Fulcrum IT Acquires Fortress SRM, Gains In-House SOC
Fulcrum IT Partners is acquiring Ohio-based cybersecurity firm Fortress SRM from MCPC for an undisclosed amount. Fulcrum IT, which has positioned itself as an emerging platform MSP in recent years, says it was attracted to Fortress’s reputation in cybersecurity. The deal also gives Fulcrum its own security operations center (SOC).
“The team’s mature 24/7 SOC and comprehensive cybersecurity solutions were equally attractive and aligned perfectly with Fulcrum’s goal of actioning AI and enhancing our cybersecurity capabilities,” Kyle Lanzinger, president, Fulcrum IT Partners, explained to ChannelE2E.
Fulcrum’s MSP brands will gain access to these additional strategic services immediately, the company said.
