Security orchestration, automation and response (SOAR) provider Siemplify has reported record results for 2018. Those results have seen it grow by over 280% year on year. It has also tripled its customer base and quadruple its bookings. It also raised US$14 million in a series B financing round lead by Jump Capital. That brings its capital raised to US$28 million in just over two years.
In a short statement Amos Stern, CEO and co-founder of Siemplify said: “The drivers for SOAR – an ever-increasing volume of security alerts and tools, manual response processes and a global cybersecurity talent shortage – have aggravated in 2018. These drivers are fueling the explosive demand for our SOC platform that integrates disparate security tools and creates consistent, automated processes that boost analyst efficiency, reduces response times and makes security operations measurable and improvable.”
Enterprise Times: What does this mean
The market for security solutions continues to grow strongly. Even with that, these results are at the top end for the sector. The growth of vendors and tools in the security market is becoming part of the problem. Many of these tools do not play well or at least play together easily. This has opened up a market for those vendors who can integrate the various offerings.
Siemplify’s SOAR solution is one of those security aggregator solutions that not only addresses the problem for enterprises but also targets Managed Security Solutions Providers. If it continues to grow this quickly, it will be interesting to see if it gets acquired.