ReliaQuest Hits Major Milestone with $300 Million Investment from KKR’s Technology Growth Fund
I founded ReliaQuest 13 years ago and bootstrapped the company for more than a decade before raising $30 million just a few years ago, which gave us the ability to accelerate our already strong momentum. Since then, ReliaQuest has seen tremendous customer validation for our GreyMatter platform, achieving 450% revenue growth over the past three years. Cybersecurity is only rising in importance and the pandemic exacerbated an already complex and challenging cyber threat landscape, further increasing demand for what we do.
That’s why I’m excited to share that global investment firm KKR is investing $300 million in the company, with participation from Ten Eleven Ventures and me. KKR’s Next Generation Technology Fund II is focused on making growth equity investments in fast-growing technology companies. This will further enable ReliaQuest to solve the biggest security challenges for more enterprises around the world and to accelerate our product roadmap.
We have gotten to know the KKR team well over the last couple years through working with them closely as one of our customers. They recognize the value we provide to enterprise security teams and we realize how our business and technology approaches align. As one of the world’s largest investment firms, KKR has global reach and a large network of portfolio companies, which makes them an ideal innovation and growth partner for us. They’ll give us the tools and guidance we need to grow while allowing us to stay uniquely ReliaQuest. They’re the right partner, at the right time, and with the right focus.
We plan to use the investment to increase strategic hiring and international expansions, and accelerate the development roadmap of our GrayMatter platform. We have hired more than 70 people since the pandemic hit businesses in March. We currently have 500 employees and expect to hire about 100 by the end of the year. We’ll use the money to make those hires and find the right kind of talent we need in key roles in the U.S. and other markets, in addition to our operations in Dublin and London.
This investment is one of the biggest milestones yet for ReliaQuest and I’m thrilled to think about how far the company has come, and what this means for our future. Some people thought I was crazy when we started the company in 2007 amid a global financial crisis. My wife and I took on credit card debt and a second home mortgage to survive through difficult times and the uncertainty of a startup while raising a young family. But the risks we took to get here and the tenacity we had all worked out. We couldn’t have done it without all the dedication and hard work of our customers, partners, employees and the support of their families.
We’re thrilled that KKR shares the belief in our leadership team and our ability to solve big cybersecurity problems in a way that no one else can. This is a big moment for the entire ReliaQuest team, but what is more exciting is what we can do with this moment. We are focused on continuing to be one of the most important parts of the global cybersecurity market. Exciting growth is ahead. Let’s go get it!
Read the press release here: https://www.reliaquest.com/in-the-news/reliaquest-raises-over-300-million-in-growth-financing-led-by-kkr