• WEBSITE

    reliaquest.com

  • SECTOR

    Enterprise Technology & Services

  • INVESTMENT YEAR

    2016

  • STATUS

    Current

  • LOCATION

    Tampa, FL

IMPACT STORY

ReliaQuest

Leading provider of Security Model Management to enterprises globally. By combining proprietary technology, people and process, the solution enables organizations to leverage their existing tools, evolve their security programs, and gain unmatched visibility into their security environments.

Investment Theme

Enterprises who historically tried to build security capabilities internally are now looking to outsourcing, leading to growth of managed security services.

Partnering to Scale and Grow a Cybersecurity Powerhouse

The FTV team has had a big impact in helping ReliaQuest continue to scale and grow and they have been great board members and partners to both ReliaQuest and to me personally. Their ability to work with us to weigh key initiatives, ensure we are tracking the proper metrics at the correct time, and provide us with important market intelligence and data-driven context has been extremely valuable to ReliaQuest and an important part of our growth.

I appreciate their willingness to work together to help ReliaQuest run its own playbook while bringing the knowledge and support we need to help us write new plays in real time as we need them to fill in the gaps and evolve the business.”

BRIAN MURPHY  |  Founder & CEO

ReliaQuest is a global leader in cybersecurity focused on helping organizations achieve desired security outcomes.

ReliaQuest GreyMatter is a purpose built SaaS-based, unified threat detection, investigation and response platform that delivers an open approach to Extended Detection and Response (XDR). Unlike other XDR tools, ReliaQuest reduces security complexity via a vendor-neutral and data agnostic approach that increases visibility and access to data that helps speed cyber response times for organizations. By increasing visibility through the platform’s proprietary universal translator and use of automation and machine learning, GreyMatter elevates security teams to focus on what matters to the business by enabling automatic and continuous threat detection, threat hunting and remediation.

CEO and founder Brian Murphy launched ReliaQuest in 2007, just as the economy began to crumble under a recession. Over a decade later, ReliaQuest has become a leading player in the cybersecurity industry, winning accolades such as 2020 SaaS Security Solution of the Year by CyberSecurity Breakthrough Awards and 3 years in a row for the Deloitte’s Technology Fast 500, a ranking of North America’s 500 fastest growing firms. Brian Murphy also received the Ernst & Young Entrepreneur of the Year Award in 2017.

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The trajectory of ReliaQuest has been outstanding with nearly 8x growth in annual recurring revenue since FTV’s initial investment. The company boasts over 260 enterprise customers and has high-profile clients like Southwest Airlines, Campbell’s, Ambercrombie & Fitch, Darden, Hanes Brands, Inc. all engaging ReliaQuest for their cybersecurity needs. Their focus on the desired outcomes for their customers helps them achieve an industry leading 97% retention rate.

The company continues to attract more blue-chip customers, particularly as the work-from-home policies that many businesses put in place when the coronavirus pandemic hit in March 2020 have accelerated the move toward cloud-based technology, which can expose companies to new or increased cyber hazards.

Recognized by industry experts as the emerging standards for large and complex organizations, ReliaQuest has received many awards for both technology, innovation in cybersecurity and being a top employer around the globe with over 650 employees in 5 locations including Tampa, FL; Las Vegas NV; Salt Lake City, UT; Dublin Ireland and London, UK. In 2020, ReliaQuest’s CTO Joe Partlow and his team were listed on Fast Company’s first-ever Innovative Team of the Year list, a part of the Best Workplaces for Innovators list, which recognizes pro-innovation environment to build or develop extraordinary services and products. ReliaQuest has also been named by FORTUNE as one of the “Best Workplaces in Technology.”

FTV Value Add

Board Expertise

FTV was instrumental in shaping ReliaQuest’s strategy in a rapidly evolving security ecosystem. FTV worked closely with ReliaQuest’s management team to advance the company’s visionary GreyMatter technology, drive significant recuring revenue growth, and operationalize all business functions as ReliaQuest scaled rapidly.

C-Level Talent Recruitment

From our talent network, FTV facilitated more than a dozen introductions into candidates for key roles, including top-tier sales and marketing talent.

Operational Guidance

FTV worked from the ground level to help evolve ReliaQuest’s enterprise sales strategy, providing guidance on the company’s go-to-market model, implementing MEDDIC, improving customer success –aligned with deep involvement from FTV’s in-house operating resources, Propel.

M&A Opportunities

FTV sourced and helped negotiate the acquisition of ThreatCare, an important transaction that extended GreyMatter’s product functionality.

Capital

FTV actively advised ReliaQuest throughout the funding process and ultimately introduced the company to leading global investment firm KKR who led a $300 million investment in 2020.

Strategic Introductions

Drawing upon the strength of our Global Partner Network, FTV’s dedicated business development team has facilitated 74 commercial (5 contracts), strategic and operational introductions.

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