Deepwatch Announces $180 Million in Investments

Strategic financing to accelerate Deepwatch’s innovation and growth in the cybersecurity market

TAMPA, FL – February 15, 2023Deepwatch, the leader in advanced managed detection and response (“MDR”) security, today announced a total of $180 million in equity investments and strategic financing from Springcoast Capital Partners, Splunk Ventures and Vista Credit Partners, a subsidiary of Vista Equity Partners and strategic credit and financing partner focused on the enterprise software, data and technology markets. The combined capital will enable Deepwatch to accelerate platform innovation and product development while expanding its partner ecosystem to meet the growing demand for managed security services.

Deepwatch MDR protects businesses from an ever-increasing volume of cyber threats. The company delivers an always-on cybersecurity platform backed by experts who work as an extension of customer teams. With many leading global brands as customers, Deepwatch is uniquely positioned to deliver advanced, cloud-based cybersecurity solutions that serve the stringent needs of the most demanding enterprise environments.

“Our services have never been more vital,” said Charlie Thomas, CEO, Deepwatch. “Business transformation to cloud and digital, coupled with increasing levels of cyber risk drives strong demand for advanced protection from Deepwatch. We are excited to partner with Springcoast Capital Partners, Splunk and Vista Credit Partners to advance our mission to protect the digital economy and defend against the increasing volume and complexity of cyber threats.”

Deepwatch experienced 100 percent year-over-year sales growth in 2022, with more than two-thirds of customers expanding their service. The company introduced new offerings and advancements to the Deepwatch security operations platform to speed the detection and containment of threats across the enterprise.  This included the release of its Threat Analytics App 2.0 bolstered by its innovative Threat Probability Value ML backed software and managed extended detection and response (MXDR) for endpoint and identity.  The company was also named to the 2022 Forbes list of America’s Best Startup Employers and received A Great Place to Work certification. The new investment provides the capital and resources for Deepwatch to further advance its platform and meet record customer demand while further establishing its leadership position in managed security.

“Deepwatch has continued to innovate and is emerging as the market leader in managed detection and response security at the enterprise level,” said Holger Staude, Managing Partner of Springcoast Capital Partners, who will join Deepwatch’s board of directors. “We are excited to serve as a strategic partner to Charlie and his team and support the company through the next stage of its growth.”

“Vista Credit Partners invests in companies with a strong market position and mission-critical products, providing non-dilutive credit solutions and counsel to help businesses,” said David Flannery, President, Vista Credit Partners. “There is an increasing need for innovative cybersecurity solutions and the skilled talent to manage it. We are thrilled to be investing with Deepwatch.”

“We believe in investing in ecosystem partners that help our customers improve their cybersecurity posture. With Deepwatch and Splunk, our joint customers can benefit from Splunk’s industry-leading solutions with the ease of management provided by MDR,” said Mike Horn, Senior Vice President and General Manager of Security, Splunk. 

The new investors join ABS Capital and Goldman Sachs who have backed Deepwatch’s rapid growth over the last four years.

About Deepwatch
Deepwatch is the leader in managed security services, protecting organizations from ever-increasing cyber threats 24/7/365. Powered by Deepwatch’s cloud security platform, Deepwatch provides the industry’s fastest, most comprehensive detection and automated response to cyber threats together with tailored guidance from dedicated experts to mitigate risk and measurably improve security posture. The world’s leading companies, from the Fortune 100 to mid-sized enterprises, trust Deepwatch to protect their business. Visit www.deepwatch.com to learn more.

About Springcoast Capital Partners
Springcoast Capital Partners is a growth equity firm focused on partnering with management teams of market leading software and technology-enabled companies to help them scale their businesses through flexible capital solutions. For more information, please visit www.springcoast.com

About Vista Credit Partners
Vista Credit Partners (VCP) is the credit-investing arm of Vista Equity Partners and is a strategic investor and financing partner focused on the growing enterprise software, data, and technology market. VCP employs a highly disciplined approach to credit investing while maintaining flexibility to pursue investments offering the best relative value and investing across the capital structure. Since formation in 2013 and as of December 31, 2022, VCP has deployed over $9.7 billion and grown to over $6.6 billion of assets under management. For more information, please visit www.vistacreditpartners.com.

Vista Credit Partners offers solutions tailored to strategic objectives with growth-friendly terms and long-term investment horizons across both the private and broadly syndicated markets, sourcing deals directly from founder-led companies, through sponsor relationships, and from its deep network of experts, advisors and other intermediaries to support growth and unlock value through creative capital solutions and operational partnership. Vista Credit Partners has completed more than 495 software and technology transactions since inception.

Contacts:

For Deepwatch:
[email protected]

For Springcoast Capital Partners:
Mike Geller
[email protected]
646-818-9018   

For Vista Credit Partners:
Brian W. Steel
[email protected]
212-804-9170

+++

Subscribe to the Deepwatch Insights Blog