Kiteworks has secured a $456 million growth equity investment to strengthen its market position in secure data transfer and collaboration.
The investment came from Insight Partners and Sixth Street Growth, the company announced in a press release on Wednesday (August 14).
“This minority investment is a testament to Kitewerk’s role in providing an innovative solution to the growing global challenge of tracking and controlling sensitive data in motion and in use,” Jonathan Yaron, CEO and chairman of Kitewerk, said in the release.
Yaron added that there is growing focus among industry and regulators on tracking and controlling data layers.
According to the press release, cybersecurity risks are growing as cybercriminals increasingly target sensitive content in supply chains and other ecosystems.
According to the release, Kiteworks’ security platform is FedRAMP certified to support file sharing, managed file transfers and email data communications, helping to meet a variety of global compliance requirements.
The company’s solution unifies multiple content communication channels, including file sharing, file transfer, managed file transfer, email, application programming interfaces (APIs) and web forms, onto a single, purpose-built, secure platform, according to the release.
“In today’s complex digital environment, Kiteworks stands out as a leader in delivering an effective solution that addresses a critical market need and significantly improves risk management,” Eoin Duane, managing director at Insight Partners, said in the release.
Alex Katz, managing director at Sixth Street Growth, said Kiteworks’ platform was “purpose-built to address the challenges of the most secure and compliance-driven organisations”, adding that the company aims to capitalise on “the significant market opportunity ahead”.
In May, a survey of compliance professionals reported that 90% of companies said their cybersecurity risks had increased in the last year. The survey came after a series of major cyberattacks highlighted the threats facing businesses.
PYMNTS Intelligence revealed that 82% of e-commerce merchants experienced a cyberattack or data breach in the year prior to the survey.
According to a joint study by PYMNTS Intelligence and Nuvei titled, Managing Fraud in Online Transactions, 41% of e-commerce merchants have already begun to strengthen their fraud prevention measures, and an additional 54% plan to do so within the year.
