Investors back Hornetsecurity as cloud attacks proliferate
by Fleur Doidge, on October 11, 2022
Global private equity firm TA Associates has inked an agreement for a strategic growth investment in Hanover, Germany based cloud email and Microsoft 365 security specialist Hornetsecurity.
TA Associates managing director Morgan Seigler and principal Stefan Dandl said there was “ample opportunity” for Hornetsecurity to strengthen its product portfolio and grow its footprint.
“Hornetsecurity has continually demonstrated its ability to innovate and identify solutions that meet the evolving cyber security and compliance needs of its customers,” they said in the official announcement.
US-headquartered TA joins existing investors PSG Equity, also from the US, and Germany’s Verdane to work alongside current Hornetsecurity management to drive growth in the expanding cloud security market.
Daniel Hofmann, founder and CEO of Hornetsecurity, said: “Over the last two years, our partnership with PSG and Verdane has enabled us to execute on our strategic goal of providing all organisations with comprehensive cloud security and compliance solutions.”
Verdane partner Emanuel Johnsson and director Hendrik Wildhagen said that Hornetsecurity had developed into a “cybersecurity powerhouse” since its investment in 2016 that “continues to set new standards for cloud security”.
Since 2020, Hornetsecurity has acquired three other providers, adding cloud back-up solutions and security awareness training. The plan is to use the investments to further develop its offerings and expand internationally, according to the announcement.
Hornetsecurity’s range includes email security, backup software, archiving, continuity services, and security awareness training. Its flagship offering is the 365 Total Protection Suite for Microsoft 365 environments.
According to Hornetsecurity, about six of every ten ransomware attacks happen via malicious email or phishing yet four in ten IT pros using Microsoft 365 in their organisation may have no recovery plan in place.
Ransomware attacks continue to rise, with 20% of all reported attacks occurred in the last 12 months, according to polling by the vendor.