ReliaQuest Raises More Than $500 Million in Funding at a Valuation of $3.4 Billion
Growth round led by new investor EQT and existing investors KKR and FTV Capital
ReliaQuest, a leader in AI-powered security operations, today announced a new funding round of more than $500 million led by EQT, KKR and FTV Capital, with participation from other existing investors Ten Eleven Ventures and Finback Investment Partners. The funding round brings ReliaQuest's valuation to $3.4 billion. This new funding will support ReliaQuest's continued growth, fueling further innovation in Agentic AI-driven cybersecurity automation and supporting the company's ongoing international expansion.
ReliaQuest has established itself as a global cybersecurity leader, delivering a differentiated, AI-driven approach to security operations for large enterprises. The company's technology platform, GreyMatter, seamlessly integrates with over 200 different cybersecurity tools, allowing security teams to leverage their current or future technology stack to drive greater visibility and AI-driven automation. This enables security teams to detect, contain, investigate and respond to cyber threats across a variety of cyber solutions within minutes, all while eliminating the most mundane work out of cybersecurity and delivering more value from existing investments.
This latest round of funding comes at a time of accelerating growth for ReliaQuest. Since the company's last funding round led by KKR in 2020, the company has grown Annual Recurring Revenue more than 4x – recently surpassing $300 million. ReliaQuest is currently growing at more than 30% year-over-year and operating profitably.
"Everything we have done at ReliaQuest has always been driven by the problem we solve for our customers. Enterprise security teams have more data in more places than ever before, and the speed of the threat is rapidly increasing. CISOs need a way to contain threats within minutes without added cost or technical overhead, leveraging the latest innovations in Agentic AI," said Brian Murphy, ReliaQuest founder and CEO. "This new investment is a key step along our growth trajectory as a company, but most importantly it will allow us to deliver better security outcomes for even more CISOs around the world."
"Brian's passion and dedication to building a world-class, mindset-driven organization is at the core of ReliaQuest's success and sets a strong foundation upon which to build a category-defining cybersecurity company," said Kirk Lepke, Partner in the EQT Growth advisory team. "By enriching GreyMatter with AI and automation capabilities, ReliaQuest has accelerated ahead of the pack, and now stands out as one of the only software vendors capable of managing security operations for the most complex enterprise environments. We are delighted to lead this funding round and look forward to supporting the company with our global platform as they continue to deliver solutions needed to push the industry forward."
"When we first invested in ReliaQuest in 2020, we recognized its enormous potential given the rise of cyberattacks and the challenges cybersecurity teams faced in managing a multitude of tools with limited manpower. Over the years, the company has transformed with its leading AI-driven software platform, a relentless focus on innovation and a unique company culture," said Stephen Shanley, Partner and Head of Tech Growth in Europe at KKR. Patrick Devine, Managing Director at KKR, continued: "We are thrilled to continue working with Brian and the entire ReliaQuest team as they enter the next phase of their journey."
"Having partnered with ReliaQuest for nearly a decade, we've witnessed first-hand Brian's visionary leadership and the team's exceptional ability to innovate and execute as they scaled from a bootstrapped startup to a leading global player in the cybersecurity ecosystem," said Kyle Griswold, Partner at FTV Capital. "With consistent outperformance and a proven track record of serving many of the world's largest enterprises, it's clear that ReliaQuest's AI-driven platform is uniquely positioned to empower customers with a best-of-breed approach towards cybersecurity, improving automation, operational efficiencies and, most critically, results. As ReliaQuest continues to shape the future of security operations, we are proud to continue our partnership for another successful era of growth ahead."
In the face of rapidly evolving and increasingly sophisticated cyberattacks, ReliaQuest's cloud-native GreyMatter technology is helping businesses striving to stay ahead of malicious threats. According to ReliaQuest's Annual Cyber-Threat Report, threat actors can now move laterally within networks in an average of 48 minutes, highlighting the urgent need for faster, more effective security operations.
ReliaQuest's GreyMatter platform, powered by Agentic AI models that can operate and learn autonomously, addresses this challenge by automating security processes and significantly reducing the time to contain threats. Using GreyMatter's automation and AI capabilities, ReliaQuest customers can now perform investigations 20 times faster and with 30% greater accuracy than traditional methods, containing threats within less than five minutes and allowing security teams to focus on higher-level business needs rather than mundane tasks.
Goldman Sachs & Co LLC acted as exclusive financial advisor to ReliaQuest and Gibson Dunn acted as legal counsel to ReliaQuest and KKR. EQT Growth was advised by Piper Sandler and Freshfields US LLP.
About ReliaQuest
ReliaQuest exists to Make Security Possible. Our Agentic AI-powered security operations platform, GreyMatter, allows security teams to detect threats at the source, contain, investigate and respond in less than 5 minutes—eliminating Tier 1 and Tier 2 security operations work. GreyMatter uses data-stitching, detection-at-source, AI, and automation to seamlessly connect telemetry from across cloud, multicloud, and on-premises technologies.
ReliaQuest is the only cybersecurity technology company that delivers outcomes specific to each organization's unique architecture, technology, and business needs.
With over 1,000 customers and 1,200 teammates across six global operating centers, ReliaQuest Makes Security Possible for the most trusted enterprise brands in the world. Learn more at www.reliaquest.com.
About EQT
EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.
More info: www.eqtgroup.com
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About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE:KKR), please visit KKR's website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at www.globalatlantic.com.
About FTV Capital
FTV Capital is a sector-focused growth equity investment firm that has raised more than $10.2 billion to invest in innovative, high-growth companies across enterprise technology and services and financial technology and services. Founded in 1998, FTV has developed a highly differentiated and disciplined growth equity model, which leverages the firm's deep domain expertise and thematic investing approach to help portfolio companies accelerate growth. FTV also provides companies with access to its Global Partner Network®, a strategic group of more than 600 executives from many of the world's leading financial services firms and FTV Propel®, an in-house team of seasoned operational leaders who deliver counsel and resources across a range of critical business functions. For more information, please visit www.ftvcapital.com and follow the firm on LinkedIn.
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ReliaQuest
Kim Hill
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EQT
Max Berger or Finn McLaughlan
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KKR
Liidia Liuksila or Emily Cummings
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FTV Capital
Prosek Partners for FTV Capital
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