K1 Investment backs SecureAuth, merges with CoreSecurity

US private equity firm K1 Investment Management has backed SecureAuth, a provider of adaptive access control solutions, with a $200m investment.

SecureAuth, which is also backed by Toba Capital, is also merging with CoreSecurity, a provider of vulnerability discovery, identity governance and threat management solutions.

The two companies said will offer the ‘industry’s first identity-based security automation platform’ by bringing together network, endpoint, vulnerability, and identity security.

Through the combination security professionals will have both protection and detection systems that work together, enabling them to visualize threats and use automated response to mitigate risks as they are being detected.

Together, the new entity will serve 18 percent of the global Fortune 1000, every branch of the US military and over 50 government agencies, 170 banks and financial institutions, 200 healthcare providers and insurance companies in the U.S, and 50 telecom companies.

Jeff Kukowski, CEO of the combined company, said: “Despite the incredible amount of money spent on security technology, front-line security professionals in the most sophisticated Security Operations Centers (SOC) are challenged in managing and visualizing the full attack surface.

“We are protecting over 50 million people today with identity security solutions and monitoring network activity on over 750 million devices worldwide, and we can now deliver an entirely new approach to integrating security operations and deploying advanced machine learning to achieve real automation in the SOC.”

A number of private equity firms have recently delved into the security technology space. Earlier this month, Bitdefender, a global cybersecurity company, landed an undisclosed investment from European buyout firm Vitruvian Partners.

In October, Militus closed an undisclosed series A funding round from US private equity firm CyberSEC3. The company Militus provides real-time network traffic monitoring for assessing a network’s security posture, remediation services, and governance, risk management & compliance (GRC) assessments.

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