Netwrix, a cybersecurity company that has a goal of making data security simple, has received a majority investment from private equity firm TA Associates.
The size of the equity injection was not disclosed, but funds will be used to expand the company’s portfolio of easy-to-use data solutions.
Joining TA Associates in the funding round was existing Netwrix backer Updata Partners, who will retain a “significant” equity interest.
By working with TA Associates, Netwrix will gain access to the firm’s add-on acquisition origination and integration capabilities, as well as its experience within the security market.
Netwrix empowers companies to identify and classify sensitive data, reduce exposure to risk and detect threats in time to avoid data breaches. It claims its business model is best suited for mid-market companies with between 500 and 10,000 employees.
TA Associates senior vice president Michael Libert said, “With its powerful, easy-to-use products and streamlined business model, Netwrix has become a leading provider of data security products for the mid-enterprise market. Netwrix has an abundance of security, audit and compliance experience and more than 7,000 paying organizations that are deriving value from their experience with Netwrix.”
Netwrix recently published a study that claims 85% of CISOs have sacrificed cybersecurity so they can quickly implement remote working.
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