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Prevoty this year will look to increase its partnerships and expand into Europe and South America after raising a Series B late last year, said CEO Julien Bellanger.
The Los Angeles-based web application security provider has no definite exit and is being built to be an independent company for the long run, said Bellanger, also a co-founder. However there have been deals in space, Bellanger pointed out. Japanese-based cybersecurity firm Trend Micro acquired Montreal-based Immunio for an undisclosed amount. Also, in March 2016, CA Technologies [NASDAQ:CA] bought Burlington, Massachusetts-based Veracode for USD 614m. Large security providers may be acquisitive in the space, Bellanger agreed.
A financial adviser who focuses on security said along with artificial intelligence and machine learning, companies with autonomous platforms are some of the more watched companies, with many enterprise customers looking for those features to ease the burden on undermanned security analyst staffs. Companies such as IBM [NYSE:IBM], Palo Alto Networks [NYSE:PAWN] or even Cisco Systems [NASDAQ:CSCO] could be bidders in the sector, he added.
Prevoty remains focused on expanding its market by partnering with security information and event management (SIEM) providers and those that deliver and operate applications (DevOps), said Bellanger. The company would like to grow partnerships as more enterprises now are seeing the need for application security. The company also will start to expand internationally — Europe and South America first — by the end of the year, and that will be a focus in 2019, added Bellanger.
In February 2017, Bellanger told this news service the company could look at European expansion by the end of 2017. However, Bellanger said the company decided to remain “laser focused” on North America as application security becomes more understood in the marketplace.
Prevoty has between 50 and 60 customers, mainly large enterprises, said CMO Sharon Vardi. Prevoty’s solution allows its customers to secure their applications autonomously and quickly. The company competes with older application security developers such as Micro Focus’s [NYSE:MFGP] Fortify Software, as well as others like Waratek, Signal Sciences, Contrast Security and CA Technologies’ Veracode.
Prevoty, founded in 2013, has raised USD 25m to date in venture funding, including a USD 13m Series B led by Trident Capital Cybersecurity in December. Other investors in the company include Plus Capital, Double M Capital, Core Ventures Group, Daher Capital and Karlin Ventures. The company has 50 employees.
The company has used Harrell Levine as its legal adviser, according to the California Department of Business Oversight.
by Chris Metinko in San Francisco
As seen in the Mergermarket newsletter, an Acuris company, on 2/05/2018