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Business Observer Wednesday, Dec. 1, 2021 5 months ago

Cybersecurity firm achieves 'unicorn' status, expands to Utah

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Tampa-based ReliaQuest's valuation, thanks to a new venture funding round, tops $1 billion.

TAMPA — The pre-money valuation of ReliaQuest, a Tampa-based company that provides cybersecurity services for hundreds of Fortune 1000 firms, has surpassed $1 billion, making it the industry's latest "unicorn," thanks to a funding round led by KKR, with additional investment from Ten Eleven Ventures, FTV Capital and ReliaQuest founder and CEO Brian Murphy.

The capital injection follows a $300 million growth equity round in 2020 that included KKR, Ten Eleven Ventures and Murphy. In 2021, the firm surpassed $100 million in annual recurring revenue, according to a news release, and more than doubled its number of new clients, year-over-year. 

“This investment allows us to both increase our market presence and continue to innovate on our GreyMatter cloud-native platform," Murphy states in the release. "KKR, Ten Eleven and FTV have been in lockstep with us as the momentum builds in the market and they continue to invest in our strategic partnership to accelerate growth as we expand across the world.”

ReliaQuest also announced that it has opened an office in Sandy, Utah, near Salt Lake City.

The 64,000-square-foot facility, according to a press release, can house more than 400 employees. It marks the eighth satellite office for fast-growing ReliaQuest, which has locations around the world. 

“For ReliaQuest, 2021 has been a year of tremendous growth and Utah has been a key location to fuel this growth,” ReliaQuest CFO Greg Farrell states in the release. “We’ve been rapidly growing in Utah for multiple years and this new office gives us a long-term home in the Salt Lake City area that allows us to continue to draw from Utah’s local talent pool to add to our exceptional team.”

ReliaQuest’s new Utah office, the release states, will house personnel spanning a wide range of departments, including security operations, sales, customer success, marketing, finance, product innovation, training and IT. Design process is underway, with the new location slated to open in 2022.

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