Channel Brief: Blackpoint Cyber CTPO, Kyndryl Growth, Wiz Raises $1B

A. Today’s Tech, Channel and MSP News

Good morning, folks! Hope your week is going well. RSAC is in full swing in San Francisco this week, and if you haven't already done so, check out our initial roundup of news and announcements here and on our sister site, MSSP Alert.

Blackpoint Cyber has a new chief technology and product officer in Manoj Srivastava. The company continues to invest in the growth of the MSP community with the launch of Blackpoint University, a free online educational platform for MSPs, and a growing comprehensive suite of solutions, all designed to help MSPs better protect their clients, grow their businesses, and defend against acquisitions.

Speaking of growth, Kyndryl, which spun out of IBM in 2021, has made a lot of progress on its road to profitability. It only lost a penny a share and forecasts for the future are positive. Good news for the IT infrastructure services company.

And cloud services and cloud security platform Wiz has raised one billion dollars in its latest round, led by Andreessen Horowitz, Lightspeed Venture Partners and Thrive Capital. This is another milestone on the company's journey to an eventual IPO.

Are you an MSP that partners with public cloud service providers? It's time for you to step up and get recognized. ChannelE2E opened its annual Top 250 Public Cloud MSPs survey. This is the survey that we use to create our annual Top 250 Public Cloud MSPs ranked list. Here's the link to participate.

Please check out our industry Mergers and Acquisitions list, updated daily, with an archive that goes all the way back to 2020. Check out the whole thing here. Scroll down for a quick view of upcoming in-person channel and MSP events at the bottom of this post (while we spiff up our industry calendar behind the scenes. It will return!)

And please send your news tips, information, and industry chatter to senior managing editor [email protected].

1. Blackpoint Cyber's New CTPO: Manoj Srivastava’s arrival as the new CTPO marks a significant addition to Blackpoint Cyber’s leadership team and indicates continued momentum since announcing a $190 million investment round in June 2023. The company continues to invest in the growth of the MSP community with the launch of Blackpoint University a free online educational platform for MSPs, and a growing comprehensive suite of solutions, all designed to help MSPs better protect their clients, grow their businesses, and defend against acquisitions.

2. Kyndryl Posts Better-Than-Predicted Results: Silicon Angle reported that IT infrastructure services company Kyndryl Holdings Inc. has made better-than-anticipated progress on its road to profitability. In its fiscal 2024 fourth quarter results, it surpassed analysts’ expectations on earnings and revenue and offered strong guidance for the coming quarter, sending its stock higher in after-hours trading. The company reported a loss before certain costs, such as stock compensation, of a penny a share, coming in ahead of the Street’s forecast of a two-cents-per-share loss. Revenue for the period came to $3.85 billion, down 10% from a year earlier, but ahead of the consensus estimate of $3.76 billion, according to Silicon Angle. While the company lost $45 million in the quarter, that's a marked improvement over the $737 million loss in the same period one year ago. For the full year March 31, 2024, Kyndryl reported revenue of $16.1 billion, a decline of 6%.

3. Wiz's Billion-Dollar Fundraising: The Wall Street Journal reported that Wiz raised $1 billion in a deal valuing the fast-growing cloud security startup at $12 billion. According to the WSJ, Wiz said the funding round, which brings the company’s total funding to $1.9 billion, was led by Andreessen Horowitz, Lightspeed Venture Partners and Thrive Capital. Greylock Partners, Wellington Management and existing investors Cyberstarts, Greenoaks, Index Ventures, Salesforce Ventures, Sequoia Capital and former Starbucks chief executive Howard Schultz also participated. This is another milestone on the company's journey to an IPO. Co-founder and chief executive Assaf Rappaport said in the WSJ article that Wiz expects 2024 to be a year of consolidation in cybersecurity and the company would use the round to fund acquisitions as well as for product and talent development. Last month, Wiz acquired Gem Security, a cloud detection and response company.

4. MSSP Alert Live CFP: Are you a thought leader in managed services or managed security services, or do you have a unique approach to an important topic that could help other MSPs or MSSPs? We’re looking for speakers like you to be part of our MSSP Alert Live program for 2024. MSSP Alert Live, the premiere cybersecurity event for MSPs and MSSPs, has opened its call for papers. (You can submit yours here.) We’re looking for speakers like you who want to share insights and experience and wisdom with peers.

5. Time for Cloud MSPs to get recognized: Are you an MSP that works with public cloud providers? It’s time to get recognized for your work. ChannelE2E opened its annual survey for the Top 250 Public Cloud MSPs. If your MSP practice includes working with a public cloud provider, this survey is for you. Participation is free. The survey closes in June. Submit your MSP today here for recognition! Our list will be released this summer.

B. In-Person MSP and Channel Partner Events