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Proficio Raises $12 Million for Managed Security Services Provider (MSSP) Push

Tim McElwee

Tim McElwee

Proficio, a managed security services provider (MSSP), has raised $12 million in funding led by Kayne Anderson Capital AdvisorsProficio will use the funds to expand its global geographical presence in the Americas, Asia Pacific and Europe, and introduce new cybersecurity platforms and services, the company said.

Founded in 2010, Proficio specializes in managed detection and response (MDR) spaces. Proficio’s managed security services business has grown more than 100 percent annually in each of the past three years, the company says. The MSSP has not, however, disclosed actual revenue figures.

Proficio has a strong footprint in such vertical markets as healthcare and financial services, and was one of the first MSSPs to establish a security operations center (SOC) in Singapore, the company claims.  The company in 2017 plans to introduce new services that leverage advanced analytics, threat intelligence and orchestrated incident response, according to Proficio President Tim McElwee.

MSSP Sector Growth

Proficio certainly isn’t alone in the MSSP market. From AlertLogic to TrustWave, you can track hundreds of MSSPs that have achieved critical mass. And more are on the way.

MyTech Partners, an MSP in the SMB sector, is preparing an MSSP business practice for 2017. MyTech CEO Lyf Wildenberg described some of the strategy during HTG’s IT Channel Summit in September 2016.

Moreover, Continuum is preparing a Security Operations Center (SOC) as a sister business to its established NOC (Network Operations Center) for MSPs, CEO Michael George hinted during that company’s Navigate 2016 conference in September. More updates are expected later this year or in 2017.

For MSPs, jumping into the security market — beyond basic anti-virus and endpoint security — is a tempting move. But The 2112 Group, a strategic consultancy serving the IT channel, has warned vendors not to push mainstream partners into the highly complex, high-stakes world of IT security.

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