"The market right now is in an interesting position, so there's not a willing dance partner there for an IPO," Schneider tells ISMG. The Information reported in August that Arctic Wolf was in talks to raise $300 million in convertible debt from investors including Owl Rock. The company was planning to pursue an initial public offering amid last year's economic boom, and CEO Nick Schneider told Reuters in November 2021 that Arctic Wolf had started interviewing investment banks and was expecting to finalize advisers in the months ahead for an IPO, which Schneider hoped would take place in the second half of 2022.īut in February 2022, Schneider told SC Media that Arctic Wolf could consider options other than an IPO and couldn't comment on when the company's next financing move would take place. Co-founder and former CEO Brian NeSmith - who's now executive chairman - told CRN in July 2021 that he expected Arctic Wolf to make between five and 10 acquisitions over the next year. He says Arctic Wolf is focused on deals that are a good fit from a technology, team, culture and growth trajectory standpoint.Īrctic Wolf in February acquired incident response and threat intelligence provider Tetra Defense to help with collecting rich security telemetry, managing incidents and initiating rapid response and recovery actions. "Folks are going to start to look at acquisition as a viable exit, as opposed to at the height of the market, where attention was focused more along the lines of fundraising," Schneider says. Schneider wants deals that help Arctic Wolf expand its breadth of capabilities, further open its platform, advance its open XDR strategy and help clients understand risk. ![]() Schneider says pursuing acquisitions or organic investment in cloud security, SIEM, endpoint security and XDR will allow Arctic Wolf to provide the same outcomes as a collection of stand-alone security tools with the value of a centralized platform. Arctic Wolf didn't disclose a valuation associated with its latest convertible notes (see: Arctic Wolf's Dan Schiappa on Cloud Security in a Recession). Owl Rock and Viking also led Arctic Wolf's $150 million Series F funding round in July 2021, when the company's valuation more than tripled over just nine months to $4.3 billion. ![]() The latest financing was led by Owl Rock, with participation from Viking Global Investors, the Ontario Teachers' Pension Plan and Neuberger Berman. The financing is structured so that the debt converts to shares at a premium of the initial public offering price, Schneider says. "We wanted to make sure our flexibility would last regardless of the length of the potential macroeconomic challenges and also have the ability to be opportunistic in the M&A environment," President and CEO Nick Schneider tells Information Security Media Group. A convertible note is a form of short-term debt that converts into equity in conjunction with either a future financing round or IPO. The Minneapolis-area vendor says the convertible notes will fuel an upcoming launch in the Asia-Pacific region, expansion in markets such as South Africa, Benelux and the Nordics, and expanded capabilities in adjacent technology areas from awareness to detection to remediation. See Also: Live Webinar | Education Cybersecurity Best Practices: Devices, Ransomware, Budgets and Resources Security operations stalwart Arctic Wolf has taken on more than $400 million in debt to pursue acquisitions in the cloud, SIEM, endpoint and XDR markets. Nick Schneider, president and CEO, Arctic Wolf (Image: Arctic Wolf) For additional information please contact us at. Read about our Security Services including SOC as a service.– 35% reduction in time to patch critical vulnerabilities with our service. – 70% of customers have some level of PII exposure we can help manage. – 43% of customers have advanced threat activity being missed by current security tools that our service will catch. – Industry average to identify an intrusion is 206 days? Our service reduces that to 30 minutes or less. Plus optional bundled services from Carolina Advanced Digital for infrastructure and pen testing.Cloud monitoring (for individual users/accounts and cloud-hosted servers).Managed Risk (including vulnerability management).SOC as a service (goes well beyond managed SIEM offerings). ![]() Highly trained Concierge Security® experts work as an extension of your team to provide 24×7 monitoring, detection and response, as well as ongoing risk management to continually strengthen your security posture. Using the cloud-native Arctic Wolf platform, we provide security operations as a concierge service. ![]() Arctic Wolf® is the market leader in security operations.
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