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CYBERSECURITY FIRM ASCENT SOLUTIONS RAISES INVESTMENT TO SUPPORT EXPONENTIAL GROWTH
News provided byAscent Solutions LLC
May 18, 2022, 5:00 AM ET
MINNEAPOLIS, May 18, 2022 /PRNewswire/ -- Cybersecurity services firm Ascent Solutions secures investment by RunTide Capital to support their explosive growth in the cybersecurity services sector.
Ascent offers a full portfolio of cybersecurity services spanning advisory, technology implementations, incident response, and managed security. Ascent's managed security services harness a Security Operations Center (SOC) team of 24-7 analysts leveraging Incident Response, Threat Hunting, and Identity tactics and tooling to mitigate threats.
"Ascent's vision is clear—we will save the world, from a cybersecurity perspective," said JD Harris, CEO. "Our approach is also clear. The entire Ascent team has an incredible passion to keep companies and people safe. The team at RunTide both felt and understood the passion deeply engrained in the Ascent culture. While Ascent defied the market by growing significantly during Covid, it was clear RunTide was the partner to accelerate that growth. Combining the power of Ascent's cybersecurity prowess and RunTide's history of supporting rapid-growth companies, I can see our vision becoming a reality."
Today, Ascent is a Microsoft Gold-Certified advisor for over 300 blue-chip organizations, including over fifty Fortune 500 companies and five Fortune 50 companies. Ascent also consolidates Microsoft Security tools and expertise, partnering with Microsoft to manage client security needs, compliance requirements, and change management. From an initial headquarters in Minneapolis, the company's cybersecurity consultants have rapidly grown to a national team to satisfy increased demand.
Annual cybersecurity spending is forecast to grow at an 8% CAGR to $233 billion by 2024, with annual cyber-crime costs soaring to $10.5 trillion by 2025. Ascent's presence is expanding rapidly due to the cyber security imperative.
Robert Manning, RunTide partner, commented, "Today, cybersecurity is mission-critical and at the forefront of technology needs for enterprises. Ascent has assembled an elite team of cyber professionals with capabilities in high demand from key partners and customers. RunTide is delighted to partner with JD and Ascent to help the company continue to grow rapidly. Importantly, Ascent has championed a culture committed to developing key talent in cybersecurity—a critical national security initiative. We believe in JD's vision and that Ascent will continue to be a forerunner of this vital capability."
With cybersecurity counting for 600,000 job openings in the United States and over four million world-wide, the cyber-attack surge threatens cross-industry firms, fueling rapid growth in the outsourced Managed Security Service Provider (MSSP) market. The global managed security services market is expected to grow at a 15.2% CAGR to $64.7 billion by 2025 according to Mordor Intelligence. Ascent will aggressively channel funds to accelerate its development of in-house experts, recruitment of the next cyber generation, and novel plans for how to aggressively close the talent gap globally. D.A. Davidson & Co. served as exclusive financial advisor to Ascent Solutions.
Ascent is the partner to solve the most challenging cybersecurity problems. The firm is built to evolve cybersecurity posture, modernize Microsoft solutions, and manage entire security ecosystems. With constantly advancing capabilities, including incident response and CMMC, Ascent provides organizations with the consulting excellence and operational expertise needed to build a safer tomorrow. For more information visit www.meetascent.com.
About RunTide Capital:
RunTide Capital is a private equity firm focused on building tech-enabled growth companies. The Founding Partners are seasoned investors with deep operating experience, having started their careers as founders and C-level executives of high-growth technology companies. For more information please visit www.runtidecapital.com.
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SOURCE Ascent Solutions LLC