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Security Compass Receives Funding for Product Development and Expansion
Toronto, Canada-based Security Compass has received additional funding from growth equity investment firm FTV Capital. The amount has not been disclosed, indicating that it is likely to be on the smaller side.
According to the security firm, the purpose of the cash injection is to allow it to enhance its product portfolio and accelerate a planned global expansion.
The company was founded by Nish Bhalla in 2005. Former COO Rohit Sethi becomes the new CEO. Bhalla remains on the Board, and is joined by Liron Gitig and Richard Liu from FTV Capital.
Long-serving Sethi was Security Compass' first hire, and was an integral part of the creation of the company's SD Elements platform -- now the focus of the firm' operations. SD Elements helps customers put the Sec into DevOps without losing DevOps's development agility.
"The strong trends towards agile development in DevOps," he says, "increased focus on application security and on improving risk management are on course for collision. Security Compass is uniquely positioned to help organizations address the inherent conflicts. With FTV's investment, we're poised to accelerate our growth while maintaining the culture of excellence we've worked so hard to build."
The worldwide growth in security and privacy regulations, such as GLBA, FedRAMP, GDPR, CCPA and many others, requires that security is built into the whole product development lifecycle. "Security Compass' SD Elements solution," says FTV Capital partner Gitig, "is uniquely focused on the software stack, enabling DevOps at scale by helping enterprises develop secure, compliant code from the start."
He continued, "SD Elements provides both engineering and non-engineering teams with a holistic solution for managing software security requirements in an efficient and reliable manner, alleviating meaningful friction in the software development life cycle, accelerating release cycles and improving business results. We are excited to work with the Security Compass management team in its next phase of global growth as a trusted information security partner."
Security Compass claims more than 200 enterprise customers in banks, federal government and critical industries use its solutions to manage the risk of tens of thousands of applications.
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