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Fast-Growing ThreatConnect Plans To Double Its Workforce

We are happy to share that The Washington Business Journal’s Andy Medici featured ThreatConnect in his latest article. It discusses the company’s overall growth along with Adam Vincent’s plans to triple sales and expand the company this upcoming year.

We have included the article link and full text below.

 

Fast-growing ThreatConnect plans to double its workforce

The Washington Business Journal, Andy Medici, February 8, 2016

http://www.bizjournals.com/washington/news/2016/02/08/fast-growing-threatconnect-plans-to-double-its.html?ana=RSS&s=article_search

 

Arlington-based ThreatConnect Inc. wants to be the brain behind your cybersecurity operation — and it is planning to grow to meet that challenge.

ThreatConnect made news in December when it landed more than $16 million in venture funding from SAP National Security Services, Inc. and Grotech Ventures — the second-highest funding round in Greater Washington during the fourth quarter of 2015. The company has raised $22 million since its founding in 2011.

Adam Vincent, the CEO of ThreatConnect, said SAP’s funding commitment came with an offer to partner up and produce a hybrid product that combined their two products and platforms, one SAP would sell through its own channels.

“I was definitely interested in exploring a strategic partnership,” Vincent said. “They did an investment and we agreed to build a joint product that they will sell to their customers.”

ThreatConnect uses a mixture of data collection and intelligence algorithms to feed analysts a real-time picture of potential cybersecurity threats. But it also provides cyber workforce management tools to bosses, forecasting and risk-mitigation tools for executives and a community of users to share information and best practices.

Now ThreatConnect will use the funding to further boost its workforce and revenue growth. The company has about 105 employees (up from about 100 at the end of 2015) and plans to grow to about 200 by the end of the year, Vincent said.

The company primarily sells its products in the U.S. and will now work to grow its presence overseas, especially in Asia, Vincent said. Vincent declined to disclose overall revenue but said the company tripled sales in 2015 and plans to triple them again in 2016.

Companies can use ThreatConnect’s service for free, but will need to pay for additional licenses and services — a freemium model that brings on about half of ThreatConnect’s customers.

What about ThreatConnect getting bought or going public? Vincent did not seem thrilled with either exit option at the moment.

He said ThreatConnect benefits from being an independent company because it can work to integrate different software tools and services into its system instead of focusing on one. It also takes time, energy and manpower to go public, and ThreatConnect still has more growing to do.

“Right now, we have so much going on its hard enough to just continuing to scale the company. Going public is something you can only do once,” Vincent said.