SANTA CLARA – Netskope, a cloud security company, has raised $401 million in an oversubscribed investment round.
The financing was led by investment funds managed by Morgan Stanley Tactical Value, with participation from Goldman Sachs Asset Management, Ontario Teachers’ Pension Plan, and CPP Investments. Netskope plans to extend its technology and platform advantages and market reach through continued innovative worldwide platform development and expansion of strategic go-to-market activities, underscoring its leadership and momentum in what leading analysts estimate to be the $36 billion market opportunity for Secure Access Service Edge (SASE) by 2025.
This financing marks the latest among many recent business and financial milestones for Netskope and serves as another strong validation and indicator of the continued momentum and adoption of the company’s vision, team, products, culture, and market opportunity.
Securing Modern Cloud Networks
As hybrid and remote work has become the new reality, and the use of the cloud accelerates, enterprises of all sizes need to transform their network and data security strategy and architecture. As a result, they are rapidly adopting SASE as a foundational part of their zero trust strategy, to safeguard data, support digital transformation efforts, and realize better efficiency by addressing security and networking challenges through a unified architecture. In addition, enterprises are increasingly seeking SASE capabilities from fewer sources to reduce vendor and tool sprawl.
The Netskope converged SASE platform includes Netskope’s industry-leading Intelligent Security Service Edge (SSE) and Borderless SD-WAN technologies, all of which are crucial to providing the optimized access and zero trust-based security required in a modern networking and security technology stack. Netskope today is one of only a few providers of single-vendor SASE. It is also the only SASE provider recognized as a representative vendor in the 2022 Gartner Market Guide to Single Vendor SASE that also appears as a Leader in the 2022 Gartner Magic Quadrant for Security Service Edge.
“Our vision from day one was that traditional network and security perimeters would transform, with users, data, and devices moving outside the confines of corporate network perimeters and requiring a new approach to security,” said Sanjay Beri, Netskope CEO and co-founder. “With a cloud-first, data-first, and customer-centric philosophy, we built a market-leading SASE platform and one of the world’s fastest and most-connected security cloud networks. We have enabled enterprises everywhere to allow their users to be mobile, efficient, and flexible while securing them and the data and applications they access, whether they are in the cloud, on the web, or are private applications on-prem and beyond. We are very proud of the team members, customers, industry luminaries, and existing and new partners announced today who are helping to enable Netskope’s journey and secure the journey of all enterprises worldwide.”
Over the past 12 months, Netskope has broadened its market reach in the following ways:
- Increased Customer Base – to more than 2,400 total customers worldwide, including over 25 of the Fortune 100, and across all verticals including financial services, healthcare, retail, telecommunications, manufacturing, government, high tech, and beyond.
- Expanded SASE Platform – through organic development of new endpoint data loss prevention, advanced cloud firewall, and zero trust network access products, as well as strategic acquisitions of WootCloud and Infiot to serve as core technology components of Netskope’s innovative IoT Security and Borderless SD-WAN modules, respectively.
- Growing Patent Portfolio – more than 100 global patents awarded to Netskope inventors, in data loss prevention, AI/ML, threat prevention, high speed cloud networking, and other strategic technology categories.
- Continued Expansion of NewEdge security private cloud – now powered by full-compute data centers in more than 60 regions worldwide. Every Netskope NewEdge data center is accessible to every customer, with all Netskope SASE services available, providing low latency and high-performing infrastructure, and backed by industry-leading Service Level Agreements.
- New and Enhanced Go-to-Market Partnerships – with some of the world’s best-known cloud platform, service provider, and systems integrator brands, including Orange, Deloitte, Telefonica, KPN, AWS, Google Cloud, CrowdStrike, Mimecast, Okta, and others which expand Netskope’s global reach and ability to capture market share.
- Increased Corporate Footprint – to more than 2,500 team members, active in over 40 countries, with open roles across teams and regions. In 2022, Netskope also enhanced its seasoned executive team with leaders from Salesforce, AWS, Cisco, Palo Alto Networks, and others joining Netskope.