DivvyCloud,
a leading provider of security and compliance automation for public
cloud and container infrastructure, today announced a $19 million growth
round, bringing its total capital raised to date to $29 million. This
round was led by Providence Strategic Growth with follow-on investments
from existing investors MissionOG and RTP Ventures. The added investment
allows DivvyCloud to make specific technological advancements to its
cloud security and compliance solution, as well as expand sales and
marketing efforts and customer success programs to meet rapidly
increasing demand.
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Chris DeRamus, CTO and co-founder of DivvyCloud, with Brian Johnson, CEO and co-founder of DivvyCloud
“In a quickly maturing market, DivvyCloud has demonstrated a unique
value proposition for enterprises leveraging the public cloud,” said
John R. Marquis, Principal, Providence Strategic Growth.
“Most enterprise companies are implementing a multi-cloud strategy and
require a platform that allows them to fully embrace self-service access
without losing control,” said Brian J. Shin, Managing Director,
Providence Strategic Growth. “In the cloud era, security cannot be an
impediment to innovation. Importantly, DivvyCloud delivers a strategy
for companies to have their cake and eat it too – unrestricted access to
cloud services for developers to drive innovation and a robust approach
to improving security and compliance. The impact of DivvyCloud’s
best-in-class software platform has been proven by impressive customer
adoption and retention.”
DivvyCloud was founded in 2013 with a vision of empowering enterprises
to give developers the freedom to innovate through self-service access
to cloud services while at the same time enhance security and
compliance. Building upon its industry-leading solution, DivvyCloud will
leverage the infusion of capital to innovate its product offerings,
including extending policy enforcement capabilities into the continuous
integration/continuous delivery (CICD) pipeline and deepening
integrations with key third-party solutions to enhance orchestration.
“Data breaches caused by misconfigurations of public cloud services have
been dominating headlines in 2019 and are costing enterprises millions
of dollars, needlessly,” said Brian Johnson, CEO and co-founder,
DivvyCloud. “DivvyCloud is uniquely positioned, with our approach to
automation that uses real-time remediation to allow enterprises to fully
realize the benefits of public cloud and container adoption without the
risk of misconfigurations and other common security and compliance
issues. With this funding, we intend to deliver specific product
advancements; strengthen support for containers, cloud identity, and
serverless; and broaden our market penetration to benefit companies
around the globe. Our goal is to enable every enterprise in the world to
be able to confidently and securely embrace cloud services to drive
rapid innovation.”
Headed by a strong leadership team, DivvyCloud has doubled its customer
base in the last 12 months, including adding marquee customers Kroger,
CoStar and Pizza Hut. The company has also doubled its staff in the past
year, including adding key executive hires Scott Totman as head of
engineering and product development, and Rick Juneja as head of customer
success. Brian J. Shin, Managing Director of Providence Strategic
Growth, has also joined DivvyCloud’s board of directors.
Further validating DivvyCloud’s market position, the company was named
the Editor’s Choice Winner in Cloud Security by Cyber Defense Magazine
in the 2019 Infosec Awards and was a winner in Cloud Security in the
Cybersecurity Product category in the 2019 Cybersecurity Excellence
Awards.
“The majority of our direct competitors have been acquired by large
conglomerates, leaving DivvyCloud uniquely positioned as a well-funded
company exclusively focused on driving innovation in the cloud security
posture management category,” continued Johnson. “Enterprises continue
to turn to our best-in-class software platform for a secure and
compliant approach to operating cloud and container services.”
About DivvyCloud
DivvyCloud helps enterprise customers improve security, take control,
and minimize risk as they embrace the dynamic, self-service, nature of
public cloud and container infrastructure. With DivvyCloud, security,
GRC, and operations professionals can identify risks in real-time and
take automatic, user-defined action to fix problems before they’re
exploited. Customers run DivvyCloud’s software to achieve continuous
security governance in cloud and container environments. Freedom is
good. Chaos is bad. To learn more: www.divvycloud.com
About Providence Strategic Growth Capital Partners L.L.C.
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity
Partners (“Providence”). Established in 2014, PSG focuses on growth
equity investments in lower middle market software and
technology-enabled service companies, primarily in North America.
Providence is a premier global asset management firm that pioneered a
sector-focused approach to private equity investing with the vision that
a dedicated team of industry experts could build exceptional companies
of enduring value. Since the firm’s inception in 1989, Providence has
invested in more than 180 companies and is a leading equity investment
firm focused on the media, communications, education and information
industries. Providence is headquartered in Providence, RI, and also has
offices in New York and London. For more information on PSG, please
visit https://www.provequity.com/private-equity/psg,
and for more information on Providence, please visit www.provequity.com.
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