Arctic Wolf Networks, Inc. (“Arctic Wolf”) has announced it has raised US$150 million in a new funding round, bringing the company’s valuation to US$4.3 billion. The funding round was led by Viking Global Investors, with additional participation from other existing investors, and more than triples the company’s valuation in less than a year.
AWN also announced that Nick Schneider, Arctic Wolf’s President and Chief Revenue Officer is being promoted to Chief Executive Officer. Brian NeSmith, Arctic Wolf’s co-founder, is stepping down and will become the company’s Executive Chairman. Schneider joined Arctic Wolf in June 2016 to lead the company’s sales team before rising through the ranks to join the C-suite two years later.
On August 24, 2020, Arctic Wolf acquired RANK Software Inc. (“RANK”) in a cash and share transaction. RANK developed an enterprise grade security analytics platform that provides real time threat hunting and behavioral analytics powered by AI, and was a portfolio company of both the GreenSky Accelerator Fund II and III before its sale to Arctic Wolf.
Said Greg Stewart, GreenSky Managing Partner, “We are extremely excited to see that, under the leadership of Nick and Brian, Arctic Wolf has doubled its revenue in the year since it purchased RANK. GreenSky is extremely encouraged by Arctic Wolf’s continued commercial progress and ability to raise significant growth capital at increasingly higher valuations.”
About Arctic Wolf Networks, Inc.
Arctic Wolf is the market leader in security operations. Using the cloud-native Arctic Wolf Platform, we help companies end cyber risk by providing security operations as a concierge service. Highly trained Concierge Security experts work as an extension of an organization’s internal team to provide 24/7 monitoring, detection, and response and ongoing risk management to proactively protect systems and data while continually strengthening their security posture. For more information about Arctic Wolf, visit arcticwolf.com.
About GreenSky Capital Inc. GreenSky Capital Inc. is an award-winning Toronto-based firm that makes investments in early-stage Canadian technology companies through its affiliated venture capital funds, GreenSky Accelerator Fund I, II and III. Our principals bring a combination of experience in technology, entrepreneurship, law and finance to high-growth potential companies and dedicated entrepreneurs. Learn more about GreenSky at greenskycapital.com.