Devo Technology Adds $60 Million in Growth Funding and Names Former IBM Security GM as New CEO
CAMBRIDGE, Mass., Sept. 15, 2020 (GLOBE NEWSWIRE) -- Devo Technology, the cloud-native data analytics and security company, today announced a $60 million Series D round and welcomed former LogMeIn chief operating officer and the co-founder and former leader of IBM’s $2 billion security business unit, Marc van Zadelhoff, as the company’s new chief executive officer (CEO). Georgian led the oversubscribed round, with Bessemer Venture Partners and existing investor Insight Partners also participating. Following a record-setting quarter, the funding and executive moves will drive all aspects of the business to sustain an aggressive pace of growth and accelerate the company’s expanding leadership in the security analytics market.
The round and associated activities also change the composition of the company’s Board of Directors, which Van Zadelhoff joined in August 2020. With the appointment of Van Zadelhoff to CEO, the company’s current CEO, Walter Scott, will become Chairman of the Board. As part of the funding, Justin LaFayette of Georgian will join the Board. Also joining the Boardis Tom Schodorf, who brings more than 35 years of operating experience in sales and executive management at IBM, BMC, and most recently, Splunk.
“Walter has done an outstanding job leading Devo, building an exceptional customer base, and solidifying the company’s competitive advantage,” said Van Zadelhoff. “With Devo, organizations implementing security analytics and log management platforms no longer have to make compromises on speed, or struggle with scalability limitations or price constraints. Devo is cloud native, affordable, scalable, cloud agnostic and fast as hell. These are advantages that customers are dying to have and it made me want to be part of Devo. I know we have the team and the technology in place to build a company for the history books.”
Evidence of Devo’s momentum and strength can be seen in the recent contract award from the U.S. Air Force, which calls for Devo to serve as the central security hub for protection, detection, and response across the U.S. Air Force worldwide for enterprise defense. Devo experienced 80% year-over-year growth in the first half of 2020, increasing headcount in the U.S. by more than 50%, and has set a goal of growing the team by an additional 25% by the end of 2020.
“Devo fits perfectly into Georgian’s thesis-led approach to investing, which identifies the companies best positioned to ‘ride the wave’ of major trends in software, services and businesses – in this case AI and cybersecurity,” said LaFayette. “We look forward to partnering with Marc and the Devo team, as well as Insight Partners and Bessemer Venture Partners, to further accelerate Devo’s growth and market leadership.”
CHEN PR for Devo Technology
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3534bb5b-2a25-4edf-b179-7a01ea83757d