SKOUT Cybersecurity (“SKOUT”), a leader in cyber-as-a-service software for Managed Service Providers (MSPs) and provider of an extended detection and response (XDR) platform and service, has been sold to Barracuda Networks, by RSE Ventures, a New York-based private investment firm founded by Stephen M. Ross and Matt Higgins.
SKOUT provides security products to its channel partners through the XDR platform, which provides MSPs with capabilities to provide 24/7/365 protection and simply monitor clients in a single multi-tenancy dashboard. The Company’s cyber-as-a-service products are meant to minimise the hidden cost of inefficiencies, enabling MSPs to target major incidents that require remediation rather than setting and managing many solutions.
Since acquiring SKOUT in 2017, RSE has worked closely with the company’s management to enhance the company’s technology platform and create an environment that offers cybersecurity for small and midsize enterprises both accessible and simple to use. Under RSE’s ownership, SKOUT has had significant success, with a year of record growth in 2020, including a 700% increase in the number of MSPs using its software platform.
“SKOUT is an outstanding business with solutions that address the critical need for cybersecurity protection, and we’re proud to have supported the Company’s growth over the past four years. We acquired SKOUT with the belief that ongoing digital transformations would increase the risk of cyberattacks, leaving midmarket companies vulnerable due to the cost and complexity of traditional security solutions, and we were pleased to collaborate with Alex Weiss of ClearSky who shared these viewpoints as well. Today, SKOUT is well-positioned to continue disrupting the cybersecurity space while bringing peace of mind to SMBs through its customer-centric approach and user-friendly resources. Under Aidan Kehoe and the management team’s leadership, SKOUT has established a strong foundation and clear trajectory for continued success, and we wish the Company well in this next chapter,” said Matt Higgins, Co-founder and CEO of RSE Ventures.
“RSE has been an incredible partner over the last four years, and I would like to thank Steve and Matt for bringing deep expertise and resources to help accelerate our growth and bolster SKOUT’s leading position within the space. It has been a pleasure working closely with Matt and his team throughout this journey, and with their support, we made great strides in furthering our vision of making cybersecurity accessible to all businesses. I’m proud of all we were able to accomplish together during our partnership and look forward to SKOUT’s next phase of growth,” said Kehoe, Founder and CEO of SKOUT Cybersecurity.
The transaction is expected to conclude in July.