At Norwest, we’ve been watching and investing in innovative security startups for several decades. In that time, we’ve witnessed security technologies like the firewall, malware detection/prevention, endpoint security solutions, and behavioral-based technologies fundamentally alter the cybersecurity landscape.
As new threats arrive with lightning speed, companies are struggling to maintain security in the best of corporate and cloud environments. Employees everywhere are downloading and using new cloud-based applications while overloading and in some cases avoiding IT oversight. In this environment, enterprise security vulnerability is exponentially increased.
To address cyber vulnerability in its many mutations, new startups are entering the security arena all the time. Some gain traction, most don’t. Seldom does a startup like Aporeto come along. With its innovative Zero Trust technology, Aporeto has not only gained traction, it has reset the bar for enterprise security.
Aporeto enables the secure deployment of applications in any cloud environment by simplifying security infrastructure and operational requirements, while locking out hackers. It does this by preventing application processes from being compromised (or hijacked) by unauthorized users, and applications that seek to gain access to assets. I think of Aporeto as a “force field around your applications.”
Since we led the Series A $14.5 million investment in Aporeto in the spring of 2017, the company has grown at a deployment rate rarely seen. Recurring revenue increased more than 600 percent year-over-year in the first three quarters of 2019, as Aporeto added some of the most demanding and iconic security-focused customers across a wide range of verticals, including finance, service providers and high tech.
Today, we are proud to share that Aporeto has entered into a definitive agreement to be acquired by Palo Alto Networks. As a part of Palo Alto Networks, Aporeto will help bring comprehensive network security to more enterprises. We want to congratulate the entire Aporeto team!