Security analytics platform provider Haystax Technology announced Dec. 8 a $4 million strategic investment by Fishtech as part of a new partnership to expand the company’s product offerings into new commercial markets such as financial services and health care.
“Security analytics is an emerging growth market right now, and it’s significant that Fishtech sees far-reaching value in our platform and its patented model-first approach,” Haystax Technology CEO Bryan Ware said. “With this new funding and partnership, we will be equipped to further expand our high-profile customer presence and enhance our product development.”
Fishtech CEO and Founder Gary Fish and Fishtech Vice President of Enterprise Architecture Gregg Martin will join Haystax Technology’s board of directors.
“We want to enable organizations to embrace the benefits of digital transformation through next-generation security solutions,” Fish said. “Haystax Technology is one of our best-of-breed partners that will help us reach this vision while leading the security analytics market into a new phase of multibillion-dollar growth.”
Fishtech will also add Constellation, Haystax Technology’s flagship security analytics platform, to its portfolio of best-in-class, next-generation security solutions that deliver operational efficiencies and improved security posture to organizations as they ramp up their digital transformations.
“Haystax Technology’s security analytics platform originated from the company’s work with the defense and intelligence communities,” said Peter Pace, Haystax Holdings chairman of the board and former chairman of the U.S. Joint Chiefs of Staff. “Today, Constellation supports our nation’s largest insider threat program, proving it is a platform that scales to new challenges and domains as they arise in today’s world of increasingly complex and sophisticated cyberthreats.”
“We believe Fishtech is a great investor and partner for Haystax because they are bringing their expertise and commitment to offer next-generation security solutions to counteract cyberattacks and crimes,” Edgewater Funds Partner Jeffrey Frient said. “This can only serve to broaden Haystax’s market expansion in this new emerging security analytics platform space, which is ripe for opportunity.”
Fishtech anticipates bundling Haystax’s solutions with other complementary solutions to reach existing customers, as well as helping to develop and build a scalable channel sales program to reach additional customers.