Growth capital fuels disruption of network security delivery model
OPAQ Networks, a post revenue Network Security-as-a-Service (NSaaS) company, today announced it was formed with $21 million in Series A funding. Washington, D.C. based Columbia Capital, a venture capital franchise focused on high growth companies, led the round with Harmony Partners and Zero G Inc. The new funding will accelerate OPAQ Networks’ research and development, operations, and customer growth in the commercial market.
The rapidly evolving cybersecurity landscape has led organizations to defend their networks with numerous point solutions, which are complex, time intensive to maintain, and impair network performance. This is a real challenge for small and medium sized businesses and highly distributed organizations that are resource constrained. OPAQ Networks simplifies, centralizes and secures networks by combining networking and a best of breed security stack into a single service that organizations can turn on and scale instantly.
Industry analysts see a market demand for cloud based network security solutions. According to Gartner, by 2018, 60 percent of enterprises that implement appropriate cloud visibility and control tools will experience one third fewer security failures. “So much focus has been on what security solution to use to address particular risks, but how security is delivered is equally important. That balance is the focus of OPAQ Networks,” said Daniel Cummins, analyst at 451 Research. “Centralized visibility and security policy management across distributed network assets—from data centers, cloud based SaaS applications to branch offices and mobile devices—are features in high demand; IT and security executives who are entrusted to keep a tight reign on risk and reputation need simplified and coordinated security controls and easily managed means of enforcement.”
OPAQ Networks’ launch builds on the acquisition of Bat Blue Networks, which was recognized by Gartner in its July 2016 Hype Cycle on Infrastructure Protection. A combination of an experienced management team, established client base, mature cloud security management platform and intellectual property bolster OPAQ’s plans to disrupt the network security model.
“We take the work out of networking and network security for clients. Our platform means no more complex and costly product upgrades, maintenance, or management,” said Glenn Hazard, chief executive officer, OPAQ Networks. “Rather than backhauling traffic behind the security perimeter, we extend network security controls to the location, user and device. It’s our vision to build a new ecosystem of network cyber security solutions.”
Harnessing the Power of the Cloud to Deliver Security
Whether utilizing in house resources or a Managed Security Services Provider (MSSP), most organizations take a product centric approach to networking and security, which has resulted in overwhelming complexity and cost.
QuaEra Insights, an advisory firm that helps optimize business decisions using scientific and quantitative analysis of data, leverages the OPAQ Networks management platform to reduce costs while tightening security control over their distributed network.
“OPAQ’s platform made it easy for us to control everything in our network, and we saw an improvement in network performance, ” said Larry Blakeman, chief operating officer, QuaEra Insights. “With the scale and sophistication of threats like ransomware, combined with the increase in mobile users, cloud based applications, and the Internet of Things (IoT), a comprehensive security solution was critical for managing our risk.”
Serial entrepreneurs Glenn Hazard and Ken Ammon are teaming up again to lead OPAQ Networks. Prior to OPAQ, Hazard successfully launched six companies. Ammon, the former founder and president of the global Managed Security Services Provider NetSec, will serve as OPAQ’s chief strategy officer. Hazard and Ammon previously teamed to lead the privileged access management pioneer Xceedium, Inc., which was successfully acquired by CA Technologies in 2015.