Cybersecurity startup Security Compass secures growth equity funding to provide enterprise DevSecOps software solutions, announces new CEO
Security Compass, a software security startup that provides organizations with the knowledge, training, and technology to make software secure, announced today it has secured growth equity funding from FTV Capital. The total amount of the investment was not disclosed. The new investment will enable Security Compass to enhance its position as a global leader in empowering organizations to achieve agility at scale by streamlining software risk management.
In conjunction with the funding, Security Compass also announced the appointment of Rohit Sethi as its new CEO. Founder Nish Bhalla will step down as the CEO. Sethi, formerly COO and Security Compass’ first hire almost 13 years ago, has been an integral part of the organization and the creation of SD Elements. CFO David Rea will take on the combined position of CFO and COO. As part of the transaction, FTV Capital partner Liron Gitig and principal Richard Liu, will join Security Compass founder Nish Bhalla on the Security Compass board of directors.
Founded in 2005 Nish Bhalla, Security Compass’ solutions are used by over 200 enterprise customers to manage the risk of tens of thousands of applications. Founder and former CEO, Bhalla said, “Security Compass’ immense growth can be traced to our unique combined focus on creating an outstanding customer experience and retaining exceptional employees. It is the people at Security Compass who are the force behind our success. Our culture and values have attracted and retained top talent, which has led Security Compass to be recognized as the fourteenth best place to work in Canada. While I am stepping away from the CEO function, my heart will always be with the 220+ people who have helped build Security Compass to what it is today. I look forward to this next chapter that will be created by all of them.”
“Security Compass is thrilled to align with a world-class partner like FTV Capital. We are excited for the opportunity to tap into their expertise at scaling high growth companies and their deep understanding of this market opportunity,” said Security Compass CEO, Rohit Sethi. “The strong trends towards agile development in DevOps, increased focus on application security and on improving risk management are on course for collision. Security Compass is uniquely positioned to help organizations address the inherent conflicts. With FTV’s investment, we’re poised to accelerate our growth while maintaining the culture of excellence we’ve worked so hard to build.”
According to the 2019 Data Breach Investigations Report, web applications continue to be the leading cause of security breaches. As security and privacy regulations such as Gramm–Leach–Bliley Act (GLBA) and FedRAMP continue to emerge, organizations are faced with having to compromise their agility. Security Compass helps drive secure applications to the market in a timely fashion by making it simple for development teams to manage the security considerations of their entire technology stack – both the software itself, as well as the deployment and configuration requirements of the server and operating system.
“We’ve seen first-hand that security and risk management continue to be critical pain points for the financial institutions in our Global Partner Network,” said FTV Capital partner Liron Gitig. “Security Compass’ SD Elements solution is uniquely focused on the software stack, enabling DevOps at scale by helping enterprises develop secure, compliant code from the start. SD Elements provides both engineering and non-engineering teams with a holistic solution for managing software security requirements in an efficient and reliable manner, alleviating meaningful friction in the software development life cycle, accelerating release cycles and improving business results. We are excited to work with the Security Compass management team in its next phase of global growth as a trusted information security partner.”