ReliaQuest raises more than $500 million in funding at a valuation of $3.4 billion

ReliaQuest has raised over $500 million in a funding round led by EQT, KKR, and FTV Capital, increasing the company's valuation to $3.4 billion. The financial backing aims to enhance ReliaQuest’s AI-driven cybersecurity platform, GreyMatter, and facilitate its international expansion.

ReliaQuest has reported significant growth, with its annual recurring revenue surpassing $300 million, reflecting a more than fourfold increase since its last funding round in 2020. The company is currently experiencing a year-over-year growth rate exceeding 30% while operating profitably.

Brian Murphy, ReliaQuest founder and CEO, emphasized the company's focus on solving customer security challenges, stating that this funding will help deliver improved security outcomes. Kirk Lepke from EQT highlighted the company's unique capabilities in managing complex enterprise cybersecurity environments. KKR expressed confidence in ReliaQuest’s innovative trajectory in response to increasing cyber threats.

ReliaQuest's GreyMatter platform leverages Artificial Intelligence (AI) for automating security processes, allowing teams to better manage cyber threats efficiently. Recent reports indicate a pressing need for faster Security Operations (SecOps), particularly as cyberattack methods evolve.

Goldman Sachs served as the exclusive financial advisor to ReliaQuest, while Gibson Dunn was the legal counsel. Piper Sandler and Freshfields advised EQT Growth.