Saturday, April 20 2024

Cyber threat protection company Netcraft has raised over $100 million from Spectrum Equity, a growth equity firm focused on internet-enabled software and data services companies. The company has also named seasoned technology executive Ryan Woodley as its new CEO. Woodley was previously CEO of Progressive Leasing, a financial technology company, which grew to $2.5 billion in revenue and went public during his tenure. Most recently, Woodley served on the boards of high growth technology companies, PDQ.com and Conservice.

Founded by Mike Prettejohn, Netcraft offers cybercrime detection and disruption services. The company empowers its customers with advanced cyber defense solutions backed by a proven track record of success enabled by global threat intelligence, rapid & effective takedowns, continuous innovation, and transparency & visibility.

The data Netcraft has gathered continuously over decades uniquely positions the company to power its robust threat detection and response platform, which combines data-driven automation with artificial and human intelligence to address and remove more than 100 attack types. The platform delivers detailed evidence for every validated attack and ensures customers are updated in real-time on the progress and status of all active takedowns.

Netcraft has become the world’s largest provider of takedowns which are delivered as a subscription service to financial institutions, governments, and corporations globally. Its intelligence feeds are consumed by most major browsers and leading antivirus software vendors. Netcraft has cultivated a long-standing reputation with hosting companies, DNS providers, registrars, and ISPs. Leveraging these relationships along with sophisticated threat classification, internet infrastructure knowledge, and a history of past attacks, Netcraft responds to threats and attacks with exceptional speed and effectively shuts down malicious activity.

The investment from Spectrum Equity will help accelerate the company’s strategic plans to drive growth and expand globally.

“I’m grateful to my colleagues and our customers who have grown Netcraft from a laptop and a modem to the point where it now serves many of the world’s largest enterprises and governments, without any outside funding. Having decided to accept growth equity, we chose Spectrum because of its success in scaling other cybercrime businesses, particularly Verafin and Ethoca, prior to their respective sales to Nasdaq and Mastercard,” said Prettejohn.

“Mike and his incredible team have built a truly differentiated offering for organizations of all sizes looking to stop cyberattacks,” said Parag Khandelwal, Managing Director of Spectrum Equity. “Its scale is a testament to its effectiveness – Netcraft has blocked more than 173 million malicious attacks and takes down more than 15 million cyberattacks each year. Netcraft takes down roughly one-third of all global phishing attacks on behalf of its customers. We’re honored to partner with this company and work closely with Ryan to help bring its solutions to more organizations worldwide.”

“This significant funding will help us accelerate progress toward our mission of detecting and disrupting cybercrime at scale to create a safer online experience for everyone,” said Ryan Woodley, CEO of Netcraft. “Powered by an exceptionally talented team, Netcraft’s speed, scale, and effectiveness is unmatched in the global fight against cybercrime. I am excited to join this team and work alongside a distinguished group of customers and partners in furthering our innovative approach to protecting the world from cybercrime.”    

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