In 2015, we received a LinkedIn reply that would help shape our careers. Tim R. Holcomb Ph.D., an advisor to ReliaQuest founder and CEO, Brian Murphy, agreed to speak with us after we’d been woefully unsuccessful in getting an audience with the company (Brian was quite good at ignoring investor calls and emails).
We had spent years tracking and investing in the broader cybersecurity ecosystem, and through numerous conversations with security executives in our Global Partner Network, we developed strong conviction that cybersecurity could not be solved by yet another tool. The problems were stark: enterprises were facing severe talent shortages and drowning in an overwhelming volume of threats, all the while having to confront increasing complexity in their environments. ReliaQuest, a small, bootstrapped business tucked away in Tampa that no other investor had yet found, seemed to be in the right place, at the right time, with the right solution.
Thankfully, Tim didn’t think our conclusions were crazy and connected us to Brian (thanks Tim!). One conversation led to another, and before long, we made our way to Tampa. Our bond with Brian formed early and fast, and so too did our belief in the company. In fact, our first meeting went way over schedule and we almost missed our flight home. We talked about company building, discussed the acute challenges in cybersecurity and opportunity for a differentiated approach, yes – quoted Gladiatormore than once, and exchanged our fair share of sports analogies (Kyle was especially pleased to learn Brian shared his admiration for Bill Belichick’s coaching as well as Tom Brady’s execution and leadership). After many conversations, and probably a bit of arm twisting, Brian invited us to join ReliaQuest on the journey.
From humble beginnings, ReliaQuest had no more than 80 employees and two small offices when FTV first invested in 2016. Colin O’Connor was one of the very first sales reps – today, he is the president of field operations. Joe Partlow, a technology guru, laid the foundation for the company’s pace of innovation. If you were looking for a CFO at the time, there wasn’t one, but luckily Brian convinced Greg Farrell to join us later that year. Many amazing people who joined early on were instrumental to the growth of ReliaQuest like Chris Ellett, Jason Pfeiffer, and Jody Keeling.
Over the course of the next decade, what Brian and the ReliaQuest team accomplished is simply astounding. Guided by a unique and energic culture and an unwavering commitment to Make Security Possible, ReliaQuest evolved time and time again. The company expanded globally, opening offices in Dublin, London, Amsterdam, and India. It grew headcount to over 1,200 teammates, adding remarkable talent like Brian Foster to accelerate product development and Scott Dussaultto propel finance and operations. And it brought to life a powerful technology chassis, GreyMatter.
What resulted was incredible customer demand for exactly what the industry needed: a technology platform to eliminate silos, increase visibility, accelerate response times and maximize the value of existing security investments, ultimately empowering customers to take a best-of-breed approach towards cybersecurity.
A visual journey board from 2016. Front and center is ReliaQuest’s guiding light – Make Security Possible.
As we look forward, we believe the opportunity is exciting as it’s ever been. ReliaQuest is shaping the future of security operations as the leading AI-powered SecOps platform, delivering unparalleled visibility out of complexity. The company is doubling down on automation, predictive threat intelligence and advanced analytics underpinned by a decade of proprietary data and close collaboration with many of the world’s largest brands. With global cybersecurity spend exceeding $200 billion, organizations are prioritizing efficiency and automation in their security strategies. ReliaQuest is uniquely positioned to capitalize on this shift, helping businesses scale security operations with confidence, reduce risk and operate with unmatched efficiency.
At the onset of our investment, Brian showed us a chart with a big arrow pointing to $250 million in revenue – what seemed like a tall task for a business with barely $10 million in revenue at the time! Today, ReliaQuest is well north of that original target, having grown 30x since FTV first invested. As we double down on our partnership, we are proud of what we’ve accomplished together and thankful for the amazing group of investors and board members that we’ve been lucky to share this journey with – KKR, Ten Eleven Ventures , Finback Investment Partners and others, and we’re thrilled to welcome EQT Group for the next chapter.
To summarize the last decade in simple terms: we are truly grateful.
Grateful to Brian for the opportunity, partnership and friendship. Grateful to the leaders like Colin, Brian F, Scott, Greg, Joe and others who have helped take ReliaQuest to new heights and redefined what is possible. Grateful to the employees, customers and partners who are all so integral to the success and extraordinary franchise that ReliaQuest has become. And for FTV’s investors, including those who were there from the very beginning, we’re excited to celebrate this incredible outcome.
Here’s to ReliaQuest’s vision, our continued partnership and another successful era of Making Security Possible.
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