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Apptega Just Raised $15 Million. Why That’s Good News for Managed Service Providers

Dave Colesante
April 30, 2024

By Dave Colesante, Apptega CEO

As we continue to build a partner-first company that empowers managed service providers to bring highly differentiated compliance offerings to market, I’m thrilled to announce Apptega has raised $15 million in growth capital comprised of third-party equity and debt from Mainsail Partners.

While this is an exciting milestone for our company and for the hundreds of partners who’ve helped us get this far, it’s only the beginning. We’ll use the investment to accelerate the development of our continuous security and compliance platform, one of the few purpose-built for service providers, such as MSSPs and MDR companies, in whose success we have a heavily vested interest.  

While many companies offer compliance software, few if any have considered the very specific needs of providers, who must address a wide breadth of client challenges simultaneously and clearly demonstrate the value of often hard-to-quantify security services.  

It’s also the case, in this increasingly competitive space, that many managed service and security companies face aggressive growth mandates.  

Our goal is to help them fuel that growth by enabling them to bring lucrative continuous security and compliance offerings to market that yield higher recurring revenue, margins, and customer retention.  

We’ll do this by:

  • Continuing to invest in our core platform, with an emphasis on real-time scoring and health, robust reporting, automation, and deep integrations.  
  • Building out our partner program with world-class technical and sales enablement materials, demand generation programs that bring providers business, and community resources that will help them go to market with differentiated, high-value offerings.  
  • Executing against a partner-first product roadmap tailored to optimize delivery of continuous security and compliance, from assessment to audit-ready programs.
  • Productizing artificial intelligence to free up human capital and expertise for more high-impact consulting efforts.  

We consider this an ambitious plan, and one that requires excellent people who are deeply versed in security and compliance. This investment will allow us to continue building out our leadership, product, and go-to-market teams with industry experts who are seasoned in managed services. Recently, we’ve had the privilege to bring on a new chief product officer, CISO, and chief customer officer, all of whom are well-versed in the business needs and concerns of providers.

Overall, it’s an exciting time to be a part of the Apptega team. Since joining the company this past November, I’ve seen tremendous growth within the business and our partner program. Today, more than 20,000 security and compliance programs run on Apptega globally, many of which are delivered through our rapidly expanding provider ecosystem.  

These partners, on average, are experiencing a 400% return on their investment in year one by using Apptega as the compliance wrapper to bundle, validate, and show the value of their cybersecurity services. In an increasingly commoditized market, our partners are delivering continuous security and compliance offerings that set them apart from stiff competition and maximize growth opportunities.  

And with investments in automation, integrations, reporting, common control cross-mapping, GenAI-led remediation and risk analysis, and robust framework content, we’re striving to equip in-house IT and security teams with more powerful tools to confront the increasingly complex regulatory and risk landscapes organizations face.  

As we continue to build a company, product, and partner ecosystem to help providers build stronger businesses and protect their customers, we’re so thankful for your support, feedback, and commitment to delivering world-class security and compliance.

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