outSOC has exited stealth mode with two major moves — including a platform launch for MSSPs, and an acquisition.
First up, outSOC introduced a multi-tier, white-label, security operations center-as-a-service (SOCaaS) platform designed to help MSPs and MSSPs scale their security services with no additional staffing, software or capital expenditures, according to a prepared statement.
Also, outSOC has acquired SIEMPlexus Technology, which provides SOC, security information and event management (SIEM) and user interface (UI) services. outSOC will leverage SIEMPlexus’ expertise and technology to enhance its SOCaaS platform, the company said.
This is M&A deal Number 148 that MSSP Alert and ChannelE2E has covered so far in 2020. See the complete M&A deal list here.
outSOC Announces Leadership Team
In addition to its SOCaaS platform announcement and SIEMPlexus acquisition, outSOC has appointed the following cybersecurity industry veterans to its leadership team:
- Rick Westmoreland: Will serve as outSOC’s VP of Technology; Westmoreland previously worked as SIEMPlexus’ chief security architect.
- Shueib Sayyed: Will serve as outSOC’s VP of security services; Sayyed most recently served as CISO at Bolton Labs, which provides an SOCaaS for MSPs and MSSPs.
- Isaac Sabas: Will serve as outSOC’s VP of product development; Sabas founded Filipino cloud security services provider Pandora Labs (which Bolton acquired last year).
- Tara Tate: Will serve as outSOC’s CISO; Tate previously worked as CISO at business and technology consulting firm BAE Systems Applied Intelligence.
SOCaaS Market Projected to Grow
The number of companies to offer SOCaaS to MSPs and MSSPs looks poised to grow in the foreseeable future, thanks in part to the rising demand for SOCaaS solutions worldwide.
Still, the industry is highly fragmented — with a mix of MSSPs, MDR providers and SOCaaS companies promoting SOCaaS options to end-customers.
Global SOCaaS market revenues are projected to increase at a compound annual growth rate of 25 percent between 2019 and 2025, industry analyst MarketsandMarkets indicated. This market also could be worth nearly $1.2 billion by 2024.
Amid that forecast, investors are pumping money into the SOCaaS market — including today’s $60 million funding announcement at Arctic Wolf.