Former N-able executives are eager to help MSPs manage SaaS application security.
Software startup in Ottawa Augmentt has closed C$18 million in Series A funding to help managed service providers (MSPs) protect the cybersecurity of their customers in online applications, the company announced earlier this week.
MSPs are third-party firms that provide information technology (IT) services and support to other companies and organizations on an ongoing basis. Augmentt's Microsoft-optimized platform helps MSPs monitor and manage security and compliance across SMB cloud-based software-as-a-service (SaaS) applications.
Camber was attracted to the Augmentt team's “deep industry experience” and its “history of exceptional execution.”
Partnering with an MSP can help companies save time and money on recruiting their own IT staff. According to Markets and marketsGlobal managed services is a large and growing market, estimated to grow from US$365 million in 2024 to over US$511 billion by 2029.
As these MSPs face rising labor costs, competition, regulation and growing customer demand, Augmentt is committed to providing them with the tools and automation to more effectively audit, detect and defend against SaaS-related security threats, Augmentt said.
Augmentt's Series A round was led by New York-based investment firm Camber Partners. Augmentt plans to use this funding to accelerate product development, go-to-market and partnerships.
“We look forward to leveraging Camber’s deep operational expertise as we strive to drive innovation for MSPs, accelerate customer success and expand our global footprint,” Augmentt co-founder and CEO Derick Belair said in a statement.
Augmentt co-founder and chairman Belair and Gavin Garbutt previously led Ottawa-based network monitoring technology startup N-able. N-able was acquired in 2013 by US company SolarWinds for US$120 million and then spun off in 2021 to focus solely on the MSP market.
The pair, with decades of experience selling software to MSPs, teamed up to launch Augmentt in 2020.
In a statement, Camber Vice President Duncan McGillivary said the investment firm was attracted to the Augmentt team's “deep industry expertise” and its “history of exceptional execution.”
In a statement, Garbutt says Augmentt's mission is to help MSPs “deliver world-class security services at scale” at a time when many are “asked to do more with less.”
Helping organizations mitigate the cybersecurity risks associated with SaaS sprawl is what Toronto-based technology partner 1Password is all about, having recently surpassed US$400 million annual regular income, has recently been focused on.
magician feature courtesy Unsplash. Photo by Tim van der Quipbee.
