A Wilmington-based cybersecurity firm recently hauled in $22 million from a New York-based technology investor.
SaaS Alerts CEO Jim Lippie calls the sum, raised from Insight Partners, a growth investment.
SaaS Alerts is smaller scale than some of the other firms in Insight’s portfolio, such as e-commerce platform Shopify (NYSE: SHOP) and social network Twitter (NYSE: TWTR).
Lippie said the big selling point in his pitch was the traction the SaaS Alerts is seeing. The company's platform monitors core business SaaS applications.
“They love the space we're in,” Lippie said. “We’ve done quite well in a relatively short period of time. We found a niche in the (Managed Service Provider) marketplace that, previous to now, wasn’t being covered or wasn’t being met.”
MSPs use SaaS Alert's real-time monitoring platform to protect against things like data theft and actions taken by bad actors. SaaS Alerts has more than 500 MSP partners, according to its website.
The new money will allow the company to grow its team, particularly in R&D and sales and marketing. That means new jobs. The firm is currently at 37 employees and plans to add employees from around the globe. It already has workers in India and Ukraine, on top of both U.S. coasts.
“We just want the best people in the roles that we need,” he said. “We don’t care what the geography is.”
Lippie, who joined the firm after executive roles at Kaseya and Thrive in 2021, is based in Boston. While the company is technically headquartered in Wilmington, it’s completely virtual, meaning it hires technologists from anywhere – and that includes the Triangle.
SaaS Alerts is just latest Wilmington company to announce growth plans. Recently, Live Oak Bank announced plans to hire for 200 jobs and expand its Wilmington headquarters – and many of those roles are in technology as well.