Private equity firm Permira raises $350 million from Sysdig

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Private equity firm Permira raises $350 million from Sysdig

The growth fund of private equity firm Permira has raised $350 million in its latest funding round, which has been led by Reuters- Cloud security startup Sysdig.

Since its last private fund raising in April, the security vendor has doubled its valuation to $2.5 billion, as more enterprises transition to cloud applications and demand more comprehensive security solutions.

Karen Walker was hired by PagerDuty as the company's chief financial officer, as it looks for an eventual path to the public market.

It has become clear to us that we want to be ready to go public and then we can make the decision on when is the right time, said Suresh Vasudevan, chief executive at Sysdig.

Sysdig, based in San Francisco, provides a unified interface to detect real-time threats and offers one-click remediation to eliminate security blind spots throughout the development and production cycle. It now serves nearly 700 enterprise customers, including Goldman Sachs and SAP.

The company said its customer base has more than doubled in the past year, and it has seen higher spending from existing customers as they adopt more cloud applications. More than half of its revenue comes from the U.S. market.

The company plans to expand its footprint in regions such as the Middle East and Asia by using the funding to expand its footprint in regions such as the Middle East and Asia, with its global headcount doubling in 2022.

The market for securing applications is growing rapidly due to the global expansion of cloud deployments by our customers in the pandemic, said Vasudevan.

Sysdig was founded in 2013 and competes with Palo Alto Networks and Datadog. Accel and Bain Capital Ventures are the backers of the funding, and it has raised $744 million in total funding.

Alex Melamud, a partner at Permira who led the investment, will join the board of Sysdig.