Managed cybersecurity services provider BlueVoyant Inc. announced today that it has acquired cyber defense company Conquest Cyber LLC and raised $140 million in new funding to accompany the acquisition.

Founded in 2008, Conquest Cyber offers cybersecurity services to critical infrastructure providers, focusing on defense industries and local, state and federal governments. The company’s software-as-a-service platform assists companies in achieving cyber resilience through adaptive risk management and customer service that provides transparency, precision control and 24/7 protection.

The company’s platform unifies an organization’s entire cyber risk management program, integrating security posture, compliance, detection and response to deliver insight and control through a risk maturity, visibility and mitigation lens. The platform also supports regulatory frameworks such as the Cybersecurity Maturity Model Certification, a framework established by the U.S. Department of Defense to ensure that defense contractors have adequate cybersecurity measures in place to protect sensitive defense information stored on or transmitted by their information systems.

BlueVoyant intends to integrate Conquest Cyber’s technology into its existing products and services to create the first solution to deliver comprehensive internal and external cyber defense mapped to risk maturity.

“Despite the extensive range of cybersecurity vendors, a significant gap persists in the market concerning comprehensive solutions that empower clients to assess, operationalize, validate and mitigate risks,” co-founder and Chief Executive James Rosenthal said in a statement. “The integration of BlueVoyant’s and Conquest Cyber’s capabilities addresses this shortfall, bolstering our ability to protect clients’ internal and external digital ecosystems in a more comprehensive manner.”

The acquisition and enhanced capabilities come at a critical time for high-security areas such as the Defense Industrial Base and Government sector. The Department of Defense is set to enforce new cybersecurity rules, CMMC 2.0, while State and Local Governments face a surge in cyber incidents.

On the funding side, BlueVoyant’s Series E round was led by Liberty Strategic Capital LLC and ISTARI Investments Pte. Ltd. Eden Global Capital Partners LLC served as a strategic advisor.

The funding adds to BlueVoyant’s already substantial fundraising efforts, including a round of $250 million on a $1 billion valuation in February 2022. Including the new funding, BlueVoyant has raised about $646 million to date, according to data from Tracxn.

Image: BlueVoyant