UPDATED 11:50 EST / FEBRUARY 06 2024

SECURITY

NinjaOne raises $231M at nearly $2B valuation for its IT management platform

NinjaOne LLC, a company that provides a platform for information technology teams to automate and manage security and privacy needs, today announced that it has raised $231.5 million bringing the company’s valuation to $1.9 billion.

The Series C funding round was led by ICONIQ Growth and was joined by Frank Slootman, the chairman and chief executive of cloud computing data company Snowflake Inc., and Amit Agarwal, president of cloud monitoring service Datadog Inc.

NinjaOne’s platform gives IT teams visibility and management tools for endpoints, or end-user devices such as computers, laptops and smartphones that employees use to access enterprise networks every day to do their work. The management of these devices requires automating authenticating, monitoring and patching them so that they stay in line with proper security controls to prevent potential breaches or cause other technical issues.

“We are in the decade of the endpoint, fueled by a wave of workers pushed remote and hybrid during and since the pandemic,” said NinjaOne founder and CEO Sal Sferlazza. “Whether you are a managed service provider in charge of running and protecting other peoples’ businesses, or a chief information officer in charge of one, endpoints pose a significant risk and opportunity.”

According to a May 2023 research report from Enterprise Strategy Group more businesses than ever run on endpoints with 50% of employees using four or five such devices every day. The same report surveyed 381 IT and cybersecurity decision-makers in North America and found that 90% of organizations are failing to actively monitor all endpoints under their management.

NinjaOne currently boasts more than 17,000 customers and lays claim to the management of more than 7 million endpoints under its platform. It services large-scale customers including HelloFresh SE, Nissan Motor Co., Nividia Corp., the State of California and the University of Oxford.

Using NinjaOne’s platform, IT teams can automate monitoring, endpoint patches and remote control for end users with security built-in, allowing support to easily repair problems when a user needs support and doesn’t know how to fix them themselves. The platform can also back up endpoint devices so that critical business data can remain safely encrypted in case of corruption or ransomware attacks.

“Managing endpoints has always been a complex challenge for IT teams,” said Datadog President Amit Agarwal. “With recent trends in hybrid work and cybersecurity proliferation of personal mobile devices, the problem continues to grow exponentially in complexity and scale.”

Image: geralt/Pixabay

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