In the light of the cybersecurity turmoil big firms are facing, Goldman Sachs Asset Management, a private equity business of Goldman Sachs, has announced the $125 million strategic investment to tackle the said issue.
As per the agreement, Cybersecurity provider Fortress Information Security, commonly known as Fortress, would receive the investment from Goldman Sachs to provide security from cyberthreats and operational threats.
Will Chen, Managing Director within Goldman Sachs Asset Management,"Fortress has established itself as a market leader in end-to-end supply chain cybersecurity solutions for U.S. critical industries. The depth and breadth of the fortress platform are unmatched and we believe there is a meaningful opportunity to accelerate the expansion of the platform into compelling product adjacencies, including software and hardware bill of materials, workflow orchestration, and additional analytics and reporting capabilities."
In light of this new funding, existing investors like co-founders Peter Kassabov and Alex Santos, ClearSky, First Analysis, American Electric Power, Caron Capital, KMMT, and Moquin Capital, will continue to support Fortress.
Founded in 2015, the fortress platform is a deep, fit-for-purpose solution that enables customers in critical industries to assess, manage, and address risks associated with vendors, assets, and software in their supply chains.
Peter Kassabov, Executive Chairman and co-founder of Fortress, said, "We started Fortress because we recognized major supply chain vulnerabilities in our country's most critical industries. Many recent high-profile breaches have spawned a new wave of regulatory action in the U.S. that will likely expand for the foreseeable future."
Foley & Lardner LLP acted as legal advisor, and DBO Partners acted as financial advisor to Fortress. Goodwin Procter LLP acted as legal advisor, and Goldman Sachs & Co. LLC served as financial advisor to Goldman Sachs Asset Management.
Alex Santos, Fortress CEO and co-founder, said, "The Goldman Sachs investment validates the hard work of our employees and clients who have brought collaborative cybersecurity to life. This growth capital infusion will empower us to accelerate the execution of our vision of resilient supply chains.