9/5/2023 0 Comments Transmit security funding![]() Transmit plans to use to proceeds to expand beyond the basics of a channel team and release a formal partner program, said Loonkar, who declined to disclose how many solution providers the company currently works with. ![]() Solution providers today account for 40 percent of Transmit’s sales, with financial services organizations based in North America contributing much of the company’s direct business, according to Loonkar. The company’s executive and director-level hires will be weighted toward Transmit’s go-to-market organization to support channel and international expansion, Loonkar said. Transmit works with big financial institutions like MassMutual, Citibank, UBS, Santander, JPMorgan Chase, and TIAA. The company was founded in 2014, and emerged from stealth in January 2017 with $40 million of self-financing. Transmit expects for the first time to have $100 million of annual recurring revenue (ARR) this year, and would like to eventually hit the $500 million ARR mark, according to Loonkar. “The markets really reward growth rates they don’t really reward being profitable.” “It comes down to simple demand,” Loonkar told CRN. ![]() The round was led by Insight Partners and General Atlantic, which both have experience supporting more mature companies. The Tel Aviv and Boston-based identity vendor plans to take advantage of its record-setting $543 million Series A funding to double its 240-person headcount by aggressively expanding its sales, marketing, services, and development teams, said Co-Founder and President Rakesh Loonkar. Transmit Security has notched a $2.2 billion valuation and plans to double its headcount over the next year to drive more adoption of passwordless technology. ![]()
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