Indianapolis-based cybersecurity vendor Pondurance has received what is being called a “significant” investment from Newlight Partners LP, a private investment firm located in New York.
While terms of the acquisition are not being disclosed, Pondurance says the investment will enable it to add about 50 employees and become a bigger player in the managed detection and response market.
The company intends to use the funding to drive research and development, grow its staff, and broaden its leadership team.
“We had been carefully searching for the right investment deal that would allow our culture and technology to be built upon as a nucleus for fast growth,” said Ron Pelletier, who founded the company 12 years ago. “The fact that NLP discerned us from a multitude of other cybersecurity companies confirms we have something worthy and unique; something our current clients have already taken note of. Still, we are humbled by this endeavor, and we’re excited to replicate our success on a national scale.”
MDR is a service for organizations that lack resources to detect and protect against cyber threats.
Pondurance also announced the appointment of Doug Howard as chief executive officer and Niloofar Razi Howe as chair of Pondurance’s Board of Directors.
The company says its founders and existing leadership team, including Pelletier, Landon Lewis, Dustin Hutchison and Cathy Iacobucci, will remain with the business.
“Pondurance is a deeply trusted cybersecurity services firm that is extremely well poised for growth in a rapidly evolving market as customers address ransomware, compliance and digital transformation,” said Adam Stulberger, partner at Newlight.
The company headquarters will remain in Indianapolis. Stulberger says the investment will allow Pondurance to expand its capabilities and geographic footprint.