zentilia - Fotolia
Managed detection and response provider Huntress Labs has taken a step forward in its aggressive growth strategy by acquiring technology from startup Level Effect.
Huntress recently purchased Level Effect's endpoint detection and response (EDR) technology, which Huntress will integrate into its security platform for MSPs and IT departments. The enhanced Huntress security platform will provide MSPs with expanded visibility into their clients' systems and improve their ability to identify and remediate problems that sneak through enterprise security perimeters, the company said.
Founded in 2015, Huntress focuses on discovering and stopping cyberthreats, such as persistent footholds and ransomware, that breach network defenses. The company's forensic service monitors end-user devices for malware and remediates issues.
Level Effect's Recon EDR technology adds network traffic services to the Huntress security portfolio. Recon places agent software on enterprise devices to detect payload downloads, lateral movement and other attack signals. "We had good insight into end devices but did not have visibility into what was happening on the network," Huntress CEO Kyle Hanslovan said.
Huntress will integrate Recon into its security platform incrementally, he said. The company expects the integration to be completed by the third quarter of 2021.
Kyle HanslovanCEO, Huntress
Huntress' progress in the security market
Huntress, which sells exclusively through channel partners, has grown its market presence over the past year. In 2020, the company increased its staff from 20 to 70 people. Huntress also made investments that resulted in its customer base growing from 20,000 to 30,000 customers and channel partner base from 1,000 to 1,700 partners, Hanslovan said.
Level Effect, founded by Greg Ake and Robert Noeth, has been in business for three years. The company has a handful of employees and relied on word-of-mouth to generate leads. Both Huntress and Level Effects target the government sector, which is where their paths had crossed.
In addition to the Recon technology acquired by Huntress, Level Effect provides training services for cybersecurity professionals. The company will continue to offer its training independently of Huntress.
Ake and Noeth will take management positions with Huntress in the coming months.
Preparing for an IPO
Huntress is on an aggressive growth path. "We want to eventually conduct an IPO and plan to double our revenue annually," Hanslovan said.
Hanslovan added more acquisitions are on the horizon and that Huntress will prioritize expanding its partner base. "Until now, we have been focused on MSPs whose clients have 250 or fewer employees," he said. "Moving forward, we want to expand to established VARs and systems integrators, those selling to enterprises with 1,000 or more employees."