SPHERE Technology Solutions (SPHERE), a leader in identity hygiene, announced a $31 million Series B investment led by Edison Partners, a Princeton-based leading growth equity firm, with participation from existing investor Forgepoint Capital. As part of the transaction, Edison General Partner Lenard Marcus will join SPHERE’s board of directors.
As cyberattacks escalate in number and severity, Identity Hygiene has become foundational to enterprise security, digital transformation and mandatory compliance. The increasing needs around ensuring identities have access to only the required resources has been in direct response to the rise in ransomware attacks and bad actors who take advantage of wide open and mismanaged access.
SPHERE shrinks the attack surface of these threats through an automated platform that provides visibility and remediation of identity hygiene risks along with tech-enabled managed services, delivering expertise to accelerate these crucial programs. With this investment, SPHERE will expand its SaaS offering, channel ecosystem and alliances, and sales and marketing to accelerate growth.
“As a company founded and operated by a team of security practitioners, we developed a mission-critical solution well before the market even deemed it mission-critical,” said Rita Gurevich, founder and CEO of SPHERE. “We’ve experienced the problems that our customers encounter firsthand, and understand the time, dedication, and resources it takes to solve the complex issues they face every day.”
For more than 13 years, SPHERE has enabled IT and security teams to adopt a zero-trust model by finding and fixing identity access issues across any resource. The platform SPHEREboard provides an end-to-end workflow for end-user and privileged account controls, across cloud and on-premises systems and infrastructure, remediates open, excessive and inappropriate access, and provides an evergreen path for sustainability.
For more information, please visit www.SPHEREco.com.
