![]() Convertible debt is an investment vehicle where a company raises money with the option of later paying it back as a loan or converting it to equity. The company raised $401 million in convertible debt in October. Owl Rock and Viking Global Investors assisted them in this financing round. At that time, the company was valued at $4.3 billion. In July 2021, the company raised $150 million in series F funding. Photo provided courtesy of Arctic Wolf A well-capitalized operationĪrctic Wolf is still privately held and has successfully raised investment capital. Inside Arctic Wolf’s Eden Prairie headquarters. ![]() Arctic Wolf is also nurturing a number of university partnerships. Arctic Wolf has hired a number of ex-military people and sees that as a good recruitment source. The company is flexible regarding remote employees and believes there is value in remote and in-office work. Currently, the company has 500 employees in Eden Prairie and plans to hire at least 100 additional employees in Eden Prairie in the next 12 months. In the last 12 months, Arctic Wolf’s employee count has gone from 900 to 2,000. Not only was the available talent here in Minnesota, but Minnesota has the best talent available. It is a little more affordable to do business here as opposed to Silicon Valley, but the market of human technology capital is a global one. Larson was quick to point out that the decision did not have much to do with saving costs. There is a substantial pool of technical talent available here in Minnesota. Larson grew up in Avon, Minnesota, and attended the University of Wisconsin at Madison. Arctic CEO Nick Schneider and several management team members worked for a couple of very successful Minnesota technology companies, Compellent and Code 42 Software. This is known to many as the “Silicon Prairie” story.Īccording to Larson, the company leadership team has strong Minnesota ties and believed they could run a world-class technology-based cybersecurity company here. There is a long tradition of engineering-based technology companies in Minnesota. Headquarters move to Eden PrairieĪrctic Wolf moved its headquarters from Silicon Valley to Eden Prairie (at 8939 Columbine Road) in 2020 for many reasons. ![]() Recently Arctic Wolf acquired TEHTRIS, a Madison, Wisconsin, company that expands its ability to help companies recover from a cyberattack. It has added new services like vulnerability management and security awareness training. The company’s core product is managed detection and response. ![]() It is a subscription-based business model with a minimum annual contract size of $20,000 per year up to multi-million dollar contracts with multinational corporations. In that way, it could be the rising cybersecurity tide that lifts all ships.Īrctic Wolf serves many organizations, from small businesses to multinational corporations. Unfortunately for the rest of us, this attracted new criminal talent, and everyone became a potential target.Īrctic Wolf was founded on the idea of building and then scaling the best data security center in the world to make it affordable to smaller organizations, thus providing quality cybersecurity services available to many. But in the last two decades, cybercrime has become a profitable criminal enterprise. Larson said only large organizations were the targets of cyber attackers until about 20 years ago. “But setting up one of these on your own takes 20 people, millions of dollars, and without it you are basically bringing a knife to a gunfight against modern cybersecurity attackers.” “What most companies really need is a full blown 24-by-7 security operations center,” he said. There are thousands of cybersecurity products and services. Image provided courtesy of Gerd Altman and Pixabay Arctic Wolf takes a new approach to cybersecurityĪccording to Larson, the company was founded on the idea that most organizations cannot afford to provide themselves with adequate protection against cyber threats. ![]()
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