Arctic Wolf is set to more than triple its valuation in mere months following yet another financing round from Viking Global Investors, according to Bloomberg.
The Eden Prairie, Minn.-based security operations vendor is in talks to raise financing at a valuation of more than $4 billion, Bloomberg reported late Friday, citing people familiar with the matter. The investment is expected to be led by Greenwich, Conn.-based hedge fund Viking Global, which also led Arctic Wolf’s $200 million October 2020 Series E funding round that valued the company at $1.3 billion.
Arctic Wolf declined to comment to CRN. Viking Global declined to comment to Bloomberg, and didn’t immediately respond to CRN requests for comment.
[Related: Arctic Wolf Hires Channel Veteran Bob Skelley As New Channel Chief]
The company was founded in 2012, employs 851 people, and has to date raised $348.2 million in six rounds of outside funding, according to LinkedIn and Crunchbase. Arctic Wolf’s headcount has increased by 78 percent over the past year from just 478 employees in June 2020, with the most aggressive hiring taking place in the company’s information technology and support departments, LinkedIn found.
Arctic Wolf works as an extension of an organization’s internal security team to provide around-the-clock monitoring, detection and response, and ongoing risk management to proactively protect systems and data. The company’s October 2020 funding round was intended to help the company acquire new channel partners and build a stronger international presence.
Also in October, Arctic Wolf relocated its headquarters from Sunnyvale, Calif. to the southwestern suburbs of the Minneapolis-St. Paul metropolitan area, where it already had a large presence. “The business environment, specifically the talent pool, in Minneapolis-St. Paul is more favorable than in California,” Arctic Wolf Chief Revenue Officer Nick Schneider told CRN at the time.
The company in November hired Bob Skelley as global channel chief to develop Arctic Wolf’s partner ecosystem and international distribution strategy. Skelley had most recently served as CEO of CRN parent The Channel Company. Skelley’s hire came 18 months after Arctic Wolf adopted a 100 percent channel sales model and brought on hundreds of security-minded and cloud-focused resale partners.
Since adopting a channel-exclusive selling motion, Arctic Wolf has seen 282 percent growth in channel partners, according to Skelley’s CRN 2021 Channel Chiefs profile. The company also enjoyed 106 percent growth in subscription revenue in 2021 as well as 300 percent growth in customers purchasing multiple offering, according to Skelley’s Channel Chiefs profile.
Arctic Wolf this week announced enhancements to its partner program that double down on top-performing solution providers while outlining a clear path to growth for channel partners of all sizes. Entry-level authorized partners can establish a relationship with Arctic Wolf by taking advantage of foundational benefits that foster learning and development, enable growth, and fuel demand.
And top-of-the-line Wolf Pack partners will now be able to take advantage of a named channel account management team, access to executive leadership, quarterly business reviews, invitations to exclusive training summits, priority access to marketing support, and concierge demand programs, according to Arctic Wolf.
Arctic Wolf was ranked by Deloitte last year as the 104th fastest-growing technology company in North America, with a 1,131 percent increase in revenue over a three-year period.
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