Expanse Acquisition, Valuation, Funding & Investors

Expanse was acquired by MidCentral Energy Services in January 2026.

Expanse acquisition price

Undisclosed

Acquired by MidCentral Energy Services · Jan 2026

Cumulative funding Expanse raised

$136M

across 4 funding rounds

Key investors in Expanse

  • Founders Fund
  • New Enterprise Associates
  • Susa Ventures
  • TPG
  • IVP
  • Oreilly AlphaTech Ventures
  • Knoll Ventures
  • Employee Stock Option Fund

Expanse Overview

About Expanse

Expanse is a San Francisco-headquartered cybersecurity firm founded in 2012 that maps organizations' global internet attack surfaces by tracking internet-connected assets. Security teams use its platform to discover shadow IT, unmanaged devices, and vulnerabilities exposed online. The service monitors over 400 million internet- and cloud-connected assets across more than 10 percent of the global internet for Fortune 500 companies and government agencies. Acquired by Salesforce in 2020, Expanse employs passive internet-scale data collection and machine learning analysis to prioritize risks and prevent breaches.


Founded

2012

HQ

United StatesSan Francisco, CA

Website

expanse.co

Status

Acquired

Customer focus

B2B & B2G

Revenue model

Subscription

Expanse Acquisition

Expanse was acquired by MidCentral Energy Services for an undisclosed price on 12 January 2026.

Before the acquisition Expanse had raised $136M across 4 funding rounds.

Expanse acquisition details
AcquirerDateType
  • MidCentral Energy Services
12 Jan 2026Strategic M&A

Expanse Funding History

Expanse has raised a total of $136M across 4 funding rounds.

Expanse's first fundraising round was a $6M seed round in August 2015. The most recent completed round was a $70M Series C in April 2019.

Expanse funding rounds

Expanse funding rounds
DateStageInvestorsRaisedDeal Summary
Apr 2019Series CTPG (lead); IVP; Friends & Family Capital; Samuel Palmisano; Taylor Glover; New Enterprise Associates; Arianna Huffington; Founders Fund; Employee Stock Option Fund$70MExpanse, an internet information technology operations management platform founded in 2012, announced a $70 million Series C funding round led by TPG Growth on April 9, 2019. The round included participation from returning investors NEA, IVP, Founders Fund, and MSD Capital, as well as individual investors including Arianna Huffington, Peter Thiel, Egon Durban, Taylor Glover, and Sam Palmisano. This funding brought Expanse's total raised to more than $135 million. The company's flagship products, Edge Expander and Edge Behavior, help IT operations and security teams discover, manage, and secure global internet assets by indexing everything connected to the public internet and monitoring for real-time infrastructure changes. Expanse had demonstrated rapid growth, with over $100 million in federal contracts across U.S. military services and departments including Defense, Energy, and State. The customer base comprised more than 10 percent of the routable internet and included Fortune 500 companies such as CVS/Aetna, PayPal, Capital One, Allergan, and Hudson's Bay Company. The company reported tripling sales year-over-year since the launch of its Expander product and had more than 10 customers with $1 million-plus contracts, achieving a 22-month trajectory from $1 million to $10 million in annual recurring revenue comparable to Box's early growth. Expanse planned to deploy the Series C funding to accelerate go-to-market strategy and international expansion into markets beyond its existing presence in the United Kingdom, Canada, Australia, and Japan.
Aug 2017Series BIVP (lead); Susa Ventures; New Enterprise Associates; Founders Fund; TPG$40M-
Jun 2016Series ANew Enterprise Associates (lead); Susa Ventures; Andrew Schoen; Oreilly AlphaTech Ventures; Quadrille Capital; Knoll Ventures; Founders Fund; TechOperators Venture Capital$20MExpanse is a cybersecurity company focused on cloud security and attack surface management, which raised a total of $135.97M across 6 funding rounds from 17 investors before being acquired by Palo Alto Networks on November 11, 2020. The specified Series A round around May/June 2016 was led by New Enterprise Associates with participation from Founders Fund and others including Knoll Ventures, Oreilly AlphaTech Ventures, Quadrille Capital, Susa Ventures, TechOperators Venture Capital, and angel investor Andrew Schoen.
Aug 2015SeedFounders Fund (lead); Don Beall; Susa Ventures; Oreilly AlphaTech Ventures; Knoll Ventures; Dick Fredericks; Glenn S. Schafer; Trae Stephens$6M-

Who has invested in Expanse?

19 investors have backed Expanse across its funding rounds, including Founders Fund, New Enterprise Associates, Susa Ventures, TPG, IVP and Oreilly AlphaTech Ventures.

Lead investors include TPG, IVP, New Enterprise Associates and Founders Fund.


Expanse Investors

Investors in Expanse by funding rounds participated
InvestorHQRoundsRoleFirst check
Founders FundUnited StatesSan Francisco, CA4LeadAug 2015
Susa VenturesUnited StatesSan Francisco, CA3ParticipantAug 2015
New Enterprise AssociatesUnited StatesSan Francisco, CA3LeadJun 2016
IVPUnited StatesSan Francisco, CA2LeadAug 2017
Oreilly AlphaTech VenturesUnited StatesSan Francisco, CA2ParticipantAug 2015
Knoll VenturesUnited StatesAtlanta, GA2ParticipantAug 2015
TPGUnited StatesSan Francisco, CA2LeadAug 2017
Don BeallUnited StatesCedar Rapids, IA1ParticipantAug 2015
Friends & Family CapitalUnited StatesSan Francisco, CA1ParticipantApr 2019
Samuel PalmisanoUnited StatesNew Alexandria, PA1ParticipantApr 2019
Taylor GloverUnited StatesDetroit, MI1ParticipantApr 2019
Andrew SchoenUnited StatesNew York City, NY1ParticipantJun 2016
Arianna HuffingtonUnited StatesNew York City, NY1ParticipantApr 2019

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Expanse Competitors

Expanse competitors include listed companies like Red Violet and Beijing CTJ Info Tech, and private ones like CyCognito, 7AI, TENEX.AI and SecurityScorecard.

Public and private companies comparable to Expanse
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
CyCognitoUnited StatesUnited StatesPrivate--$800M-
7AIUnited StatesUnited StatesPrivate--$700M-
TENEX.AIUnited StatesSarasota, FLPrivate$43M-$1B23.3x
SecurityScorecardUnited StatesNew York City, NYPrivate--$900M-
Red VioletUnited StatesUnited StatesPublicly listed$90M$24M$1.2B11.7x
Beijing CTJ Info TechChinaChinaPublicly listed$123M$13M$904M4.9x

Expanse Public Comps

Expanse is no longer listed, but its public comps include Asiainfo Security, Mitek Systems, Riskified, Rapid7, Yubico, WingArc1st, CANCOM, Similarweb, Beijing Join-Cheer and Beijing CTJ Info Tech.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Asiainfo Security$1.2B($11M)1.2x1.1x(126.2x)339.7x
Mitek Systems$180M$37M4.1x3.7x19.9x11.2x
Riskified$345M($31M)1.8x1.6x(20.3x)19.0x
Rapid7$860M$63M1.3x1.3x17.4x6.8x
Yubico$226M$19M3.3x3.2x39.7x25.6x
WingArc1st$199M$70M3.5x3.3x10.0x10.5x
CANCOM$2B$118M0.4x0.4x6.3x5.7x
Similarweb$283M($15M)2.5x2.3x(48.6x)26.2x

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Common questions about Expanse

When was Expanse founded?Expanse was founded in 2012.
Where is Expanse headquartered?Expanse is headquartered in San Francisco, CA, United States.
Is Expanse publicly listed?No, Expanse was acquired by MidCentral Energy Services in January 2026.
Who acquired Expanse?Expanse was acquired by MidCentral Energy Services in January 2026.
How much funding has Expanse raised?Expanse has raised $136M across 4 funding rounds.
What was Expanse's last funding round?Expanse's last funding round was a $70M Series C in April 2019, led by TPG.
Who are Expanse's investors?Expanse's investors include Founders Fund, Susa Ventures, New Enterprise Associates, IVP, Oreilly AlphaTech Ventures, Knoll Ventures, TPG, Don Beall, Friends & Family Capital, Samuel Palmisano and 9 others.
Which companies are comparable to Expanse?Companies comparable to Expanse include CyCognito, 7AI, TENEX.AI, SecurityScorecard, Red Violet and Beijing CTJ Info Tech.

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