ReliaQuest Revenue, Valuation, Funding & Investors
ReliaQuest is valued at $3.4B as of March 2025, a 11.3x multiple on its last reported $300M revenue.
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About ReliaQuest
ReliaQuest is a Tampa-headquartered cybersecurity company offering the GreyMatter SaaS platform for security operations. Founded in 2007, it unifies SIEM, EDR, and cloud data for threat detection and response across AWS, Azure, and Google Cloud. The platform serves enterprises with automated workflows, serving clients in finance and healthcare sectors.
Founded
2007
HQ
Tampa, FLWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$300M (Mar 2025)
Valuation
$3.4B (Mar 2025)
ReliaQuest Valuation
ReliaQuest is currently valued at $3.4B, based on its undisclosed-stage round in March 2025.
The $500M round was led by EQT, FTV Capital and KKR, with participation from Ten Eleven Ventures and Finback Investment Partners.
ReliaQuest valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Mar 2025 | Undisclosed stage | $3.4B | 11.3x |
ReliaQuest Revenue
ReliaQuest's latest recorded revenue is $300M, as of its undisclosed-stage round in March 2025. At a $3.4B valuation, that implies a 11.3x revenue multiple.
ReliaQuest revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Mar 2025 | $300M | $3.4B | 11.3x | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
ReliaQuest Funding History
ReliaQuest has raised a total of $830M across 3 funding rounds.
ReliaQuest's first fundraising round was a $30M undisclosed-stage round in June 2016. The most recent completed round was a $500M undisclosed-stage round in March 2025.
ReliaQuest funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2025 | Undisclosed stage | EQT (lead); FTV Capital (lead); KKR (lead); Ten Eleven Ventures; Finback Investment Partners | $500M | $3.4B | ReliaQuest is a Tampa-based cybersecurity company providing an AI-powered security operations platform called GreyMatter, which integrates with over 200 cybersecurity tools to enable enterprises to detect and respond to threats faster through agentic AI automation, reducing containment time to under five minutes and improving accuracy by 30%. On March 31, 2025, ReliaQuest raised more than $500 million in a growth funding round led by EQT, KKR, and FTV Capital, with participation from Ten Eleven Ventures and Finback Investment Partners, bringing the company's post-money valuation to $3.4 billion. The funds will support innovation in AI-driven cybersecurity automation and international expansion. Goldman Sachs served as financial advisor, with legal counsel from Gibson Dunn, Freshfields, and Piper Sandler. The company has shown strong traction, with Annual Recurring Revenue growing more than fourfold since the 2020 KKR-led round, recently surpassing $300 million, and achieving over 30% year-over-year growth while operating profitably. GreyMatter operates on an open extended detection and response architecture, serving large enterprises and Fortune 1000 customers. This round builds on prior investments, including a $300 million round in August 2020 led by KKR to enhance the GreyMatter platform and expand internationally. ReliaQuest, founded in 2007, reached $100 million ARR by Q3 2021 and now employs over 1,200 people, positioning it to address rising cyberattacks and tool management challenges in security operations. |
| Aug 2020 | Undisclosed stage | KKR (lead); Ten Eleven Ventures; Brian Murphy | $300M | - | ReliaQuest, a Tampa, Florida-based advanced cybersecurity company, provides the GreyMatter platform, a managed service and intelligence platform for global enterprises that enhances visibility across cloud and on-premises technologies to reduce risk and compromises. On August 25, 2020, it raised over $300 million in growth financing led by KKR through its Next Generation Technology Growth Fund II, with participation from Ten Eleven Ventures and founder/CEO Brian Murphy, following a prior $30 million investment from FTV Capital in 2016. The funds are intended to accelerate growth initiatives, including international expansion, platform development, and hiring another 100 employees worldwide in 2020. The company had demonstrated strong traction prior to the round, with revenue growing more than 450% over the past three years, driven by relationships with prominent global brands, and maintaining a 91% employee retention rate, earning recognitions like Fortune Best Workplaces in Technology and Deloitte Technology Fast 500. KKR highlighted ReliaQuest's best-in-class technology, noting their own experience as a customer, and has a track record in cybersecurity investments including Darktrace, KnowBe4, and Cylance. This 2020 round marked a significant milestone after over a decade of bootstrapping, enabling ReliaQuest to scale amid rising cybersecurity demands exacerbated by the pandemic. A subsequent round of over $500 million led by EQT, KKR, and FTV Capital valued the company at $3.4 billion, with ARR surpassing $300 million—more than 4x growth since 2020—and over 30% year-over-year expansion while operating profitably. |
| Jun 2016 | Undisclosed stage | FTV Capital (lead) | $30M | - | ReliaQuest, founded in 2007 and based in Tampa, FL, is a provider of customized co-managed security services, offering tailored solutions to augment organizations' security environments while leveraging existing investments in security professionals and technology. On June 7, 2016, the company secured a $30 million growth equity commitment led by FTV Capital, marking its first institutional capital raise. The proceeds were intended to fuel continued growth and expansion of its technology platform, with FTV partners Kyle Griswold and Liron Gitig joining the board. The investment came amid exploding demand for sophisticated security services and technology, with Gartner estimating the global security outsourcing market at nearly $14 billion in 2015, forecasting 15% annual growth through 2019. ReliaQuest had been recognized by Florida Governor Rick Scott and Tampa Mayor Bob Buckhorn for its rapid growth in cybersecurity and success with top enterprises. FTV Capital, a growth equity firm focused on enterprise technology, selected ReliaQuest due to its potential in the fragmented IT security management market. This 2016 round preceded subsequent financings, including a $300 million growth round from KKR in 2020, where ReliaQuest reported over 450% revenue growth in the prior three years and employed 500 people. Later rounds in 2021 valued the company over $1 billion with ARR surpassing $100 million, and in a recent round exceeding $500 million led by EQT, KKR, and FTV, reaching a $3.4 billion valuation with ARR over $300 million and 30% YoY growth. FTV noted nearly 8x ARR growth since its initial investment, with over 1,000 enterprise customers including Southwest Airlines and Campbell’s, and a 97% retention rate. |
Who has invested in ReliaQuest?
6 investors have backed ReliaQuest across its funding rounds, including KKR, Ten Eleven Ventures, FTV Capital, EQT, Finback Investment Partners and Brian Murphy.
Lead investors include EQT, FTV Capital and KKR.
ReliaQuest Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| New York City, NY | 2 | Lead | Aug 2020 | |
| San Francisco, CA | 2 | Participant | Aug 2020 | |
| San Francisco, CA | 2 | Lead | Jun 2016 | |
 Stockholm | 1 | Lead | Mar 2025 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by ReliaQuest
ReliaQuest has acquired 2 companies to date.
Last acquisition by ReliaQuest was on June 1st 2022. ReliaQuest acquired Digital Shadows for $160M.
Latest Acquisitions by ReliaQuest
| Description | Digital Shadows is a San Francisco-headquartered digital risk management company founded in 2011 that detects data exposure and external threats via its SearchLight platform. The service provides brand protection, attack surface reduction, and remediation guidance, serving clients like Sophos with prioritized security insights across the web and dark web. | Threatcare is a breach and attack simulation platform providing real-time insights and recommendations for cybersecurity program maturity. Headquartered in the United States, the solution automates testing of defenses against MITRE ATT&CK techniques. Threatcare enables continuous validation across networks, endpoints, and cloud infrastructures. |
| HQ Country | | |
| HQ City | San Francisco, CA | Austin, TX |
| Deal Date | 1 Jun 2022 | 2 Oct 2019 |
| Valuation | $160M | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all ReliaQuest acquisitions and their M&A valuation multiples. Start Free Trial | ||
ReliaQuest Competitors
ReliaQuest competitors include listed companies like Red Violet and Octave Intelligence, and private ones like MOV, OneTrust, Exabeam and Devo.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Tokyo | Private | - | - | $3B | - | |
| Atlanta, GA | Private | $400M | - | $4.5B | 11.3x | |
| San Francisco, CA | Private | $100M | - | $2.4B | 24.0x | |
| United States | Private | - | - | $2B | - | |
| United States | Publicly listed | $90M | $24M | $1.2B | 11.7x | |
| United States | Publicly listed | $1.6B | $530M | $5B | 3.3x |
ReliaQuest Public Comps
ReliaQuest is still privately-owned, but its public comps include Geovis, Sportradar, Cellebrite, AvePoint, NetScout Systems, Tenable, Intapp, QiAnXin, Teradata and Clear Secure.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $399M | $44M | 9.8x | 8.4x | 87.8x | - | |||
| $1.5B | $613M | 2.3x | 2.1x | 5.6x | 8.7x | |||
| $476M | $79M | 5.4x | 4.8x | 32.3x | 17.3x | |||
| $419M | $42M | 5.9x | 5.1x | 58.4x | 27.4x | |||
| $859M | $163M | 2.6x | 2.6x | 13.9x | 9.5x | |||
| $999M | $31M | 4.1x | 3.9x | 129.9x | 15.3x | |||
| $578M | ($16M) | 4.6x | 4.5x | (164.3x) | 20.9x | |||
| $655M | ($147M) | 4.6x | 4.5x | (20.4x) | (41.4x) | |||
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Common questions about ReliaQuest
| When was ReliaQuest founded? | ReliaQuest was founded in 2007. |
| Where is ReliaQuest headquartered? | ReliaQuest is headquartered in Tampa, FL, United States. |
| Is ReliaQuest publicly listed? | No, ReliaQuest is a private, VC-backed company. |
| What is ReliaQuest's valuation? | ReliaQuest was last valued at $3.4B in its undisclosed-stage round in March 2025. |
| How much funding has ReliaQuest raised? | ReliaQuest has raised $830M across 3 funding rounds. |
| What was ReliaQuest's last funding round? | ReliaQuest's last funding round was a $500M undisclosed-stage round in March 2025, led by EQT, FTV Capital and KKR. |
| Who are ReliaQuest's investors? | ReliaQuest's investors include KKR, Ten Eleven Ventures, FTV Capital, EQT, Finback Investment Partners and Brian Murphy. |
| What is ReliaQuest's revenue? | ReliaQuest's latest recorded revenue is $300M (March 2025). |
| What is ReliaQuest's revenue multiple? | ReliaQuest's latest valuation implies a 11.3x revenue multiple ($3.4B valuation on $300M of revenue). |
| Which companies are comparable to ReliaQuest? | Companies comparable to ReliaQuest include MOV, OneTrust, Exabeam, Devo, Red Violet and Octave Intelligence. |
| How many companies has ReliaQuest acquired? | ReliaQuest has acquired 2 companies, including Digital Shadows and Threatcare. |
| What was the largest acquisition by ReliaQuest? | The $160M acquisition of Digital Shadows in June 2022 is the largest acquisition ReliaQuest has made to date. |
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