Fortune and Lightspeed Ventures compiled the list based on market data, revenue growth, and business operation information
Press releases · Cole Finch
Herndon, VA, December 14, 2023 – Expel, the security operations provider that aims to make security easy to understand, use, and improve, today announced it’s been included on the inaugural Fortune Cyber 60 list, which compiles the most important venture-backed startups that offer enterprise-grade cybersecurity solutions and have not had an IPO, acquisition, or other significant exit event. Expel is included in the most advanced Growth-Stage Company section of the list.
“We’re honored to be recognized on this list for the important work we’re doing charting the future of our industry,” said Dave Merkel, CEO and co-founder of Expel. “We enthusiastically embrace the responsibility this list represents, and are focused on growing and helping more organizations transform their security operations to get the business outcomes they need to succeed.”
Fortune stated: “Ask any CEO about the biggest risks to their business, and cybersecurity is sure to be near the top of the list. The chilling worst-case scenarios are in the headlines on any given day: ransomware attacks that shut down hospitals and schools; private customer information stolen by cybercriminals and sold on the dark web; internal company emails grabbed in a data breach and published online. It’s no wonder that demand for cybersecurity services is booming.” Fortune continued, “Fortune teamed up with Lightspeed Venture Partners to identify the fastest-growing startups in this critical field.”
The spot on the Fortune Cyber 60 list is the most recent accolade Expel has achieved in 2023. In May, Expel was named a Leader in The Forrester Wave™: Managed Detection and Response, Q2 2023. Expel had the highest number of five out of five scores (“superior relative to others in this evaluation”) in 16 out of 21 criteria in the current offering and strategy categories. Among other criteria, Expel 5/5 scores were in the product vision, planned enhancements, market approach, and metrics.
Expel’s other achievements include:
- Ranking as one of the fastest-growing companies in North America on the 2023 Deloitte Technology Fast 500™ for the third consecutive year.
- Entering into a strategic partnership with Visa to help the digital payment leader’s clients manage cybersecurity risk.
- Earning a spot on CRN’s annual Security 100 list as one of the 20 Coolest Endpoint And Managed Security Companies Of 2023.
- Being named to five 2023 Best Workplaces lists by Great Place to Work®
To compile the Fortune Cyber 60 list, Lightspeed Venture Partners surveyed over 300 cybersecurity startups based on market data provided by Pitchbook. Lightspeed requested data regarding revenue and current and prior year growth rates, and sorted the companies that responded according to their annual recurring revenue (ARR), followed by growth rate, and prior year growth rate as tiebreakers. Lightspeed reviewed the responses for Fortune Cyber 60 eligibility by validating the accuracy of the self-reported data, along with reviewing the business operations of the company.
The companies in the Fortune Cyber 60 offer a broad range of tools and services, from threat detection and identification management to disaster recovery and compliance with regulations. Some have been around for nearly a decade, while others only recently celebrated their first birthdays, but their products have earned the trust of major customers and investors.
Expel helps companies of all shapes and sizes minimize business risk. Our technology and people work together to make sense of security signals—with your business in mind—to detect, understand, and fix issues fast. Powered by our security operations platform, Expel offers managed detection and response (MDR), remediation, phishing, vulnerability prioritization, and threat hunting. For more information, visit our website, check out our blog, or follow us on LinkedIn.
Matter Communications on behalf of Expel
Harvard on behalf of Expel