Discovery had participated in an undisclosed amount of funding for DivvyCloud in 2016. Most recently, the company had raised $19m in a series B round in May last year, led by Providence Strategic Growth Capital Partners, an affiliate of private equity firm Providence Equity Partners, and also backed by RP Ventures and MissionOG. That funding was used to bolstering the company’s product offering and finance its sales and marketing efforts, as it looked to integrate its product with third-party suppliers.
Founded in 2013, DivvyCloud has developed software that enables organisations to protect their public and private cloud infrastructure from security threats while ensuring regulatory compliance.
The software supports a variety of cloud services like Google Cloud Platform, Microsoft Azure, Amazon Web Services, Alibaba Cloud and Kubernetes. The acquisition will boost the multi-cloud capabilities of Rapid7’s Insight IT analytics platform.
This exit is part of the broader cybersecurity tech space, which has enjoyed much attention from corporate venturers in the past decade. The number of corporate-backed rounds in this space reached a peak in the last two years at 95 rounds, while the total estimated capital in those rounds reached a maximum of $3.15bn in 2019.
