TENTACLE CLOSES FUNDING AND CELEBRATES ONE YEAR POST-LAUNCH OF INDUSTRY-LEADING INFORMATION SECURITY PLATFORM
Innovative platform has quickly gained traction with over 225 unique organizations across the globe and continues to grow rapidly.
June 1, 2022 - Plano, Texas - Tentacle, an information security management platform that helps organizations develop and improve their security posture, appropriately communicate relevant security program data to key stakeholders, and manage partner and vendor risks, announces the closing of an investment by PSG, a growth equity firm partnering with software and technology-enabled services companies to help accelerate their growth. The Tentacle application has now been live in the market for 12-months, attracting more than 225 organizations globally, and continues to rapidly expand its functional offering with solutions that are addressing key pain points that exist within the area of Information and Cyber Security.
“In the past 24 months, we’ve taken Tentacle from an idea sketched out on a PowerPoint deck to a valuable enterprise application that is able to solve real problems—and in my belief—has the opportunity to substantially improve the way in which businesses approach security of their operations, from both the inside and out” stated Matt Combs, Founder and CEO of Tentacle.
The Tentacle platform is now utilized by enterprises across more than a dozen industry verticals, government agencies, as well as information security and cybersecurity consultants and auditors. The platform is designed to improve the security and overall effectiveness of InfoSec programs for organizations at all stages, whether they are just beginning their InfoSec journey or looking to modernize their current approach.
Tentacle is also announcing the following new improvements:
- Standardized Pricing - Updated tiers and pricing for Tentacle’s subscription that simplify each offering and provide key benefits to upgrading from each tier.
- Security Risk Ratings - An overall measurement that considers both the Operational Risk and Threat Profile of an InfoSec program.
- Shared Project Summary - Project summaries allow users to communicate the general security posture of their security programs with a click of a button.
- Security Risk Assessments - Security risk assessments streamline processes for all parties with timesaving features and central management.
- Enhanced Project Profile - A streamlined approach allowing an enterprise/project to share critical, non-control related information with an assessor to support a review/assessment.
- Integration of HIPAA Framework - Organizations in the healthcare industry can now map their security program to discover if they meet the standard for sensitive patient data protection.
“We are excited to continue to invest in Tentacle and have been impressed with the work the team is doing. The rate at which they are developing the technology and responding to the industry needs is very impressive,” commented Peter Troost, Managing Director at PSG. “With their current momentum and established ability to execute, we’re looking forward to seeing the company look to grow its market leadership position over the next 12 months.”
Both PSG and Matt Combs have been working together since 2017 when PSG invested in Matt’s last venture, YourCause (acquired by Blackbaud in 2019). Combs experienced the difficulties of managing an InfoSec program firsthand and is now dedicated to seeking to deploy more efficient, effective and secure methods to tackle proper information security.
According to a recent study by TechBeacon, 29% of organizations have zero visibility over third-party security risks and 32% perform risk assessments once every 6-months or less frequently. This has led to an increase in third-party data breaches, which negatively affect all parties involved. That is why a pillar of Tentacle’s mission is to enable ongoing connectivity between vendors and partners to keep all parties secure. This transparency will build trust between both parties and is achieved through Tentacle Connections. Tentacle Connections are aimed at creating an entirely new pathway for sharing and assessing information security programs. This feature transforms an organization's ability to give and receive ongoing, real-time program information—replacing the time-bound constraints of spreadsheet ‘snapshots’.
“Although I am enthusiastic about the growth we have had over the past 12-months, what really motivates me is how our thesis continues to apply—daily—as we speak with the enterprise subscribers on our platform,” continues Combs. “The problem is real. Companies overwhelmingly acknowledge that a solution is overdue. Now, it’s about working with our subscribers to finally change the existing ways in which the industry conducts InfoSec assessments.”
To learn more about Tentacle: https://vimeo.com/511181252/65186f5fdf
Tentacle is a SaaS information security platform located in Plano, TX. The company has developed a configurable data management tool that helps organizations to improve their information security programs and overall security posture. The core Tentacle product allows enterprises of all sizes to manage critical details related to their internal security posture, track and monitor similar information for their partners and vendors, centralize the storage and management of program-related documentation, increase overall connectivity with key partners, establish multiple internal projects for tracking independent security requirements, and continually benchmark critical activities against today’s top industry frameworks governing the information security space. For more information: www.Tentacle.co
PSG is a growth equity firm that partners with software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 100 companies and facilitated over 400 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City, London, Paris, Madrid and Tel-Aviv. To learn more about PSG, visit www.psgequity.com.