Haystax Technology, a leading security analytics platform provider, today announced a strategic investment by Fishtech as part of a new partnership to expand the company’s product offerings into new commercial markets such as financial services and healthcare. This funding will bolster Haystax Technology’s sales and marketing efforts, including the development of a channel partner program to extend customer reach beyond the company’s roots in homeland security and public safety.
As part of this investment and partnership, Haystax Technology will benefit from Fishtech’s decades of relevant industry expertise. Fishtech will also add Constellation, Haystax Technology’s flagship security analytics platform, to its portfolio of best-in-class, next-generation security solutions that deliver operational efficiencies and improved security posture to organizations as they ramp up their digital transformations. Fishtech CEO and Founder Gary Fish and Gregg Martin, Vice President of Enterprise Architecture, Fishtech, will join Haystax Technology’s Board of Directors.
“Security analytics is an emerging growth market right now, and it’s significant that Fishtech sees far-reaching value in our platform and its patented model-first approach,” said Bryan Ware, CEO of Haystax Technology. “With this new funding and partnership we will be equipped to further expand our high-profile customer presence and enhance our product development.”
Haystax Technology offers a holistic security analytics platform for managing cyber and physical risk, helping customers stop cyber criminals and eliminate threats before they can damage a business, organization or community.
“We want to enable organizations to embrace the benefits of digital transformation through next-generation security solutions,” said Fish. “Haystax Technology is one of our best-of-breed partners that will help us reach this vision while leading the security analytics market into a new phase of multi-billion-dollar growth.”
Fishtech anticipates bundling Haystax’s solutions with other complementary solutions to reach existing customers, as well as helping to develop and build a scalable channel sales program to reach additional customers.
“Haystax Technology’s security analytics platform originated from the company’s work with the defense and intelligence communities,” said Gen. Peter Pace (USMC, Ret.), former Chairman of the US Joint Chiefs of Staff and Chairman of the Board, Haystax Holdings. “Today, Constellation supports our nation’s largest insider threat program, proving it is a platform that scales to new challenges and domains as they arise in today’s world of increasingly complex and sophisticated cyberthreats.”
Haystax’s patented risk management technology has proven to be highly scalable across several solutions, giving decision makers the actionable intelligence they need to mitigate insider threats and ensure public safety. Based on feedback from Haystax’s existing customer base, Fishtech expects that Haystax will be able to apply this scalability to new, high-growth technology markets.
One customer, National Australia Bank (NAB), has always been at the forefront of research to ensure the security of the bank and their customers, including the use of big data technologies to identify malware and fraud. NAB’s Head of Security Governance Nick Scott said, “To extend our leadership position, we collaborated with Haystax Technology this year to test Haystax’s technology in relation to real-time malware identification. Their security analytics platform is allowing us to move to a more dynamic and predictive risk posture.”
According to Haystax, 2016 was a significant growth year for its security analytics platform solutions, and with the Fishtech partnership and investment, the company expects 2017 to be a year of more rapid market expansion.
“We believe Fishtech is a great investor and partner for Haystax because they are bringing their expertise and commitment to offer next-generation security solutions to counteract cyberattacks and crimes,” said Jeffrey Frient, Partner, Edgewater Funds. “This can only serve to broaden Haystax’s market expansion in this new emerging security analytics platform space, which is ripe for opportunity.”