BitSight Technologies, Inc. is a cybersecurity ratings company that analyzes companies, government agencies, and educational institutions. It is based in

Back Bay, Boston Back Bay is an officially recognized neighborhood of Boston, Massachusetts, built on reclaimed land in the Charles River basin. Construction began in 1859, as the demand for luxury housing exceeded the availability in the city at the time, and ...

. Security ratings that are delivered by BitSight are used by banks and insurance companies among other organizations. The company rates more than 200,000 organizations with respect to their cybersecurity.

History

BitSight was founded in 2011 by Nagarjuna Venna and Stephen Boyer and currently has both United States-based and international employees. In 2016, BitSight raised US$40 million in funding in the month of September. In 2014, BitSight acquired AnubisNetworks, a Portugal-based cybersecurity firm that tracks real-time data threats. By September 2016, BitSight had raised $40 million in a Series C round led by

GGV Capital GGV Capital was an American venture capital firm. The firm was established in 2000 and was headquartered in Menlo Park, California. Formerly known as Granite Global Ventures, the firm had become one of the most active American investors in the C ...

, with participation from Flybridge Capital Partners, Globespan Capital Partners, Menlo Ventures, Shaun McConnon, and the VC divisions of Comcast Ventures, Liberty Global Ventures, and Singtel Innov8. Shaun McConnon stepped down as the CEO of BitSight in July 2017 but remains the executive chairman of the board. The CEO position was filled by Tom Turner in 2017, and then by Stephen Harvey in 2020. In June 2018, BitSight closed $60 million in Series D funding, bringing the company's total funding to $155 million. BitSight's Series D financing was led by Warburg Pincus, with participation from existing investors Menlo Ventures,

and Singtel Innov8. In 2018, the company was located in

Cambridge Cambridge ( ) is a List of cities in the United Kingdom, city and non-metropolitan district in the county of Cambridgeshire, England. It is the county town of Cambridgeshire and is located on the River Cam, north of London. As of the 2021 Unit ...

but purchased property in order to shift to

Back Bay Back Bay is an officially recognized Neighborhoods in Boston, neighborhood of Boston, Massachusetts, built on Land reclamation, reclaimed land in the Charles River basin. Construction began in 1859, as the demand for luxury housing exceeded the ...

, where BitSight is currently located. ''

Forbes ''Forbes'' () is an American business magazine founded by B. C. Forbes in 1917. It has been owned by the Hong Kong–based investment group Integrated Whale Media Investments since 2014. Its chairman and editor-in-chief is Steve Forbes. The co ...

'' has estimated BitSight's revenue as being $100 million as of 2018. In 2021, BitSight acquired VisibleRisk, a cyber risk assessment startup company and received a $250 million investment from

Moody's Corporation Moody's Corporation is an American business and financial services company. It is the holding company for Moody's Ratings (previously known as Moody's Investors Service), an American credit rating agency, and Moody's (previously known as Moody ...

. In 2023, BitSight partnered with

Schneider Electric Schneider Electric SE is a French multinational corporation that specializes in digital automation and energy management. Registered as a Societas Europaea, Schneider Electric is a ''Fortune'' Global 500 company, publicly traded on the Euronex ...

to develop a new way to quantify operational technology risk. In 2024, Bitsight acquired Cybersixgill, a real-time cyber threat intelligence company.

Services

Organizations purchase BitSight's services in order to understand "security risks associated with sharing sensitive data with business partners." As of 2018, BitSight serves clients, including

Lowe's Lowe's Companies, Inc. ( ) is an American retail company specializing in home improvement. Headquartered in Mooresville, North Carolina, the company operates a chain of retail stores in the United States. As of October 28, 2022, Lowe's and i ...

AIG American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. As of 2023, AIG employed 25,200 people. The company operates through three core ...

, and

Safeway Safeway, Inc. is an American supermarket chain. The chain provides grocery items, food and general merchandise and a variety of specialty departments, such as bakery, delicatessen, floral and pharmacy, as well as Starbucks coffee shops, and veh ...

. BitSight assembles models that produce company ratings, which are based on a scale that enables insurers to rule on the ability of businesses to receive coverage. It produces ratings for 200,000 organizations as of 2020. With respect to its services, Amy Feldman of ''

'' wrote that "Customers pay on a subscription basis with annual fees ranging from a few thousand dollars to analyze a single company to more than $1 million to review thousands of suppliers." Similar to a credit score, BitSight's ratings range from 250 to 900.

References

External links

*{{Official website, https://www.bitsight.com/ Back Bay, Boston Companies based in Boston Computer network security Privately held companies based in Massachusetts 2011 establishments in the United States Warburg Pincus companies