Cybersecurity response company RADAR spins out of ID Experts, raises .2M
The new company, also based in Portland, on Tuesday also announced a $ 6.2 million funding round. RADAR helps protect clients in industries like insurance and finance against privacy breaches, while also ensuring that they are compliant with government regulations around reporting breach incidents.
ID Experts launched in 2003 and develops software to help companies manage data breaches and cyber risks. It debuted the original RADAR product in 2014, led by inventor Mahmood Sher-Jan, who will be CEO of the spinout.
ID Experts went through an ownership shuffle last week after a private equity deal that poured more cash into its business. The spinout of 30-person RADAR from ID Experts was always in the works, The Oregonian reported.
Investors in RADAR include many of the same folks who backed ID Experts.
“RADAR is solving a significant compliance problem facing companies that suffer privacy and security incidents and struggle with determining whether those incidents are notifiable under complex state and federal breach laws,” Kevin Padrick, formerly chairman of ID Experts’ board and now chairman of RADAR’s board, said in a statement. “This is an underserved market that is hungry for the innovation, guidance, and efficiency that RADAR provides. The company is well positioned to maximize the opportunities ahead.”
Editor’s note: This story was updated to reflect RADAR announcing its decision to spin out of ID Experts, and Padrick’s departure from the ID Experts board.
Startups – GeekWire http://www.geekwire.com/2016/cybersecurity-response-company-radar-spins-id-experts-raises-6-2m/