Tag: women-owned

Newark-based SPHERE Technology Solutions announced a $31 million Series B investment Nov. 30 led by Edison Partners with participation from existing investor Forgepoint Capital.

SPHERE is a leader in identity hygiene, which has become foundational to enterprise security, digital transformation and mandatory compliance amid an escalation in cyberattacks.

The woman-owned company uses an automated platform to help shrink the potential attack surface. Its customers are some of the largest and most highly regulated organizations globally.

The new contribution will accelerate growth and expansion of SPHERE’s SaaS identity hygiene platform.

“As a company founded and operated by a team of security practitioners, we developed a mission-critical solution well before the market even deemed it mission-critical,” said Rita Gurevich, founder and CEO of SPHERE. “We’ve experienced the programs that our customers encounter firsthand, and understand the time, dedication and resources it takes to solve the complex issues they face every day. We’re thrilled to have the support of Edison Partners and Forgepoint Capital for our next chapter of growth.”

As part of the transaction, Lenard Marcus, general partner of Princeton-based Edison Partners, will join SPHERE’s board of directors.

“Identity management, and more broadly information security, starts with the ability to ensure that the only partners with access to sensitive or operational data are those identified by management,” said Marcus. “SPHERE’s platform enables enterprises to improve their identity hygiene and maintain compliance. Its managed services offerings enable it to service the mid-market and large enterprises, where the problem is pervasive. Edison Partners is also proud to support female trailblazers like Rita Gurevich, who are closing the gender diversity gap in a historically male-dominated industry.”

Forgepoint Capital Managing Director Don Dixon said that his organization’s focus is to invest in the most innovative cybersecurity companies, and that SPHERE fits the bill with an unmatched combination of automation and expertise.

“Major corporations including many of the world’s leading financial institutions rely on SPHERE for its ability to effectively address two critical use cases – Zero trust initiatives and regulatory requirements for identity entitlements,” said Dixon. “We’re excited to continue our partnership and to welcome Lenard and Edison to the board of directors.”