Synack, Inc.

Synack, Inc. is a US-based cybersecurity firm that specializes in providing innovative security testing solutions, leveraging a combination of automation and expert human insights to help organizations identify and mitigate security vulnerabilities. Founded in 2013, Synack, Inc. is headquartered in Redwood City, US.

The firm has seen significant growth in its business model, focusing on cybersecurity solutions. Notably, the company was co-founded by Jay Kaplan and operates under the leadership of CEO Jay Kaplan and Rajat Talikdar. Synack has successfully raised a total of USD 51. 62 mn through multiple funding rounds, with the most recent being a Series D round completed on March 10, 2020.

This round was co-led by B Capital Group and C5 Capital with participation from several investors including GV, Hewlett Packard Enterprise Development LP, and Intel Capital. The current company valuation stands at USD 369. 58 mn. Synack operates a premier security testing platform primarily through its core offerings of Penetration Testing as a Service (PTaaS) and the Synack Red Team.

The PTaaS solution combines automated tools with human-led assessments, allowing for continuous and scalable security testing across cloud infrastructures, web applications, APIs, and mobile platforms. This service is designed to proactively identify vulnerabilities and maintain an up-to-date inventory of assets while providing actionable insights into security risks. The Synack Red Team, comprising over 1,500 vetted security researchers, enhances the testing process by delivering adversarial penetration testing experiences aimed at mitigating risks over time. Synack's customers include businesses across various sectors, such as financial services, technology, and public sector organizations, primarily operating in North America and Europe.

Synack generates revenue primarily through its subscription-based model for its PTaaS offerings, facilitating B2B transactions with organizations seeking comprehensive security testing solutions. Clients engage with Synack through structured agreements that provide access to both automated security assessments and human-led penetration tests, ensuring thorough evaluations of their security posture. The company's flagship services include application penetration testing and managed vulnerability disclosure, catering to a diverse clientele that values proactive security measures. Revenue is derived from contracts that encompass varying levels of service engagement, allowing clients to select packages tailored to their specific security needs.

In March 2020, Synack, Inc. raised USD 51. 62 mn in Series D funding, which will be utilized to enhance its product offerings and expand its market reach. The company plans to develop new security solutions aimed at improving its existing PTaaS services and is targeting expansion into European markets by 2022.

The funding will support the design and launch of these new products, further establishing Synack's presence in the cybersecurity industry.