Acquisition adds modern cloud access security broker (CASB) functionality to Cloudflare’s industry-leading Zero Trust platform
SAN FRANCISCO–(BUSINESS WIRE)–Cloudflare, Inc. (NYSE: NET), the security, performance, and reliability company helping to build a better Internet, today announced that it has acquired Vectrix, a company that provides businesses one-click visibility and control across all of their SaaS applications. Vectrix enhances Cloudflare’s existing Zero Trust platform, Cloudflare One, by allowing security teams to scan third-party tools–including Google Workspace, GitHub, and AWS–to detect and mitigate issues such as inappropriate file sharing and user permission misconfigurations.
“Tens of thousands of organizations rely on Cloudflare One’s Zero Trust platform to keep their teams and data secure,” said Matthew Prince, co-founder and CEO of Cloudflare. “Cloudflare’s global network blocks attempts to compromise data at multiple levels while accelerating traffic to the Internet. We’re excited to welcome the Vectrix team to Cloudflare to help deliver the fastest, most secure, and robust Zero Trust platform for the enterprise.”
Many businesses are using more SaaS applications than ever before, driven by the need to operate more efficiently and collaboratively in distributed or hybrid work environments. According to Gartner®, Public Cloud Services End-User worldwide spending on Cloud Application Services (SaaS) is expected to grow from $174B in 2022 to more than $279B in 2025. This has increased the burden on security teams, who now have to monitor security across numerous applications that all have unique configuration settings, user access controls, and monitoring systems. What’s more, this increased SaaS footprint increases the risk of security incidents from misconfigured settings, incorrect user access controls, or disgruntled employees.
With Vectrix, IT and security teams can perform security scans across their third-party tools to better detect and mitigate issues ranging from unauthorized user access and file exposure to misconfigurations and shadow IT. Integrating Vectrix’s API-driven cloud access security broker (CASB) with Cloudflare One provides enterprises with comprehensive Zero Trust control of both data-at-rest and data-in-transit. Vectrix extends the security of Cloudflare’s network to the data stored in SaaS applications, giving customers a single control plane for the security of their workforce and mission-critical resources.
“Everyone uses SaaS applications, from sending emails to managing HR, but simply ticking the wrong box can leave a business’s critical data exposed,” said Corey Mahan, co-founder and CEO of Vectrix. “By combining Vectrix’s API first approach with the scale of Cloudflare’s Zero Trust platform we’re able to give customers an easy and simple way to control how data from those applications are shared.”
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Paladin Capital Group was founded in 2001 and has offices in Washington DC, New York, London, Luxembourg, and Silicon Valley. As a multi-stage investor, Paladin focuses on companies with technologies, products, and services that meet the challenging global cyber security and digital infrastructure resilience needs for commercial and government customers. Follow the firm on Twitter @Paladincap and visit www.paladincapgroup.com.