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Panaseer Announces US Expansion

The Register

Helping businesses meet the enterprise security challenge on both sides of the pond

British Hadoop security startup, Panaseer, has made a huge impact on the enterprise security scene in the short time since its launch. The company, headquartered in London, develops its proprietary Security Data Lake to bring “the application of data science, advanced security intelligence and data engineering” to clients on both sides of the Atlantic, so they can monitor their cyber security challenges.

Panaseer has been working closely with financial institutions since its inception and has gained a real edge in cyber security analytics.

There is an intelligence war playing out between those who have huge amounts of big data, such as the banks, and those who want to access that information illegally for their own purposes. Panaseer has made a name for itself internationally as an enterprise security firm that excels in cybersecurity risk management.

Panaseer’s clients include New York Fortune 500 companies, and now a decision has been made to expand with a new office in the Big Apple itself. But what’s behind the expansion?

Why the new office in New York?

According to founder and CEO of Panaseer Nik Whitfield, the US market is spending increasingly more on enterprise security. The decision to expand is “a direct response to demand” from the company’s New York client base, many of whom are involved in financial services, “as well as a strategic business decision to increase [Panaseer’s] market presence” and identify future clients.

Who is heading the expansion?

Panaseer’s business execution chief, Jon Hawes, will be heading the setup team in New York and he will be supported by staff from the UK and US.

The move isn’t just about selling cyber security strategy to an expanding US client base, although security risk management is big business over there. There is another reason why the enterprise security big hitter wants a presence in New York – investment.

Ambitious growth targets

CEO Nik Whitfield has publicly announced that, having raised $2.25m in seed funding, his company is looking to engage in another funding round this year, most likely involving a large US investor with domain expertise in technology startups and corporate relationships with financial institutions.

In a recent press interview, Whitfield said, “We have ambitious growth targets for 2017, so it makes sense for us to be located in a global financial epicentre so that we can fully support our existing and new clients.”

Panaseer’s position as a go-to enterprise security expert is becoming more secure every day.

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