Three months after root9B LLC was acquired, the Colorado Springs-based cybersecurity provider has booked more than $5.5 million in new contracts and is expanding its Colorado Springs operations.
The contracts were received in the final quarter of 2017 from commercial and government customers for the company's defensive cybersecurity services and related software and hardware, root9B said in a news release. The company now employs more than 90 people, including 38 cybersecurity professionals in the Springs.
Root9b has begun a "significant expansion in the Springs, including securing more space for its operations center in the downtown Wells Fargo Tower, but company officials declined to provide specifics.
The clients include a new contract with an insurance and financial services company ranked in Fortune magazine's list of the nation's 500 largest companies, an extension of a multi-year deal with a retailer also on the Fortune 500 list, a multi-year contract for a large international talent management and entertainment provider and several federal, state and municipal contracts to provide "a full range of cyber services," the release said. Root9B announced in November it had been awarded a subcontract form Science Applications International Corp. with U.S. Cyber Command.
The company's defensive cybersecurity services involve a root9B employee maneuvering through the client's network to identify indications of compromise and counter the attack. The services are generally offered to commercial customers on a subscription basis either at the client's site or from root9B's operations centers in the Springs and San Antonio, and include network defense, finding hackers and stopping them as well as deterring new cyber threats. The company provides incident response, security assessment and advisory services to government customers.
"It's exciting to see this level of momentum and market acceptance since becoming a standalone company," Steve Picot, root9B's chief revenue officer, said in the release.
Tracker Capital Management LLC, a New York-based private investment firm, acquired root9B in September from creditors of root9B's former parent company that had foreclosed on $12.5 million in debt. Tracker was started by Stephen A. Fienberg, co-founder and CEO of Cerberus Capital Management LP, a $30 billion private equity investment firm that owns Albertsons and many other companies.
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