In a move to enhance threat detection capabilities, Devo Technology, a US-based security data analytics company, is set to integrate Snare, the cybersecurity solution from business software developer Prophecy International Holdings (ASX: PRO). The collaboration aims to offer accelerated threat detection and response, strengthening the global cybersecurity landscape.
With the global cybersecurity market projected to surpass $278 billion in 2024, businesses are actively seeking comprehensive solutions to tackle evolving cyber threats.
Devo, a leading security data analytics company with operations in North America, Europe, and the Asia Pacific, has chosen Snare as its new endpoint agent. This decision aims to enhance data coverage and visibility across the Devo Security Data Platform, benefitting both existing and new customers.
Prophecy CEO Brad Thomas commented, “We recognise the complex challenges faced by enterprises in managing cybersecurity in today’s threat environment and are focused on strengthening and growing partnerships through the channel, ensuring a collaborative and effective approach to addressing cybersecurity challenges. Integrating Snare with the Devo Security Data Platform expands our capabilities, introducing a more sophisticated approach to threat detection and response. This strategic move underscores our dedication to providing a tailored solution that meets the real-world needs of our clients, leveraging Snare’s unparalleled data collection capabilities alongside Devo’s scalability and analytical power.”
Devo’s decision to partner with Prophecy stems from the need to offer customers a scalable and reliable solution to navigate the constantly evolving threat landscape. Snare’s technical superiority, especially in terms of scalability and reliability, alongside its proven flexibility and integration capabilities, made it the ideal choice for enhancing its service offerings.
Devo Senior Vice President of Product Management, Sergio Bellido, said, “Integrating Snare into the Devo Security Data Platform is a significant step in enhancing our customers’ ability to have full visibility into all their endpoint data, which is a critical component to keeping organisations secure. We’re particularly excited about the possibilities this opens regarding advanced threat detection and streamlined incident analysis, giving clients access to cutting-edge security tools tailored to their operational needs.”
This collaboration expands Devo’s ability to manage diverse data types, promising an accelerated approach to threat detection and analysis. With this partnership, Devo’s customers will be able to spot and analyse threats faster, leading to quicker responses and more in-depth insights.
For Prophecy, the partnership marks the introduction of ingestion-based pricing for Snare. This model aligns with Devo’s business structure and presents an opportunity for Prophecy to secure additional partnerships. As part of the agreement, access to Snare will be included with all new and existing Devo subscriptions, creating a substantial revenue opportunity without conventional buying cycles.
Under the partnership terms, Devo will pay Prophecy based on the monthly data ingested into Devo via the Snare solution. Prophecy stands to benefit as Devo deploys Snare to more customers, with the potential for the agreement to be worth up to $3.04 million per annum as Snare sees widespread deployment over the next 12 to 18 months.
In an ever-evolving threat landscape, the partnership signals the simultaneously evolving need for new and improved cybersecurity solutions worldwide.
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