RESEARCH SECTOR
Cybersecurity
Digital threats are constantly evolving, so our cybersecurity focus has been relevant for more than three decades. Since cybersecurity is a critical priority for businesses worldwide, our research highlights cutting-edge solutions that tackle new types of threats in the evolving IT landscape as well as innovative companies disrupting established cybersecurity sectors.
Discover the latest trends and technologies shaping cybersecurity
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Key themes and focus areas
As traditional IT network boundaries collapse, we view the challenge of managing risks outside of the firewall as particularly topical. These risks can come from exposure to third-party vendors, from sharing data in collaborative environments (including for artificial intelligence training), from exposing intellectual property beyond the firewall, and from digital threats to physical environments (operating technology and Internet of Things). Given the multitude of vendors in the cybersecurity market, we emphasize those with efficient and scalable go-to-market strategies.
- Deepfakes
- Network detection and response
- Third-party risk management
- Software bill of materials
- Physical infrastructure security
- Digital risk protections
- Cloud security
- Identity and access management
- Data loss prevention and encryption tools
- Security operations and incident response
- Regulatory compliance solutions
- Endpoint security
- Vulnerability remediation
In addition to disruptive emerging technologies that address the ever-evolving threat landscape, we identify opportunities to creatively optimize existing technologies for easier deployment and management. These solutions enable companies to attain the highest level of protection with limited resources – a crucial advantage, especially for small and medium-size businesses with smaller budgets and IT departments that nonetheless face threats and adversaries comparable to those faced by larger enterprises.
Our cybersecurity focus has evolved over time, adapting to the changing tactics of malicious actors and the expansion of the attack surface and threat landscape.
Featured insights and research reports

Sector maturation, narrower paths to success in still fast-growing market
Howard Smith, Liam Moran

Challenges and promise of AI in cybersecurity
Howard Smith, Liam Moran

RSA 2024 and recent conversations: Key insights and takeaways
Howard Smith, Liam Moran

Growth continues to slow with more focus on profitability
Howard Smith, Liam Moran

Detection solutions prevent the spread of harmful deepfakes
Howard Smith, Liam Moran

Proliferating APIs expand attack surface for adversaries
Howard Smith, Liam Moran
Venture capital activities

Gradient Cyber
gradientcyber.comCybersecurity provider of managed extended detection and response (MXDR) services
Learn more
Gradient Cyber
gradientcyber.comCybersecurity provider of managed extended detection and response (MXDR) services
Gradient Cyber is a fast-growing managed extended detection and response (MXDR) provider serving the U.S. mid-market – an underserved segment of over 300,000 organizations. The company’s proprietary XDR platform, data source flexibility, 24/7 security operations center, high-context situation reports (SitReps) and industry-leading cyber analyst to customer ratio combine to deliver excellent value for resource, expertise and budget-constrained organizations. With proven traction across 35+ market verticals, Gradient Cyber is well positioned to scale even as cybersecurity becomes increasingly complex and talent constrained.

Stamus Networks believes in a world where defenders are heroes, and a future where those they protect remain safe. As organizations face threats from well-funded adversaries, Stamus relentlessly pursues solutions that make the defender’s job easier and more impactful. As a leader in Suricata-based network security solutions, Stamus Networks helps enterprise security teams know more, respond sooner and mitigate their risk with insights gathered from cloud and on-premise network activity. The Stamus Security Platform combines the best of intrusion detection, network security monitoring, and network detection and response systems into a single solution that exposes serious and imminent threats to critical assets and empowers rapid response.

Fortress Information Security, based in Orlando, Fla., specializes in securing the supply chain and industrial assets of North American critical infrastructure with technology, analytics, and services. Fortress connects vendors and assets in a holistic approach and secures 25% of the U.S. power grid and critical assets with third-party risk and vulnerability risk management solutions.

Tracer, formerly known as AppDetex, accelerates brand success for the world’s leading brands, including four of the top five most valuable global businesses. In today’s landscape of highly sophisticated digital threats and hyper-competition, the stakes have never been higher for businesses to identify risks and opportunities across the evolving digital universe. The Tracer platform mitigates digital brand misuse to preserve authentic customer interactions and uncovers new categories of dynamic market insights to fuel better business decisions. Applying advanced human-in-the-loop artificial intelligence approaches to continuously analyze data across thousands of global Web2 and Web3 digital sources, the Tracer platform yields rapid infringement detection with market-leading accuracy and faster time to enforcement.
Relevant advisory transactions

Exclusive financial advisor
FairWarning
Growth equity investment by Mainsail Partners
$60,000,000
Learn moreExclusive financial advisor
FairWarning growth equity investment by Mainsail Partners
$60,000,000
First Analysis acted as the exclusive financial advisor for Mainsail Partners’ $60 million growth equity investment in FairWarning, a leader in data protection and governance solutions. First Analysis provided advisory expertise to FairWarning throughout the transaction, including preparation, positioning, investor coordination and contact, due diligence and negotiation.

About FairWarning:
FairWarning provides software to protect the health, wealth, and personal information for healthcare, financial services and other businesses with the need to protect sensitive data and support compliance requirements. The company’s security solutions provide data protection and governance for core applications, including Electronic Health Records (EHRs), Salesforce, Office 365 and hundreds of other applications.
About Mainsail Partners:
Mainsail Partners is a San Francisco-based growth equity firm that invests exclusively in fast-growing, bootstrapped software companies. Since 2003, Mainsail has raised over $1.2 billion in capital and has invested in more than 50 growing companies. The company prioritizes investments in enterprise software companies with compelling business models and at least $4 million in recurring revenue. The company’s approach to driving value creation is anchored in a dedicated Operations Team that is purpose-built to help founders scale their businesses and accelerate growth. These women and men include former software company operators who leverage real-world experience, well-established best practices, and a true partnership ethos to support management teams.
Co-manager
Proofpoint Inc. convertible senior note
$230,000,000

About Proofpoint Inc.:
Proofpoint Inc. (PFPT) provides threat protection, regulatory compliance, archiving and governance, and secure communication solutions worldwide.
Co-manager
Proofpoint Inc. Convertible senior note

About Proofpoint Inc.:
Proofpoint Inc. (PFPT) provides threat protection, regulatory compliance, archiving and governance, and secure communication solutions worldwide.
Co-manager
Qualys IPO
$91,000,000

About Qualys:
Qualys (QLYS) is a pioneer and leading provider of cloud-based security and compliance solutions with over 15,700 active customers in more than 130 countries, including a majority of each of the Forbes Global 100 and Fortune 100. Qualys helps organizations streamline and consolidate their security and compliance solutions in a single platform and build security into digital transformation initiatives for greater agility, better business outcomes, and substantial cost savings.
Investment banking and corporate finance services are provided through First Analysis Securities Corporation (“FASC” or “First Analysis Securities”), a subsidiary of First Analysis Corp.