I’m delighted to announce that PAS has raised $40 million in capital to fuel our business, primarily in industrial control system (ICS) cybersecurity. After 23 years of internally funding the company, we’re ready to extend our market reach by expanding sales, marketing, and consulting teams. We’re also set to increase considerably our investment in research and development.
One of the first questions I’m asked by those aware of our history of steady growth serving the energy, process and power industries is: “why raise private equity capital now?” The answer has two-parts: 1) to scale our mature technology platform so we can continue innovating and tackling the ICS challenges our customers face; and 2) to accelerate our growth trajectory and increase our market share.
Strategic and cultural alignment were our priorities for choosing the right investment partner. Our customers select technology carefully, make long term commitments, and in return demand well-established, advanced, and reliable solutions from us. We selected Tinicum as our investment partner because of their long-term perspective as well as the quality and longevity of their relationships. Tinicum preserves and grows the capital of its multi-generational investors through skill and discipline – qualities PAS and its customers embrace.
The funding process is an intense examination of our business and market opportunity. An investment of this size and from this caliber of investor is a strong external validation of our technology, processes, and people – particularly in the area of ICS cybersecurity. In nearly every industrial process facility that I visit, a full 80% of cyber assets are not tracked and consequently not watched for breaches, vulnerabilities, and more. This leaves the assets most responsible for production and safety highly insecure. PAS Global (our new company name) is the only company to inventory and monitor these systems – regardless of vendor.
Most amazing business journeys start with a quest to solve a problem. PAS’ quest was to improve the safety, security and profitability of industrial operations everywhere. One of the pinnacles of a founder’s career is seeing the business grow to the stage where the challenges of the quest give way to an explosion of growth and opportunity. I am humbly honored, and incredibly excited, by the view of the future here at PAS.