January 21, 2016 / 1:53 PM / 2 years ago

Cyber firm ForeScout raises $76 million at $1 billion valuation

TEL AVIV (Reuters) - Fast-growing U.S.-Israeli cybersecurity firm ForeScout Technologies Inc said on Thursday it has secured $76 million in financing led by Wellington Management Co.

Now valued at $1 billion, ForeScout has tripled its valuation over the past 18 months while surpassing $125 million in revenue in fiscal 2015, the company said.

The additional capital will be used to expand global field operations, build a support organization and increase research and development efforts in the Internet of Things security market.

Technology research firm Gartner ranks ForeScout as a market leader in the field of access control, which scans an organization remotely to detect every device connecting to its networks, while blocking out anything lacking appropriate credentials.

ForeScout Chief Executive Michael DeCesare told Reuters in September the Silicon Valley-based company, with research facilities in Israel, needs to raise more money and expand its business before going public.

Reporting by Tova Cohen

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