Tech accelerator Fishtech Labs on Thursday announced its first major investment in Foresite, an Overland Park-based managed security provider.
Founded by serial entrepreneur Gary Fish, the Kansas City-based accelerator is investing $3 million in Foresite, which offers cyber security and compliance services for businesses.
Unlike most managed service providers, Foresite uses a “white label” approach in which they allow third parties to sell their solutions and brand it with their name. Foresite plans to use the capital to boost awareness of its services.
Fish said he sees a tremendous opportunity with Foresite in the managed security service provider market.
“Foresite’s Provision platform delivered as a service is a perfect complement to our cloud forward approach at Fishtech Labs,” Fish said in a release. “With the MSSP market predicted to grow to $30 billion worldwide by 2020, we believe Foresite is positioned well to take advantage of market tailwinds.”
Fish’s career experience is an apt fit for Foresite. Since 1996, he has founded, acquired and sold more than a dozen technology companies.
Most recently he helped facilitate the sale of his IT security firm FishNet to Blackstone in February 2015. He also helped with the sale of Overland Park-based FireMon to Insight Venture Partners in May 2014. From those exits, Fish founded the Fishtech accelerator, which is oriented toward tech security startups.
Foresite appears to be directly in Fish’s wheelhouse and he plans to offer more than just capital to the firm. Aside from capital, he will focus on market positioning, analyst briefings and accelerating the business. Fish also told the business journal that he plans to polish Foresite’s messaging and website. Fish and Fishtech co-founder Dan Thormodsgaard will also serve on Foresite’s board of directors.
“We are excited to join forces with Gary and the Fishtech team and strengthen our position in the managed security services marketplace,” Foresite CEO Robin Mayo said in a release. “His team’s experience and proven industry track record in successful fast growth information security companies will be invaluable to us.”
Founded in 2013, Foresite employs more than 50 people.