PerspecSys

About PerspecSys

PerspecSys Inc. operated in the cloud security software sector, specializing in data protection for enterprises utilizing public cloud applications. Founded on July 6, 2006, by Terry and Lynda Woloszyn, the company established itself as a key player in the Cloud Access Security Broker (CASB) market. Its primary business was providing solutions that addressed data privacy, residency, and security, enabling companies in highly regulated industries like finance, healthcare, and government to comply with directives such as PCI DSS, HIPAA, and ITAR when moving to the cloud.

The company's core offering was the AppProtex Cloud Data Protection Gateway. This product functioned as an intercepting software proxy that secured data in SaaS and PaaS applications before it reached the cloud. AppProtex utilized patented tokenization or encryption methods to substitute sensitive data with a token or an encrypted value. This process rendered the data meaningless to anyone without access to the gateway, effectively giving enterprises full control over their information, regardless of where it was stored or processed. The platform supported major cloud applications, including Salesforce.com, Oracle CRM On Demand, and ServiceNow. PerspecSys's business model was centered on selling this software to large enterprises, helping them overcome the security and compliance barriers associated with public cloud adoption.

PerspecSys's journey included significant financial milestones, attracting over $20 million in venture capital. An initial Series A funding round in May 2011 raised $8 million, led by Intel Capital. This was followed by a $12 million Series B round in May 2013, co-led by Paladin Capital Group and Ascent Venture Partners. The company's trajectory culminated in its acquisition by Blue Coat Systems on July 30, 2015, for an estimated $180–$200 million. This strategic acquisition was aimed at expanding Blue Coat's cloud security offerings and strengthening its position in the CASB segment. Subsequently, Blue Coat, along with PerspecSys's technology, was acquired by Symantec in 2016. David Canellos, who served as the CEO of Perspecsys, has a background in leading and scaling technology companies, including multiple successful exits through acquisitions.