Lacework announced a $1.3 billion Series D at an $8.3 billion valuation on November 18, 2021. The cloud-security company said it would use the capital for product development, acquisitions, sales and marketing expansion, hiring, and international growth—not solely to build its partner channel. At the time, Lacework said partners influenced more than 60% of new business, a company-reported figure that CRN described as including both partner-sourced opportunities and company leads worked by partners.
What did Lacework announce in November 2021?
Lacework described the $1.3 billion financing as a Series D growth round and put its valuation at $8.3 billion. Existing investors Sutter Hill Ventures, Altimeter Capital, D1 Capital Partners, and Tiger Global Management led the round. New participants included Counterpoint Global (Morgan Stanley), Durable Capital, Franklin Templeton, General Catalyst, and XN; Coatue, Dragoneer, Liberty Global Ventures, and Snowflake Ventures also participated. Lacework’s November 18, 2021 announcement lists the terms and investors.
The announcement came as the company sought to scale its cloud-security business. Co-CEOs David Hatfield and Jay Parikh said, “Our growth over the last 36 months reflects the pain many businesses endure as they attempt to navigate the cloud using security products that simply aren’t designed for it.” That is the executives’ explanation for demand, not an independently verified assessment of the market or competing products.
How was Lacework planning to use the money?
Lacework said the proceeds would support several areas of expansion:
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- Product innovation and continued development of its security platform.
- Strategic acquisitions, building on the announced Soluble transaction.
- Go-to-market expansion, including sales and partner-facing efforts.
- Workforce growth and a larger international presence.
So “to expand channel” captures one part of the strategy, not the whole financing plan. Lacework reported more than 3x year-over-year revenue growth, a 3.5x year-over-year increase in new customers, and more than 3x year-over-year employee growth worldwide in the 2021 announcement. These were company-reported figures; the cited release does not present them as independently audited findings.
What did Lacework mean by partner-influenced business?
Lacework said partners influenced more than 60% of its new business in 2021. In a contemporaneous CRN interview, CFO Mike Staiger explained that the category included opportunities partners sourced themselves as well as leads Lacework supplied that partners then executed. The percentage therefore described a broad influence measure, not necessarily business originated entirely by partners. Lacework and CRN did not provide a full measurement methodology or a longitudinal, independently verified performance series.
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Staiger described plans to hire experienced partner-relations and channel staff, sharpen the partner-facing message, and develop solution-provider programs. He also discussed growth in Europe and Asia-Pacific. “We want to invest aggressively in forming and building the relationships that are going to help us grow in all regions worldwide,” Staiger told CRN in November 2021. The statement sets out the company’s intention at that time; it does not establish that every planned investment or outcome followed.
What partner program did Lacework introduce in 2022?
On February 2, 2022, Lacework announced an enhanced partner program with technical enablement, marketing resources, and a self-service portal. Its release named examples across several categories:
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| Category in the 2022 announcement | Named examples |
|---|---|
| Channel partners | Presidio, Trace3, EVOTEK, Tevora, Optiv, GuidePoint Security, Expel, GlobalDots, and Tracer Cloud |
| Technology partners | Snowflake, New Relic, Tines, and Atlassian |
| Global technology service provider | Wipro |
| Cloud service providers | AWS, Microsoft Azure, Red Hat, and Google |
These are names reported in the February 2022 program announcement, not confirmation of a current partner roster or present-day program terms.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What happened to Lacework after the funding round?
Fortinet announced an agreement to acquire Lacework in June 2024; at that point, it said financial terms were not disclosed. Fortinet completed the acquisition effective August 1, 2024. Its closing announcement confirms the date. Fortinet’s 2025 annual report later stated that the cash purchase price was $152.3 million.
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In October 2024, Fortinet announced general availability of Lacework FortiCNAPP, a cloud-native application protection platform drawing on Lacework technology and integrating with Fortinet Security Fabric. This marks the documented product transition after the acquisition; it should not be read as evidence that Lacework remains an independent company. For current availability, packaging, or partner status, consult Fortinet’s product announcement and current product materials.
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