Day said Armor would look to use the financing to invest in the pipeline around the channel, including events, marketing support, and hiring a bigger channel team. Those areas will be the "first thing we will spend the money on," he said.
Armor will also look to invest in expanding its portfolio, Day said, including investing in R&D and acquisitions. He said Armor has already tripled its R&D spend over the past 18 months and will look to invest further in integrations with large cloud providers, other security vendors, and building out its own platform. He said Armor would also look to make acquisitions, with a particular eye to expanding its capabilities around artificial intelligence and analytics.
"It’s a very competitive market. There are a lot of companies trying to enter the space and build products. We need to invest a lot to stay ahead. That is another big company priority," Day said.
FlexManage's Campos said he expects the new funding will accelerate the growth he's seen with Armor since his company signed on as a partner several months ago. He said Armor has already become one of FlexManage's top strategic partners and has seen more traction than with any other partner in the same period. Campos said investments around a channel go to market strategy, as well as further investments in R&D will help Armor stay ahead of the market in cloud security.
"I think it helps from a competitive standpoint … [The competition is] constantly growing and advancing their services. To know that Armor is in that same boat and will be advancing at that same level helps us compete in the market and helps us know we made the right decision to partner with Armor."
That is especially important, Campos said, as customers are putting security as one of their top priorities when moving to the cloud.
"It's created a huge opportunity for us as a partner and for the channel in general … We are definitely seeing the need around security becoming more and more important," Campos said.
Day said the company's new funding would help it grow sales and R&D, allowing it to move towards its longer-term goals of international expansion and becoming a leading brand in cloud security.
"We want Armor to be synonymous with public cloud security," Day said. "That's our goal and where we're headed, but there's a lot to do [to get there]."