Theta Lake customer growth drives dedicated UK investment
Theta Lake announced its expansion into the United Kingdom (UK) with the addition of Theta Lake UK, locally-based entity with employees and UK focused technology.
Coming off a rapid period of growth, including a $12.7 million Series A round in October 2020 led by Lightspeed Venture Partners with the addition of Cisco Investments and award-winning industry leaders to its roster of advisors, this UK expansion further solidifies Theta Lake’s position as a global, market-leading security and compliance brand.
With Britain’s Financial Conduct Authority reminding bankers this January of recording and supervision requirements whether remote or in office, and the Information Commissioner’s Office recent focus on privacy requirements for video conferencing, firms and organizations in the UK have a heightened need to provide more robust compliance and data loss protection for integrated video, voice, and chat collaboration usage.
“Theta Lake helps us meet the FCA’s clear recording and supervision requirements for voice and video calls using RingCentral,” said Daniel Bridges, CTO of UK-based Attivo Group.
“Theta Lake gives us a depth of security and compliance collaboration coverage that served us pre-pandemic, during remote work scenarios in the pandemic, and in the future as the work-from-anywhere environment evolves. Its UK footprint, London-based data center, and UK focused functionality further demonstrates its commitment to us.”
Theta Lake UK’s investment in the UK market is timely given that the Acronis Cyber Readiness Report highlighted the UK among the most affected regions for videoconferencing risk.
At the same time, compliance costs are growing given recent fines related to communication supervision failures, fines for data privacy violations, and the resulting bottom line impacts of compliance issues.
Theta Lake’s UK personnel provide local coverage across customer support, data science, and product development, in addition to plans for continued investment in London and the UK that will help organizations address security, privacy, and compliance challenges directly.
In addition to the London team and data center footprint, Theta Lake has also invested in key technology and market delivery partnerships. That includes the ability for Theta Lake products to be purchased directly through Cisco and its network of UK channel partners and integration partners like the UK-based Red Box.
“In light of the recent FCA update reasserting the requirement for all calls to be recorded across distributed workforces and for all steps to be taken to prevent market abuse, the combination of Theta Lake’s innovative and fully automated risk detection and supervision capabilities and Conversa by Red Box’s secure, resilient capture of real-time, enterprise-wide communications, has never been more important for UK-based companies.
“We are thrilled to partner with Theta Lake to better equip our joint customers to meet regulatory requirements, reduce traditionally resource-intensive compliance processes and avoid the costs and risks associated with non-compliance,” said Pete Ellis, CPO at Red Box.
“We are delighted that Theta Lake has chosen to grow its global footprint in London, providing technology that helps UK businesses be safer and more compliant when using modern collaboration tools.
It will be part of Europe’s fastest growing tech ecosystem and will benefit from access to the world class talent and new customers based here. London provides a fantastic springboard for US tech companies looking to expand internationally and we look forward to welcoming more companies from across North America,” said Laura Citron, CEO of London & Partners.
“We have the strong belief that we can help organizations in the UK reduce their cost of compliance and security while improving their protection of sensitive data when using modern collaboration tools,” said Devin Redmond, CEO, Co-founder, and Director, Theta Lake UK.
“Now that we have numerous customers and partners in the UK, it is an easy decision to deploy our Series A funds to build out our UK presence and our ability to help UK-based organizations safely and cost-effectively leverage the collaboration-based workplace.”