Code & Co.

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Engagement — Platform Due Diligence

Code & Co. advises Turkven on Tech & Product Due Diligence in its growth investment in Picus Security, a leading Security Control Validation platform

Picus Security is a Breach and Attack Simulation (BAS) technology company. Its complete Security Control Validation Platform safely simulates real-world cyber attacks to continuously assess, measure, and help optimize cyber resilience with actionable insights.

Without a high degree of situational awareness, many major security decisions are based on assumptions rather than evidence. San Francisco-based Picus is committed to changing that for its customers by delivering real-time insights that enable organizations to improve their understanding of how secure they are at any moment.

Picus' platform is an automated solution capable of helping security professionals continuously measure and improve the performance of controls, better understand their organization’s security posture, and achieve a more threat-centric and proactive approach. It integrates with network and endpoint security controls across prevention and detection layers to provide a holistic view and deliver insights that help security teams address threat coverage and visibility gaps sooner and more effectively.

Picus validates controls at prevention and detection layers, including NGFW, SIEM and EDR tools, and supplies easy-to-apply, vendor-specific content to help security teams swiftly address threat coverage and visibility gaps.

In recent years, Picus has been recognized by experts, including research firm Frost & Sullivan, for innovation in the BAS market, and is the highest-rated BAS vendor based on reviews posted to Gartner Peer Insights.

Turkven leads the $24M Series B funding round, with participation from existing investor Earlybird Venture Capital, as well as cyber security veteran Nathan Dornbrook. Picus intends to use the funds to accelerate expansion in North America as well as across EMEA and APAC.

Turkven has been a leading private equity firm in Turkey since 2000 with more than $1.5B of AUM and a strong culture of company-building through sectoral expertise and partnerships with leading firms across industries.

Code & Co. provided Tech & Product Due Diligence ahead of the $24M series B growth investment, assessing Picus' web-based automated platform, technology, and infrastructure, its threat library with more than 10,000 attacks and attack scenarios, as well as the company’s growth plans. Code & Co. also assessed the company’s machine learning capabilities, team setup, and the team’s Secure Development Lifecycle.

The transaction underlines Code & Co.'s strong positioning as an established technology and product advisor with notable experience in global cyber security and cyber resilience transactions.