Bugcrowd Achieves Record Growth as Company Appoints Chief Financial Officer

Leading crowdsourced security company expands globally with enterprise customer adoption across 65 industries and 36 countries

Bugcrowd, the #1 crowdsourced security company, today announced the appointment of Mark O’Connor as Chief Financial Officer. The news comes as the company celebrates another record quarter, significant market adoption for its Next Gen Pen Test offering, and the expansion of its active crowd of security researchers. Bugcrowd also welcomed Greg Sands, founder and managing partner, Costanoa Ventures, to its Board of Directors.

According to Enterprise Strategy Group’s survey of CISOs across multiple verticals, the cybersecurity skills shortage is a key trend driving significant growth and adoption of crowdsourced cybersecurity in the last year, with nearly 90% of security leaders currently running or planning to run a crowdsourced security program within the year and beyond. Today, 93% of organizations see a benefit in using crowdsourced security for penetration testing.

“2018 was a breakout year for Bugcrowd, with further acceleration in 2019 fueled by the adoption of our Next Gen Pen Test offering. We’ve seen significant growth across a number of verticals, including our expanded work with the Hack the Pentagon program – and we’ve grown our team and active crowd of security researchers to meet this increasing demand,” said Ashish Gupta, CEO, Bugcrowd. “Mark’s broad financial and operational expertise in enterprise SaaS will be exceptionally beneficial as we continue to scale – we’re thrilled to have him on the team. We have had a long relationship with Costanoa Ventures and are excited to add Greg to the board–his wealth of experience will be invaluable.”

Mark O’Connor brings more than 25 years of experience helping high-growth technology organizations scale to his role as Bugcrowd CFO. Prior to Bugcrowd, Mark served as CFO of Appirio, a leading SaaS solutions firm (acquired by Wipro), and held executive financial and operational positions at Nuance Communications, BeVocal (acquired by Nuance), Appshop, and Broadword Communications.

“This is an amazing time to join the established industry leader,” said Mark O’Connor, CFO, Bugcrowd. “Bugcrowd’s unique approach and platform innovation will have a significant impact on the efficiency and effectiveness of our customers’ security programs, as well as the security of the internet as a whole. I look forward to helping Bugcrowd build on its prior success and to extend its global leadership.”

Highlights of recent Bugcrowd momentum include:

• Worldwide Adoption – Bugcrowd now has customers in 36 countries across 65 industries.
• Product and Platform Innovation – Bugcrowd saw 300% growth in customer adoption of Next Gen Pen Test and delivered major enhancements to its Crowdcontrol™ platform.
• Crowd – Bugcrowd increased payouts to its crowd of security researchers by 100%, and grew the active Crowd by over 60%.
• Employee Growth – Bugcrowd has doubled its team, including global expansion in APAC and EMEA.
• Industry Recognition – Bugcrowd was named to Fast Company’s prestigious list of the World’s Most Innovative Companies (MIC) for 2019 in the security sector and was named the winner of a Silver Stevie® Award in the Most Innovative Tech Company of the Year category of The 17th Annual American Business Awards®.

Customers report Bugcrowd’s managed Bug Bounty, Vulnerability Disclosure and Next Gen Pen Test programs 10 times more effective than traditional approaches to security testing. As a result, more leading companies around the world including Atlassian, Fitbit, Jet.com, NETGEAR, Square, HP, Mastercard, the Department of Defense, and more trust Bugcrowd for crowdsourced security.

“With its strong customer growth around the globe, talented team, and track record of success, Bugcrowd is well positioned to take advantage of this industry’s multi-billion market opportunity,” said Greg Sands, Bugcrowd Board member, who brings over 20 years of experience helping companies scale. “I’m excited to help Bugcrowd sustain and even accelerate this growth.”

For more information on joining the Bugcrowd team, visit our website.

About Bugcrowd

Bugcrowd is the #1 crowdsourced security company. More Fortune 500 organizations trust Bugcrowd to manage their Bug Bounty, Vulnerability Disclosure, and Next Gen Pen Test programs. Bugcrowd’s award-winning platform combines actionable, contextual intelligence with the skill and experience of the world’s most elite hackers to help leading organizations identify and fix vulnerabilities, protect customers, and make the digitally connected world a safer place. Based in San Francisco, Bugcrowd is backed by Blackbird Ventures, Costanoa Ventures, Industry Ventures, Paladin Capital Group, Rally Ventures, Salesforce Ventures and Triangle Peak Partners. Learn more at www.bugcrowd.com.