VANCOUVER, BC – Will cybercrime cause $1 trillion in damage to an already-vulnerable economy by 2021? Not if MergeBase Software Inc. has anything to do with it. The company has just announced it raised $500,000 funding for its best-in-class cybersecurity product — helping it ramp up sales and distribution. The funding round officially closed on March 19.
“I’m impressed that during this unprecedented crisis, business leaders and investors are able to ‘keep calm and carry on’, continuing to invest in leading-edge technology to solve critical problems like cybercrime,” says MergeBase CEO Oscar van der Meer.
The current COVID-19 crisis and social distancing measures will only accelerate the move to a fully digital economy. In this new environment, cybersecurity for digital assets and IT will be even more mission-critical to business and governments.
“So many technology-powered companies are built on open-source code and third-party apps — which is a quicker, easier and cheaper way of building software,” he explains. But those savings come with a cost, exposing organisations using these applications to data breaches.
“Integration with external apps already causes up to 24 percent of all cybersecurity breaches — and that’s only going to grow,” he says. “MergeBase is a best-in-class solution to boost the immune system of enterprises around the world.” MergeBase’s app-security solution detects more vulnerabilities than any other tool on the market.
Enterprises are already boosting purchases of app security solutions, from 5 percent in 2019 to 60 percent by 2024, according to a Gartner report. “It’s why we’re expecting to see big growth in our business.”
MergeBase’s solutions are aimed at large enterprises. Their customers include a government agency that processes trillions of dollars of payments every year.
The company’s co-founders bring a combined 50 years of experience in the financial industry, and a wealth of knowledge about identifying and dealing with vulnerabilities in technology; for instance, van der Meer was a senior executive at Central1, the central financial facility and trade association for the B.C. and Ontario credit union systems.
Investors in the current funding round include Lisa Shields and Western Universities Technology Innovation Fund (WUTIF) and Maninder Dhaliwal.