As per CRN, the purpose of this substantial funding increase is to propel Apptega's technological advancements that yield uninterrupted compliance and improve internal IT security and compliance automation.

Apptega is an expert in providing lifecycle compliance solutions designed with managed service providers (MSPs) in mind. With the aid of the company's cutting-edge platform, MSPs looking to provide security and compliance services to their clientele may find it easier to access and manage security and compliance procedures.

The additional funding is intended for a number of strategic initiatives, one of which is stepping up the business's artificial intelligence research and development. MSPs will be able to provide security and compliance advice that is more profitable and efficient thanks to this development. "The investment will help us continue to drive costs out by taking large language models, knowledge-based work and workflows, and the fundamentals of being able to do things through a service provider lens and investing them in our products," Apptega CEO Dave Colesante said.

The investment will assist Apptega's operational expansion and product enhancement, with an emphasis on increasing yearly recurring income through channel partners. In addition to increasing revenue, the objective is to help MSPs retain more customers and increase their gross margins.

Apptega has been recognized by G2 as a leader in the Security Compliance Software sector for 12 consecutive quarters throughout this time of growth. The number of partners in the organization has increased significantly during the last two years, nearly doubling in total. Moreover, Apptega has big goals for revenue growth: it wants to quadruple its revenue by 2025 and raise it by 30% by 2024.

Colesante said, "We plan to increase our channel investments with the help of this funding." "It's our ability to collaborate with our partners to package compliance-as-a-service and handle the security scoring component in the same way."

Apptega has continuously received money to support its expansion and product development prior to this funding, indicating a sustained trajectory of success and innovation in the FinTech sector.