Cavelo Appoints MDR Pioneer Eldon Sprickerhoff to its Board of Directors
Sprickerhoff Brings Deep Cybersecurity Product, Innovation and Advisory Experience
KITCHENER, ON — January 25, 2024 — Attack surface management technology provider Cavelo Inc. today announced the appointment of Eldon Sprickerhoff to its Board of Directors, effective immediately. Mr. Sprickerhoff founded eSentire, a pioneering Managed Detection and Response (MDR) provider.
“Cavelo is an emergent start-up success story,” said Mr. Sprickerhoff. “Joining the company‘s board of directors is a natural extension of ongoing collaboration with Cavelo, and a long-standing relationship with its founders, who boast a proven entrepreneurial track record. Cavelo’s trajectory, despite market headwinds, is rapidly ascending and I am excited to join the team as they propel the company’s growth.”
In 2023 the company announced Mr. Sprickerhoff’s appointment as chairperson of Cavelo’s advisory board. Additionally, he serves as a Strategic Advisor at Caledon Ventures, an Entrepreneur in Residence at Rogers Cybersecure Catalyst, and an advisory board member at both HFT Connect (HFTC) and SecTor, Canada’s premier cybersecurity conference. Previously Mr. Sprickerhoff was a working group member with AIMA, the Alternative Investment Management Association, and board member within the finance, risk and audit committee of Waterloo EDC.
“We’re thrilled to welcome Eldon to our board of directors,” said James Mignacca, CEO of Cavelo. “Eldon has successfully built, scaled and exited a cybersecurity industry unicorn — the depth of experience and knowledge that he brings to the table is tremendous. He’s highly tactical and has a deep understanding of all facets of business, governance and what it takes to develop and scale a platform.”
Cavelo offers a consolidated attack surface management platform that helps businesses manage and mitigate cyber risk. Asset discovery, identity and access management and risk-based vulnerability management capabilities combine to help IT and security practitioners’ discovery sensitive data, apply access controls and identify and prioritize risk remediation.
In November 2023 Cavelo announced a CAD$5M funding injection, led by Inovia Capital. Notable Cavelo business highlights include:
- Rapid sales growth — increasing year-over-year revenue by 272%.
- Market traction — two-fold year-over-year new customer acquisition, including more than 300 financial services customers.
- Channel expansion — attributing over 50% of overall revenue to channel.
- Platform adoption — counting 19,000 deployed and active agents.
“We’ve reached an inflection point,” said Mignacca. “Compounding pressure driven by increasing cybersecurity risks, data custody liability and staggering non-compliance and legal ramifications are forcing businesses to fortify their security posture with greater data visibility. Eldon’s tenure and tactical industry experience is a guiding force and a welcome addition to the Cavelo team.”
Recognized as a 2022 CRN Emerging Vendor, Cavelo serves businesses of all sizes as well as channel partners including IT services vendors, managed security service providers (MSSPs) and compliance consultants. The Cavelo platform is used by organizations across manufacturing, financial, legal and municipal services.
About Cavelo
Cavelo helps businesses achieve attack surface management with automated data discovery, classification and reporting. Its cloud compatible cyber asset attack surface management (CAASM) platform continuously scans, identifies, classifies and reports on sensitive data across the organization, simplifying compliance reporting, vulnerability management and risk remediation. For more information visit www.cavelo.com.
Cavelo Media Contact
Mandy Bachus