Hack The Box Due Diligence

Run due diligence on Hack The Box: check compliance and get alerts when suppliers change.

United Kingdom · hackthebox.com · 21 vendors

Hack The Box is a leading online gamified cybersecurity upskilling and talent assessment platform. It provides a cyber readiness platform that helps individuals, businesses, government organizations, and universities to advance their offensive and defensive security skills through real-world scenarios, gamified labs, and live-fire simulations.

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Last updated 2026-04-05 · revision 3

21 direct vendors, 240 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Compliance

3 in-scope frameworks identified; showing 3.

GDPR (source) — No public evidence

SOC 2 (source) — No public evidence

ISO 27001 (source) — No public evidence

Financials

Three-year financials

Financial Resilience Score: 6/10

Hack The Box is a privately held cybersecurity training and upskilling platform founded in 2017, headquartered in the UK (London/Nicosia, Cyprus). The company has demonstrated strong growth momentum in the cybersecurity education market, having raised significant venture capital funding including a $55 million Series B round in 2022 led by Carlyle, bringing total funding to approximately $74 million. This external backing provides a meaningful financial cushion and validates the business model in a high-demand sector. The company operates in the rapidly expanding cybersecurity workforce development space, which benefits from structural tailwinds including a global shortage of cybersecurity professionals estimated in the millions. Its platform serves both individual learners (via gamified CTF-style challenges) and enterprise clients, providing some revenue diversification between B2C and B2B segments. The enterprise/business segment (HTB Enterprise) is likely the primary revenue driver and offers more predictable subscription-based recurring revenue. As a private, venture-backed company, Hack The Box does not publicly disclose detailed financial statements, making it impossible to assess precise metrics such as EBIT margins, equity position, or exact revenue figures. The company is likely in a growth-investment phase, potentially operating at a loss as it scales headcount, infrastructure, and go-to-market efforts, which is typical for VC-backed SaaS/platform businesses at this stage. Key resilience risks include dependence on continued venture funding if the path to profitability is extended, competitive pressure from well-capitalized peers such as SANS Institute, Offensive Security (OffSec), TryHackMe, and Cybrary, and potential churn in the individual/prosumer segment. The lack of public financial disclosure limits external assessment confidence.

Key strengths: Approximately $74M total venture funding raised, including $55M Series B (2022) led by Carlyle, Strong brand recognition in the cybersecurity community with over 2 million registered users globally, Dual revenue model: B2C individual subscriptions and B2B enterprise platform (HTB Enterprise), Operates in high-growth cybersecurity workforce development market with structural talent shortage tailwinds, Subscription/SaaS-based recurring revenue model supports revenue predictability, Gamified, hands-on learning platform differentiates from traditional e-learning competitors

Risk factors: Private company with no public financial disclosures; financial health cannot be independently verified, Likely operating at a net loss in growth-investment phase, dependent on continued VC funding, Intense competition from established players: SANS Institute, OffSec/OSCP, TryHackMe, Cybrary, Immersive Labs, B2C segment subject to high churn and price sensitivity among individual learners, Relatively small scale compared to large enterprise training vendors limits pricing power, Geopolitical and macroeconomic pressures could reduce enterprise IT/security training budgets

Revenue by geography

Revenue by product/service

Workforce by country

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