REDSEAL SYSTEMS INC

Twenty-two years after it shipped its first network map, RedSeal is neither a unicorn nor a casualty. It is something rarer and more instructive: a private-equity-owned security vendor whose economics are legible in the public record, one September renewal at a time. The filed contracts say the fear it sells is durable. They also say the price of that fear has barely moved in a decade — and that is the whole story of the category.