Vormetric Reports 42% Growth in Revenue for Fiscal Year 2015
Grows 7X faster than the overall IT security software market as reported by Gartner for 2014
SAN JOSE, Calif. – June 11, 2015 – Vormetric, a leader in enterprise data security for physical, virtual, big data and cloud environments, today announced that it achieved 42% year-over-year growth in revenues for its fiscal year 2015 ending April 30. Growth exceeded by 7X the 2014 Security Software Market growth as reported by Gartner for 2014. The company attributes its growth to increasing requirements for protecting data against rapidly expanding cyber threats, new products available from its data security platform, growing regulatory requirements and the rapid expansion of both cloud and channel partner programs.
“We’re seeing a fundamental shift in how organizations view data security,” said Alan Kessler, Vormetic’s president and CEO. “For the first time preventing data breaches is the top IT Security spending priority, and compliance is at the bottom of the list (data from the 2015 Vormetric Insider Threat Report). This is a welcome change, as compliance requirements are falling behind fast moving cyber threats. It’s no surprise then to see strong demand for the best preventive measures to protect data, such as those offered by Vormetric.”
Vormetric solutions provide data encryption, access controls, tokenization and data access monitoring information that protects information across both new and existing technology environments. Within existing traditional networks and systems, Vormetric products safeguard data even when perimeters and networks have been penetrated or endpoint security has failed. These same solutions enable enterprises adopting cloud Infrastructure as a Services (IaaS) and Software as a Service (SaaS) environments to adopt these newer solutions without increasing risk.
Additional Vormetric business highlights for the 2015 fiscal year include:
- Product Expansion: In fiscal year 2015, Vormetric substantially broadened its solution set with new solutions on its integrated, single infrastructure Data Protection platform. Introductions included Vormetric Application Encryption, Vormetric Tokenization with Dynamic Data Masking, Vormetric Protection for Teradata Database and the Vormetric Cloud Encryption Gateway.
- Cloud and SaaS Expansion: Increased sales through existing cloud partners such as Rackspace, IBM Cloud Managed Services and CenturyLink while adding both cloud and managed services partners and SaaS customers including FireHost, QTS, CloudHesive, Google and AirVault.
- Expanded Engagements with Big Data and Technology Partners: Vormetric has become the data protection partner of choice for big data and added expanded relationships with industry leaders Couchbase, DataStax, Hortonworks and MongoDB. At the same time a close relationship with McAfee as a Sales Teaming Partner brings McAfee customers the option to easily enhance protection for their traditional database applications.
- Global Expansion and Channel Leadership: Vormetric’s Mike Coffield was recognized as a CRN Channel Chief for more than doubling Vormetric’s channel sales over the last two years with an enhanced, multi-tier channel program. In addition, Vormetric also launched channel sales operations in Latin America, Japan, Australia and Singapore to meet growing needs for data security and compliance solutions.
- Awards and Thought Leadership: Vormetric was a finalist for SC Magazine’s Best Enterprise Security Solution and Best Database Security Solution. The 2015 Vormetric Insider Threat Report detailed results from a survey of over 800 IT decision makers about insider threats as well as trends and directions for data security worldwide. The Vormetric Data Security Platform also won the Best of VMworld Gold Award for Security and Compliance in Virtual Environments. Last, Vormetric was named to the Deloitte Fast 500 for the second year in a row.
“The near daily data breach news illustrates clearly that organizations everywhere are experiencing fundamental problems in protecting sensitive information,” added Kessler. “With firewall, network and end point defenses failing, many enterprises are actively enhancing their IT security stance with a vital new element – a data-centric security layer. Our data security platform of products provides critical elements of that layer; strong encryption, access controls, tokenization and access logging.”
Vormetric (@Vormetric) is the industry leader in data security solutions that protect data-at-rest across physical, big data and cloud environments. Vormetric helps over 1500 customers, including 17 of the Fortune 30, to meet compliance requirements and protect what matters – their sensitive data – from both internal and external threats. The company’s scalable Vormetric Data Security Platform protects any file, any database and any application’s data —anywhere it resides — with a high performance, market-leading solution set. For more information, please visit: www.vormetric.com.
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