Vormetric Reports 42% Growth in Revenue Over The First Three Quarters of Fiscal Year 2016, 44% Growth in Q3
Grows 9X faster than the Gartner IT security software market forecast for 2015 in fiscal Q3
SAN JOSE, Calif. – February 25, 2016 – 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 over the first three quarters of its 2016 fiscal year, ending January 31, and 44% growth in revenues in its fiscal third quarter. Growth exceeded by 9X the 2015 Security Software Market growth forecast for 2015 as reported by Gartner. The company attributes its growth to:
- Increasing recognition of data-centric security as a required element of a layered IT security stance, one that protects data even when network, anti-virus and other solutions have failed.
- Strong performance from existing Vormetric Data Security platform solutions, and strategic new product introductions.
- Growth and engagement with cloud, technology and channel partners.
- Expanded sales to both existing and new customers.
- Growing compliance and regulatory requirements to protect data.
“With over 1.6 million records already breached in 83 incidents during 2016 , we’re off to another record year of data compromises,” said Alan Kessler, Vormetric’s president and CEO. “Many organizations have been investing in data security, our 2016 Vormetric Data Threat Report showed that 36% now make preventing data breaches a top IT security spending priority. Our success is being driven by organizations that have taken new realities seriously, and are doing what’s needed to protect their organizations and their customers.”
Within existing traditional networks and systems, Vormetric solutions help customers meet compliance and regulatory requirements and safeguard data even when perimeters and networks have been penetrated or endpoint security has failed. These same solutions also enable enterprises to use cloud services, big data and Internet of Things (IoT) technologies with confidence that their data is protected. The Vormetric Data Security Platform addresses needs for data encryption, tokenization, data access control and data access monitoring that protects information across all of these environments.
Additional Vormetric business highlights since the beginning of May, 2015 include:
- Product Expansion: Since the beginning of the Vormetric fiscal year in May of 2015, introductions have enhanced the Vormetric Data Security Platform with advanced data-at-rest security for Docker, format preserving encryption, data access controls for encrypted information in Hadoop, RESTful APIs and performance enhancements of up to 250% for Hadoop. New products introduced include Vormetric Vaultless Tokenization, Caringo support for Vormetric’s Cloud Encryption Gateway and patented Vormetric Live Data Transformation that encrypts data without have to take applications offline.
- Cloud and SaaS Expansion: Add new Cloud, Managed Services and SaaS partners including HP, DataPipe, VMware, Hosting, Tierpoint, and REAN Cloud while increasing sales through existing partners such as Rackspace, IBM Cloud Managed Services and CenturyLink Armor and QTS.
- Expanded Engagements with Technology Partners: Expanded relationships with industry leading technology partners Cisco, Simplivity and Nutanix for converged infrastructure, Linoma key management, SAP for SAP HANA, Docker , McAfee, Couchbase, DataStax, Hortonworks and MongoDB to expand sales opportunities.
- Awards: Vormetric is a finalist for SC Magazine’s Best Database Security Solution, and also won a Frost and Sullivan Global New Product Innovation Award, Intel SIA Partner of the Year Award, GTRA Excellence in Government Data Security Award, CHN Channel Award for Best Data Security Solution for Data Stored in the Cloud and Vormetric’s Mike Coffield was recognized as a CRN Channel Chief for the second year in a row.
- Thought leadership: The 2016 Vormetric Data Threat Report detailed results from a survey of over 1100 IT decision makers about threats to data as well as trends and directions for data security worldwide. Other Vormetric surveys detailed public attitudes toward foreign hacking, backdoors to encryption, data breach fears, and the effect on customer loyalty of data breaches.
“Our existing customers are very successful with their deployments, and are now coming back to us to expand their usage of encryption throughout their enterprise,” said Kessler. “We’ve also added a substantial number of new customers with our channel, cloud and SaaS partners, with cloud driving over 200% revenue growth. Our successful expansion into global markets has also resulted in substantial new business.”
Vormetric’s comprehensive high-performance data security platform helps companies move confidently and quickly. Our seamless and scalable platform is the most effective way to protect data wherever it resides—any file, database and application in any server environment. Advanced transparent encryption, powerful access controls and centralized key management let organizations encrypt everything efficiently, with minimal disruption. Regardless of content, database or application—whether physical, virtual or in the cloud—Vormetric Data Security enables confidence, speed and trust by encrypting the data that builds business.
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