Alert Logic, the leading provider of Security-as-a-Service solutions for the cloud, today announced its Q1 2016 results. The company recorded $23.7 million in GAAP revenues for the quarter ending March 31, 2016, representing 31 percent year-over-year growth over Q1 2015, and achieved total contracted recurring revenue exceeding a $103 million annualized run-rate. Additionally, the company now has more than 3,800 customers using its Security-as-a-Service solutions to protect their cloud, hybrid or on-premises IT infrastructure.
“Achieving $100 million in annualized run-rate is a significant milestone for a cybersecurity company,” said Gray Hall, CEO of Alert Logic. “This is undeniable evidence of strong cloud adoption and customer validation of our strategic approach to cybersecurity combining market-leading technologies with 24x7 security monitoring and cloud deployability to secure business critical IT infrastructures.”
Alert Logic’s other notable highlights for Q1 2016 include:
• Recognition: Alert Logic was recognized for seven different awards in Q1, including as a Silver winner in two categories in the 2016 Info Security Products Guide Global Excellence Awards: Alert Logic Cloud Defender for Best New Product and Services and Alert Logic Cloud Insight for Product or Service Excellence of the Year, Vulnerability Assessment, Remediation and Management. In the 2016 European SC Magazine Awards, Cloud Defender has been recognized as a finalist in the Best Managed Security Service category and Cloud Insight for Best Vulnerability Management Solution. Cloud Defender was also recognized in Cloud Computing Magazine’s 5th Annual Cloud Computing Excellence Awards and Alert Logic was included on CRN’s 20 Coolest SIEM and Threat Detection Vendors list. Additionally, Vice President of Global Channels, Partner Sales, Michael Stoeger, was recognized as a 2016 CRN Channel Chief and highlighted on the Solution Provider’s definitive guide to top Channel executives.
• Executive Hires: Allison Armstrong joined Alert Logic as Vice President of Product and Technical Marketing. Allison brings more than 20 years of experience leading global technical, product and go-to-market strategies across start-ups, small-and-medium sized businesses and enterprises in leadership positions with Apptio, WatchGuard, Quantum and Symantec
• Analyst Advocacy: 451 Research published the results of a survey on Information Security Budgeting and Cloud Security. The survey showed Alert Logic as the top cited vendor in the category of “Cloud Infrastructure Security” with 25.3 percent of participants currently utilizing Alert Logic solutions to protect their cloud applications. Another 24.4 percent of participants were considering Alert Logic for cloud security, also the top cited vendor in that category.
• European Expansion: In addition to opening an office in London and a Security Operations Center (SOC) in Cardiff, Wales in 2014, Alert Logic has continued its expansion into EMEA by announcing a security research and technology development center in Belfast, Northern Ireland.
• In the Media: IDG’s InfoWorld published a lengthy exclusive on Alert Logic and its Security Operations Center in Houston. The feature article details Alert Logic’s approach to providing cybersecurity technologies paired with continuous, 24x7 security monitoring and the value for businesses of leveraging a Security Operations Center. Additionally, Alert Logic is mentioned in a substantial customer profile in Network World on SCOR Velogica’s migration from an on-premises data center to the AWS cloud platform and their use of Alert Logic to help protect their cloud applications.
A privately held company, Alert Logic publicly reports its Generally Accepted Accounting Principles (GAAP) revenue results and growth rates quarterly, in addition to its annualized recurring revenue under contract. Alert Logic’s financial statements have been audited in accordance with GAAP since 2005. Alert Logic revenue is derived through long-term subscription contracts, consistent with the company’s SaaS business model. Alert Logic’s solutions are sold directly to enterprise customers and through a diversified channel of resellers and cloud service provider partners.
About Alert Logic
Alert Logic (alertlogic.com), the leader in security and compliance solutions for the cloud, provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Fully managed by a team of experts, the Alert Logic Security-as-a-Service solution provides network, system and web application protection immediately, wherever your IT infrastructure resides. Alert Logic partners with the leading cloud platforms and hosting providers to protect over 3,800 organizations worldwide. Built for cloud scale, our patented platform stores petabytes of data, analyses over 400 million events and identifies over 50,000 security incidents each month, which are managed by our 24x7 Security Operations Center. Alert Logic, founded in 2002, is headquartered in Houston, Texas, with offices in Seattle, Dallas, Cardiff, Belfast and London.