AlgoSec Celebrates Record Quarter in Q4 2019 and Another Record Year of Strong Growth and Profitability in 2019

2/18, 2:00 PM (Source: GlobeNewswire)

Leader in network security management solutions reports strong year-over-year product revenue growth of 43% in Q4 2019 and 26% in full year 2019

RIDGEFIELD PARK, N.J., Feb. 18, 2020 (GLOBE NEWSWIRE) -- AlgoSec, the leading provider of business-driven network security management solutions, has announced strong growth in product revenues and total revenues in 2019.

For the full year, AlgoSec reported a profitable 2019 with:

  • 26% increase in product revenues over 2018
  • 17% increase in total revenues over 2018
  • Close to 100 new customers won, many of which were competitive wins, including several actual replacements of products from AlgoSec’s direct competitors.

The company also concluded its best-ever quarter to date in Q4 2019:

  • 43% increase in product revenues compared to Q4 2018
  • 27% increase in total revenues compared to Q4 2018
  • Over 50 open positions for immediate hiring

“2019 was a very successful year across every aspect of our business,” said Yuval Baron, AlgoSec Chief Executive Officer.  “We exceeded our sales targets, strengthened cashflow and won nearly 100 new customers with several million dollar-plus contracts. In addition, Cisco added AlgoSec to its Global Price List, we strengthened our channel partnerships globally, and expanded our senior management team. The demand for our solutions is accelerating as we become increasingly mission-critical to our customers’ business.”

Solution innovations

AlgoSec introduced several key innovations in 2019 to help enterprise customers address their network security management challenges.  These include:

  • The launch of CloudFlow, a cloud-focused security solution that delivers comprehensive visibility and management of all the security control layers across enterprise multi-cloud and hybrid estates.
  • The latest A30 release of AlgoSec’s core Network Security Management Suite which features new AppViz and AppChange add-ons, bringing unsurpassed application visibility and network auto-discovery capabilities, and extending support for Cisco ACI
  • A new extension to the IBM® Resilient® Incident Response Platform, enabling organizations to tie security incidents and attacks directly to relevant business processes

AlgoSec’s Security Management Suite was chosen as the only SC Labs ‘Best Buy’ solution in 2019’s SC Magazine Risk Management Group Test, and secured a perfect 5 out of 5 rating in each of the 6 categories.  AlgoSec was also the highest-ranked solution in its category on IT Central Station, which features enterprise product reviews from real users, based on the highest ratings, most reviews, and most views  in its product segment.

New industry partnerships
AlgoSec’s integrated solution for Cisco ACI and security devices is now available on Cisco’s Global Price List, enabling Cisco’s direct and channel sales network to offer AlgoSec solutions to customers.  Announced in November 2019, the integrated solution also enables mutual customers to realize the full potential of intent-based Data Centers.

Strengthened executive management team
AlgoSec further expanded its executive team in 2019, with Chris Thomas joining in the role of Chief Revenue Officer to lead global revenue-generation activities, Ilan Erez appointed as Chief Financial Officer and General Manager to help drive multi-faceted business growth, and Zvika Menachemi as VP of Research & Development to help advance the development of AlgoSec’s network and Cloud Security Policy Management Solutions.

About AlgoSec
The leading provider of business-driven network security management solutions, AlgoSec helps the world’s largest organizations align security with their mission-critical business processes. With AlgoSec, users can discover, map and migrate business application connectivity, proactively analyze risk from the business perspective, tie cyber-attacks to business processes and intelligently automate network security changes with zero touch – across their cloud, SDN and on-premise networks. Over 1,800 enterprises, including 20 of the Fortune 50, have utilized AlgoSec’s solutions to make their organizations more agile, more secure and more compliant – all the time. Since 2005, AlgoSec has shown its commitment to customer satisfaction with the industry’s only money-back guarantee.

All product and company names herein may be trademarks of their registered owners.

Media Contacts:
Tsippi Dach
AlgoSec
tsippi.dach@algosec.com

Craig Coward
Context Public Relations
algosec@contextpr.co.uk  
+44 (0)1625 511 966

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