Alert Logic, a leader in delivering on-demand Security-as-a- Service, today announced GAAP revenues for the quarter ended June 30, 2011 of $5.1 million, up 41 percent from the second quarter of 2010, and up 11 percent from the first quarter of 2011.
With today’s announcement Alert Logic, although privately held, is enhancing its public reporting practices from reporting annualized recurring revenue under contract to reporting quarterly GAAP revenue results and growth rates. Alert Logic’s financial statements have been audited in accordance with Generally Accepted Accounting Principles (GAAP) since 2005. All Alert Logic revenue comes through long-term subscription contracts, consistent with the company’s Security- as-a-Service business model. Alert Logic’s solutions are sold directly to enterprise customers and through a diversified channel of resellers and service provider partners.
“Our revenue results are ahead of plan for the first half of 2011, and our book of business now stands at considerably more than $20 million in annual revenues,” said Gray Hall, Alert Logic’s president and CEO. “We continue to experience strong demand for our Security-as-a-Service solutions, both directly and through our service provider partners and expect that demand to continue through the second half of 2011.”
These strong results were driven by growing demand from customers through Alert Logic’s market-leading channel of hosting and cloud service provider partners. More than half of the largest hosting and cloud service providers have standardized on Alert Logic by integrating Alert Logic’s Security-as-a-Service solutions as part of their broader portfolio of Infrastructure-as-a- Service (IaaS) offerings.
With Alert Logic Security-as-a-Service, service providers and enterprise customers get four distinct advantages: market-leading security tools, fully outsourced and managed SaaS delivery model, integrated 24×7 Security Operations Center (SOC) services to monitor and provide expert guidance, and deployable anywhere a customer has IT infrastructure – including the cloud.
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