Alert Logic Delivers a Strong Finish to 2010 Propelled by Continued Growth With Service Providers
Alert Logic, the leading provider of log management, intrusion detection and cloud security solutions for enterprises and services providers, today announceda strong finish to 2010 with its fiscal year ended Dec. 31, 2010. Alert Logic recorded $15 million in GAAP revenue for calendar-year 2010, up 42 percent over calendar-year 2009. Annualized recurring revenue (ARR) under contract as Alert Logic entered 2011 totaled $18 million, an increase of $8 million ARR in new business in 2010 and a 44 percent increase over year-end 2009. In addition, the fourth quarter of 2010 marked Alert Logic’s sixth consecutive quarter of positive and growing EBITDA. “As more organizations moved their IT infrastructure to the cloud in 2010, service providers saw an increased demand for fully productized managed security services,” said Gray Hall, president and CEO at Alert Logic. “Alert Logic achieved record sales in 2010 based on the strength and success of our unique service provider partners. Having forged numerous new and deeper relationships with our service provider channel, we expect our rapid revenue growth and sales momentum to continue throughout 2011.” Notable highlights for Alert Logic in 2010 include:
- Launched service provider-focused company strategy — Alert Logic outlined its strategy to arm service providers with cloud-powered network security and compliance solutions, including the Partner Success Platform, the first channel enablement program for service providers and VARs
- Launched LogReview service — Alert Logic launched the LogReview servicethat addresses the costly and manual effort to comply with requirement 10.6 of the PCI DSS
- Broke sales records in multiple quarters — Alert Logic began to reap the benefits of its new service provider strategy by breaking company sales records in two quarters
- Established C.O.R.E team dedicated to security research — Enabled by the unique combination of integrated SaaS and security services, Alert Logic formed a team of world-class security researchers to analyze real-time data from over 1,200 customers to quickly identify emerging threats and rapidly deploy security signatures to help mitigate risk for customers
- Received industry recognition — Alert Logic was recognized by the security, business and financial community. Select awards include: SC Magazine’s Reader Trust Awards as a finalist in the Best Security Information/Event Management (SIM/SEM) Solution category, Houston Business Journal’s “FastTech50,” Deloitte’s “2010 Technology Fast 500,” and JMP Securities 2011 Edition of their “Hot 100″
- Expanded corporate headquarters — Historical and future planned growth drove office expansion of Houston headquarters to accommodate additional staff needed to execute on ambitious growth plans.