Company surpasses $70M in run-rate revenue and 3,000 customers
HOUSTON – January 13, 2015 – Alert Logic (www.alertlogic.com), the leading provider of Security-as-a-Service solutions for the cloud, today announced that 2014 marked another year of record growth. The company recorded $58 million in GAAP revenues for the fiscal year ending December 31, 2014, representing 38% growth over 2013. Furthermore, Alert Logic’s total recurring revenue under contract in the month of December exceeded a $70 million annualized run-rate, and the company now has more than 3,000 customers using its cloud Security-as-a-Service solutions to protect their networks and data, across cloud, hosting and on-premises environments.
“Businesses are realizing that legacy IT security solutions are inadequate to protect their cloud-based applications – they recognize the need for security solutions built specifically for the cloud and delivered as a service,” said Gray Hall, Alert Logic’s CEO. “This is the reason for the strong growth that Alert Logic has achieved since the company’s inception and we anticipate continued aggressive growth as companies increasingly move their IT infrastructure to the cloud.”
Alert Logic’s notable highlights for Q4 2014 include:
- Product Updates: Alert Logic announced the availability of Alert Logic Cloud Defender, the first fully managed suite of cloud security products offering full stack threat detection and protection. The company also announced support for IBM SoftLayer, making Alert Logic’s suite of Security-as-a-Service solutions available on all major public cloud platforms including Amazon Web Services, Microsoft Azure, Google Cloud Platform, Rackspace Cloud, and VMware vCloud Air, in addition to others.
- Recognition: Alert Logic was recognized with a 2014 Cloud Computing Product of the Year award from Cloud Computing Magazine and as a Bronze winner for the Best in Biz Awards in the Most Innovative Enterprise Product of the Year category.
- International Expansion: Alert Logic expanded into the UK and European market by adding a state-of-the-art Security Operations Center (SOC) in Cardiff, UK; a security research and technology development center in Belfast, UK; and adding to its existing sales and marketing team in the London area.
- Acquisition: Alert Logic acquired Critical Watch in late December, adding vulnerability management and threat intelligence products, technology and talent, in addition to strategic channel partnerships.
- Executive Hires: Alert Logic made several key executive hires during the quarter including hiring Tom Veronie as Chief Information Officer (CIO) and Bill Shelton as Vice President of Product Management. Tom Veronie joins Alert Logic as a 35-year veteran of the IT industry, most recently, as Vice President of Data Center Operations for Cyrus One, one of the leading carrier-neutral data center and colocation providers in North America. His previous experience includes IT, Security and Data Center positions at Occidental Petroleum, BFI, Allied Waste, VeriCenter, and Allegiant Systems. Bill Shelton joins Alert Logic from Amazon Web Services (AWS), where for the past five years he served as General Manager responsible for several major AWS products. Shelton has over 20 years of technology experience, including executive positions at VMware and Microsoft.
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. All 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.
Alert Logic specializes in providing a portfolio of Security-as-a-Service solutions for customers of hosting and cloud service providers. Alert Logic’s Security-as-a-Service solutions provide customers four distinct advantages: market-leading security tools, a fully outsourced and managed SaaS delivery model, integrated 24×7 Security Operations Center (SOC) services to monitor and provide expert guidance, and the ability to deploy wherever a customer has IT infrastructure, including the cloud.