NEW YORK – Jan. 21, 2020 – Siemplify, the leading independent provider of security orchestration, automation and response (SOAR), today announced record results in customer bookings and revenue in 2019 compared to the previous year, underscoring high demand among enterprises and managed security services providers (MSSPs) for improving the efficiency and effectiveness of their security operations.
In 2019, Siemplify continued to expand its footprint within global enterprises and MSSPs, serving as the security operations platform behind many of the world’s most advanced security organizations. Notable wins included a Top 10 global airline, a Fortune 100 logistics company, a Fortune 50 energy firm and a Fortune 500 food conglomerate. The company also cemented its leadership position as the most advanced SOAR platform for the MSSP market, adding several of the world’s largest MSSPs to its already impressive list of service provider customers.
“Our success has been driven by not only helping to solve the most pressing challenges facing enterprises and MSSPs but also by the distinct ways we differentiate from our competition,” said Amos Stern, CEO of Siemplify. “This includes delivering a vendor-agnostic SOAR platform that is rooted in deep security operation expertise and acts as a complete workbench for the security operations center, a patented threat-centric approach, and a unique combination of power and simplicity, which appeals to security analysts and engineers alike.”
Notable 2019 Siemplify developments and milestones included:
- Doubling annual recurring revenue (ARR).
- Doubling the customer install base.
- Raising $30 million in Series C funding to support the company’s continued growth, bringing total capital raised to date to $58 million.
- Securing a new patent for the company’s innovative method to organizing and connecting security threat data.
- Garnering prestigious recognition, including Black Unicorn Awards 2019, 2019 SINET 16 Innovators, The Software Report’s 2019 Top 25 Cybersecurity Companies and CRN Emerging Vendor 2019.
- Launching a worldwide partner program to grow channel efforts. Overall, partners can expect to see margins of 20 to 25 percent delivering SOAR from Siemplify.
- Launching four major releases of the company’s security operations platform with many innovations, including a unique crisis management module and reusable playbook blocks for best-in-class playbook lifecycle management, all running on new high-performance Linux architecture.
Momentum for SOAR shows little sign of abating. Gartner estimates that “by the year-end of 2022, 30% of organizations with a security team larger than five people will leverage SOAR tools in their security operations, up from less than 5% today.”
Regarding the future of SOAR, the research and advisory company also states that “numerous acquisitions have been occurring consistently for three years. Vendors are looking to build a ‘security platform’ to add SOAR to, either natively or via acquisition, suggesting that more acquisitions are a real possibility. This scenario requires buyers’ attention to create a contingency plan in case their SOAR tool is acquired by another vendor. At the same time, SOAR products must be vendor-agnostic to maintain value due to integration. The reality will more likely be that for some time independent (SOAR) solutions will continue to do a better job with their singular focus on roadmap execution and better treatment of being ‘vendor neutral’ with available integrations.” (Gartner, “Market Guide for Security Orchestration, Automation and Response Solutions,” 2019, Claudio Neiva, et al, 27 June 2019).
“2019 was a record-breaking year for us with countless achievements, but perhaps most importantly, we placed ample focus on laying the foundations to support our ambitious growth plans for 2020,” Stern said. “The combination of our strategic alliance partnerships, expanding network of distribution partners, raving customers and, of course, the amazing Siemplify team could not position us better to capitalize on the category’s continued growth.”
Siemplify, the leading independent security orchestration, automation and response (SOAR) provider, is redefining security operations for enterprises and MSSPs worldwide. The Siemplify platform is an intuitive workbench that enables security teams to manage their operations from end to end, respond to cyberthreats with speed and precision and get smarter with every analyst interaction. Founded in 2015 by Israeli Intelligence experts, with extensive experience running and training security operations centers worldwide, Siemplify has raised $58 million in funding to date and is headquartered in New York, with offices in Tel Aviv. Visit us at siemplify.co or follow us on Twitter at @Siemplify.
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