San Jose, CA – January 13, 2010 – Skybox Security, the leader in automated security risk and compliance management, announced that it has seen strong growth in revenues and market share during the past quarter, with the addition of many new customers including several Fortune/Global 500 companies, an international telecommunications provider and oil and gas industry leaders. New business, especially from the mid-market, underscores the ability of Skybox products to scale to meet the needs of organizations of all sizes. In addition, existing customers are increasingly leveraging the Skybox portfolio approach to expand their deployments; the Company boasts a strong upsell business and a customer retention rate of about 90%.
• In the defense arena, Skybox continues to win customers in various countries as Skybox solutions are increasingly used for cyber-defense. New customers include a major defense contractor and a national armed services organization. In addition, Skybox solutions are being used for initiatives related to building cyber test beds to assess potential risks and responses, as well as for implementing always-on security and risk management best practices.
• Financial services firms around the world continue their strong endorsement of Skybox solutions for risk, vulnerability and compliance management, driven by regulatory requirements and consolidation activities. Skybox is the ideal solution for ensuring that large, complex networks can be merged successfully while maintaining the required security and availability levels throughout the network consolidation process.
Skybox provides customers with a holistic view of their entire network in order to “see” security gaps, and validate planned network changes. Several major European and US-based banks have expanded their Skybox deployments in the past quarter to automate firewall assessment and remediate threats.
• The retail industry, in ensuring compliance with the Payment Card Industry Data Security Standard (PCI DSS), looks to Skybox Security for the ability to automatically conduct frequent firewall audits. When hundreds or thousands of firewalls are involved, each with hundreds of rules, the Skybox solution makes compliance possible not just on a periodic basis, but daily.
According to Chad Hoggard, manager information security, Holland America Line, “We take customer service seriously. Skybox helps us deliver on our promise by ensuring that we are in compliance with regulations while balancing security and availability in our networks.”
The Skybox Security US customer base now includes 21 of the Fortune 500 plus many large government organizations, as well as marquee names in the insurance, technology, utilities, ecommerce, financial services and entertainment markets. Worldwide, Skybox Security customers include many Global 2000 leaders in telecommunications, banking and energy, as well as government agencies in Europe and Asia.
“We are extremely pleased to see continued expansion in the mid-sized enterprises segment as customers look to Skybox to manage risk in their growing infrastructures,” said Gidi Cohen, CEO, Skybox Security. “With our portfolio approach, customers can start by solving one security or compliance problem, and then quickly build out an integrated solution that addresses multiple critical issues.”
Skybox also announced that it boosted its cash position by extending its Series D Preferred Stock round, to a total of $15.1 million dollars. This brings the total amount the company has raised since inception to $36.2 million from such top-tier venture investors as Benchmark Capital, Lightspeed Venture Partners, Carmel Ventures, Rembrandt Ventures, and Valley Capital, all of which participated in the Series D extension. The additional funding will allow the company to accelerate its growth strategies.
The Skybox Security portfolio includes: