Devo Sets Company Records for Revenue and Customer Growth
Explosive demand for cloud-native, next-gen security information and event management (SIEM) drives robust enterprise customer acquisition and retention
CAMBRIDGE, Mass., Aug. 04, 2020 (GLOBE NEWSWIRE) — Devo Technology, the cloud-native data analytics and security company, today announced record quarterly revenue in Q2 2020 and 80% year-over-year growth. Fueling this unprecedented expansion, Devo grew its enterprise customer base by 48%, including a major contract award from the U.S. Air Force that puts Devo at the center of the Air Force’s cybersecurity transformation. To support this rapid growth, Devo is aggressively expanding its headcount in the U.S. and Western Europe. The company also appointed Marc van Zadelhoff, former IBM Security general manager, to the company’s board of directors, and launched a new technical certifications program.
“As enterprises are accelerating their move to the cloud, security operations centers (SOC) are reaching an operational breaking point. The inability of legacy SIEMs to scale, their lack of advanced analytics and automation, and their high cost, have made the everyday lives of analysts extremely painful, and forced unacceptable risk/cost trade-offs,” said Walter Scott, chief executive officer, Devo. “We built Devo Security Operations, our new cloud-native SIEM, to address these fundamental challenges. I knew we built something special, but I have never seen this level of positive customer and market reception. I am proud of what we have achieved in the first half of 2020, but even more excited about the change we are bringing to the cybersecurity industry, and what we have coming in the second half of 2020 and beyond.”
Accelerating Customer Adoption
Devo was recently awarded a $9.5M U.S. Air Force contract for Devo next-generation SIEM technology to serve as the central security hub for protection, detection, and response across the U.S. Air Force worldwide for enterprise security. Other recent customer wins include Accenture, Otis Worldwide Corporation, and Rubrik. Accelerating new customer adoption is accompanied by significant expansion from existing Devo customers, including a North American professional sports league, a major European bank and insurance group, and a top-5 global apparel maker.
“As a SaaS company building out our first SOC, finding a solution that was truly cloud native and could easily scale with us as we grow were critical requirements,” said Lucas Moody, head of security innovations & operations, Rubrik. “Devo was the clear strategic choice around which to build the base of our SOC technology stack.”
Recent Milestones Include:
- Rapidly escalating market demand for Devo Security Operations, the company’s new cloud-native, next-gen SIEM, which debuted in Q1 this year. Delivered on the powerful Devo Data Analytics Platform, Devo Security Operations is the first cloud-native security operations solution to combine critical security capabilities together with auto enrichment, threat intelligence community collaboration, a central evidence locker, and a streamlined analyst workflow. SOC analysts no longer need to rely on multiple tools to manually assemble the data, context, and intelligence required to identify and investigate the threats that matter most to their business. Devo Security Operations puts this information at analysts’ fingertips across the entire threat lifecycle, reducing analyst workflow from hours to minutes, and keeping SOCs ahead of even the most sophisticated adversaries.
- Named industry veteran Marc van Zadelhoff to the board of directors. Van Zadelhoff spent more than 20 years in cybersecurity organizations around the globe. He served as the founder and CEO/general manager of IBM Security where he grew the business to 8,000 employees and more than $2B in revenue. Most recently, he served as the chief operating officer at LogMeIn, driving the go-to-market and technology teams while helping to take the company private through a sale to a private equity firm. Earlier in his career, Van Zadelhoff worked as a venture capitalist in Europe before joining a software startup that was acquired by IBM.
- Launched the Devo Technical Certifications Program. Customers can become Devo Certified by demonstrating their mastery of this leading-edge data analytics solution. By becoming Devo Certified, users will validate their knowledge of their organization’s Devo deployment and be ready to accelerate their business by making better, data-driven decisions.
- Significantly expanded headcount across all departments to keep up with market demand. Hiring is expected to continue at a rapid pace, based on pipeline and new customer acquisition.
Recent Industry Accolades Include:
- CSO named Devo Security Operations as one of RSA Conference 2020’s “Hottest new cybersecurity products”
- Cyber Defense Magazine awarded Devo the Editor’s Choice Award for security information and event management (SIEM) for its InfoSec Awards
- Info Security Product Guide Honored Devo with Global Excellence Awards® Silver Award for SIEM
Devo will be demonstrating its cloud-native, next-gen SIEM at the virtual Black Hat USA 2020, August 5-6. Register for a free business hall pass or book a time at the Devo virtual Black Hat booth.
Devo unlocks the full value of machine data for the world’s most instrumented enterprises, putting more data to work—now. Only the cloud-native Devo Data Analytics Platform addresses both the explosion in volume of machine data and the new, crushing demands of algorithms and automation. This enables IT operations and security teams to realize the full transformational promise of machine data to move businesses forward. Headquartered in Cambridge, Mass., Devo is privately held and backed by Insight Partners. Learn more at www.devo.com.