Alert Logic Reports Strong Q3 2012 Results Company achieves 43% year-over-year growth and rapidly approaching $35 million
HOUSTON, Oct. 23, 2012 /PRNewswire/ -- Alert Logic (www.alertlogic.com), the leading provider of Security-as-a-Service (SaaS) solutions for the cloud, today announced GAAP revenues for the quarter ending September 30, 2012 of $8.0 million, up 43 percent from the third quarter of 2011 and up more than 9 percent from the second quarter of 2012. The company's annualized revenue run-rate at quarter-end was $33.5 million.
"We capped off another successful quarter of execution and remain on-track to produce $30 million in GAAP revenue for 2012 and achieve a $35 million run-rate by year-end," said Gray Hall, president and CEO of Alert Logic. "In addition to a strong quarter in sales, we launched our new Web Security Manager product line. In doing so, we transformed a leading web application firewall into a fully managed multi-tenant offering in a matter of months, thereby completing the full product and corporate integration of the acquisition of Armorlogic earlier this year. We already see huge demand for this product line across all of our channels."
Third quarter highlights include:
- Expansion of the company's portfolio of security solutions with the introduction of Web Security Manager with ActiveWatch, combing world-class web application firewall technology with advanced managed security services from Alert Logic's Security Operations Center;
- Publication of the second Alert Logic State of Cloud Security Report, a semi-annual quantitative report based on empirical data of security threats observed in hosted and cloud environments and on-premise environments; and
- Recognition in the Houston Business Journal's Fast 100 Growth Companies 2012 and acknowledgement as one of the fastest-growing private companies in America in the 2012 INC 5000.
Although privately held, Alert Logic publicly reports its 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 Generally Accepted Accounting Principles (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 SaaS solutions for customers of hosting and cloud service providers. More than half of the largest managed hosting and cloud service providers use Alert Logic to secure their customer environments, making Alert Logic the de facto standard for securing infrastructure in hosted and cloud environments. 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 24x7 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.
About Alert Logic
Alert Logic, the leading provider of Security-as-a-Service solutions for the cloud provides solutions to secure the application and infrastructure stack. By integrating advanced security tools with 24×7 Security Operations Center expertise customers can defend against security threats and address compliance mandates. By leveraging an "as-a-Service" delivery model, Alert Logic solutions include day-to-day management of security infrastructure, security experts translating complex data into actionable insight, and flexible deployment options to address customer security needs in any computing environment. Built from the ground up to address the unique challenges of public and private cloud environments, Alert Logic partners with over half of the largest cloud and hosting service providers to provide Security-as-a-Service solutions for business application deployments for over 1,900 enterprises. Alert Logic is based in Houston, Texas, and was founded in 2002. For more information, please visit http://www.alertlogic.com.
SOURCE Alert Logic