Alert Logic Reports Strong Q3 2013 Results Company Follows Up Welsh Carson Transaction with Another Quarter of 40%+ Yearly Growth
HOUSTON, Oct. 17, 2013 /PRNewswire/ -- Alert Logic (www.alertlogic.com), the recognized leader in Security-as-a-Service solutions for the cloud, today announced GAAP revenues for the quarter ending September 30, 2013 of $10.8 million, up 40 percent from the third quarter of 2012, and up 7 percent from the second quarter of 2013. Alert Logic's annualized revenue under contract in the month of September 2013 exceeded $47 million, and is tracking ahead of the company's plan to reach a $50 million run-rate by the end of 2013.
Alert Logic momentum in key growth segments increased in Q3 as recent new product launches designed specifically for public cloud and private cloud environments were the company's fastest-growing product lines. Sales through public and private cloud providers outpaced all other segments.
"Our rapid growth in the third quarter provides further proof that the security we have been providing for years to customers of managed hosting providers through our Threat Manager, Log Manager and Web Security Manager product lines can now be extended to customers of public and private cloud providers," said Gray Hall, Alert Logic's president and CEO. "Having completed our re-capitalization transaction with Welsh Carson in August, we have set the stage for Alert Logic to expand our sales and distribution channels internationally as we bring our market-leading security solutions to cloud providers worldwide."
Alert Logic has a total of more than 2,300 customers using its Security-as-a-Service solutions, both via service providers and directly from Alert Logic.
Alert Logic's notable highlights for Q3 2013 include:
- Deployed next-generation versions of Threat Manager, Log Manager and Web Security Manager with dozens of service providers including several of the industry's largest managed hosting and cloud providers.
- Completed a re-capitalization transaction led by Welsh Carson Anderson & Stowe ("Welsh Carson"), in which Welsh Carson acquired majority interest in Alert Logic, in partnership with Alert Logic management. Morgan Stanley advised Alert Logic on the transaction.
- Extended Web Security Manager to public cloud environments, marking the first available auto-scaling web application firewall for the cloud
- Named to INC Magazine's 5000 list of fastest-growing private companies in America for the second consecutive year.
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 Security-as-a-Service 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'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.
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 2,300 enterprises. Alert Logic is based in Houston, Texas, and was founded in 2002. For more information, please visit www.alertlogic.com.
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