Arxan Reports 30% Subscription Growth For 2019, Outpacing The Market¹ By 3x

SAN FRANCISCO, Jan. 28, 2020 /PRNewswire/ -- Arxan Technologies, the trusted provider of application protection solutions, announced today substantial growth for 2019, including a 30% increase in subscription bookings, 80% upsell growth with existing customers and a continued healthy net customer retention rate of 113%. High demand for Arxan application security solutions, including Arxan for Web and Arxan Threat Analytics, expansion in core verticals, along with rapid growth in Latin America, contributed to the company's 3rd consecutive year of double digit revenue growth.

"2019 proved that the application security threat is real, and the financial consequences of not protecting apps can be catastrophic," says Joe Sander, CEO, Arxan. "Our success this past year is a direct result of our innovation and reputation as a clear leader in the application security market. The world's most important companies trust Arxan to fill security gaps by protecting their valuable applications, providing visibility into threats as they begin to develop at the application endpoint, and stopping attacks before they turn into a breach."

An Evolving and Unyielding Threat Landscape 
In 2019 Arxan commissioned two research reports with industry analyst firm, The Aite Group, to delve into security issues facing mobile and web applications facing organizations today. "The studies have clearly shown that there are critical gaps in the threat model employed by enterprises worldwide," says Aaron Lint, Chief Scientist, Arxan. "Attackers use the business logic of an app as a blueprint for reconnaissance toward isolating the APIs and credentials to perpetrate fraud. The free, open source tools produced to reverse engineer and manipulate mobile and web apps are often better maintained than professionally-developed software." 

Strong, consistent gains across verticals and regions
The company is now protecting more than five billion app instances worldwide and continues to see strong adoption of its technology to solve critical business problems. Arxan's advancements in core verticals and regions include: 

• 174% growth in automotive, driven by the need to protect mobile apps that control connected vehicles from reverse engineering and tampering
• 99% growth in medical devices, focused on securing mobile apps connected to medical devices which hold sensitive patient data and monitor health conditions
• 25% growth in banking and payments, attributed to the need to comply with regulations such as PCI, FFIEC, PSD2, the GDPR and CCPA and protect apps against root, jailbreak, checksum specifically, in addition to protecting PII   
• 113% growth in Latin America and 24% growth in Europe and Middle East, driven by rapid adoption in banking and payments 

Positioning for exponential growth 
The significant expansion experienced with existing customers is a testament to Arxan's continued industry-leading product innovation. Working hand-in-hand with customers, Arxan has identified new ways to evolve core technologies to solve tough problems, like properly securing hybrid applications or hiding APIs from discovery, exploitation and data exfiltration. In 2020, Arxan's planned investments in both people and new technology, specifically in the engineering and product functions, will drive even greater innovations that will address new application endpoint security challenges.

Additional 2019 highlights

• Recognized for the third time as a Representative Vendor in the Gartner Market Guide for In-App Protection report, formerly the Market Guide for Application Shielding report
• Promotions of James Love to President & Chief Revenue Officer, Mark Lorion to Chief Operating Officer, and Deborah McGinn to Chief Marketing Officer

About Arxan Technologies 
Arxan, a global trusted leader providing the industry's most comprehensive application protection solutions, works with organizations looking to protect applications and to securely deploy and manage business-critical apps to the extended enterprise. Arxan currently protects more than five billion application instances across many industries including financial services, mobile payments, medical devices, automotive, gaming, and entertainment. Unlike legacy security solutions that rely on perimeter-based barriers to keep bad actors out or that require device management controls, Arxan products protect at the application-level from the inside out. This approach protects the source and binary code to expand the corporate perimeter of trust to the new endpoint – the application. Arxan provides a broad range of patented security capabilities such as a dynamic app policy engine, code hardening, obfuscation, white-box cryptography and encryption, threat analytics and rapid app protection deployment designed for DevOps processes. Founded in 2001, Arxan is headquartered in North America with global offices in EMEA and APAC.  For more information, please visit our website or follow us on Twitter.   

¹ Application Security market segment experiencing 10.3% YOY growth according to Gartner Forecast: Information Security and Risk Management, Worldwide, 2017-2023, 3Q19 Update published October 3, 2019

SOURCE Arxan

Related Links

https://www.arxan.com