Nudge Security triples ARR and doubles customer base in 2024

Rapid product innovation in SaaS security posture management, SaaS spend discovery, and AI governance drive customer acquisition and expansion in 2024.

AUSTIN, Texas, Jan. 14, 2025 /PRNewswire/ -- Nudge Security, provider of the leading solution for SaaS security and AI governance, today announced a remarkable year of customer acquisition, revenue growth and product innovation. The seed-stage cybersecurity company, backed by Ballistic Ventures and Forgepoint Capital, tripled ARR in 2024, along with more than doubling its customer base. Additionally, Nudge Security shipped 33 product enhancements in 2024, including new capabilities for SaaS security posture management, SaaS spend management, and AI governance.

"SaaS sprawl and GenAI use dramatically exacerbate the foundational security challenges for any organization," said Russell Spitler, CEO and Co-Founder of Nudge Security. "Our growth in 2024 shows that solving SaaS security and AI governance is a priority for IT and security teams and that our unique, patented approach is resonating with the market."

In 2024, Gartner also marked the growing importance of effective SaaS governance, publishing its first-ever Magic Quadrant™️ for SaaS management solutions. Nudge Security was named in the Honorable Mentions list of this inaugural report.

Customer Acquisition and Retention

Nudge Security more than doubled its customer count in 2024 and tripled ARR. Customer case studies highlight substantial benefits including:

• Immediate discovery and classification of unknown SaaS and GenAI tools
• Over 50% reduction in time required to manage and secure SaaS accounts
• 90% reduction manual effort required for employee offboarding
• Streamlined user access reviews for compliance requirements
• Significant cost savings achieved by reclaiming unused SaaS licenses

New capabilities introduced in 2024 for SaaS security posture management, SaaS spend management, and AI governance have helped customers realize even more value from the solution.

"Nudge Security has been an indispensable tool for SaaS discovery, audit and compliance management, technology consolidation, and reducing SaaS spend," said Chris Tuley, IT Specialist at KarmaCheck. "I'm so glad we found this tool as it has impacted the success of my team daily."

Product Innovation

Nudge Security introduced 33 product releases in 2024, adding new capabilities to help customers improve their security posture, combat identity security risks, manage third-party risks, and govern AI use. Notable product advancements include:

• SaaS security posture management: New connected apps enable deeper insights into critical apps to identify misconfigurations, integration risks, identity risks, and streamline risk remediation.
• SaaS spend management: Nudge introduced the industry's first shadow SaaS spend discovery capabilities, surfacing up to two years of historical SaaS spend and highlighting cost-savings opportunities like redundant apps, inactive accounts, and duplicate tenants.
• AI governance: The new AI dashboard surfaces where AI tools are integrated with other business apps, where AI is present in an organizations' software supply chain, and AI adoption trends.
• Vendor security profiles: Nudge unlocked security profiles for thousands of SaaS and GenAI solutions, helping customers vet new vendors more quickly and easily.

Expanded Investment

In May, Forgepoint Capital and Squadra Ventures joined Ballistic Ventures in backing Nudge Security, bringing seed funding to $17 million and fueling the company's rapid product innovation and sales growth. Forgepoint Co-Founder and Managing Director Alberto Yépez joined the Nudge Security board.

"Nudge Security offers complete visibility and governance over every SaaS and cloud asset ever used organization-wide—a critical need especially with the explosive adoption of AI and GenAI and increased software supply chain risks," said Yépez. "We are thrilled to partner again with Co-Founders Russell Spitler and Jaime Blasco as they advance Nudge's intuitive, groundbreaking solution following our remarkable journey together at AlienVault."

About Nudge Security

Nudge Security helps organizations solve the identity security, IT governance, and third party risk challenges that arise from SaaS sprawl and GenAI adoption. With complete SaaS discovery and automated IT governance workflows, customers can eliminate blind spots, harden security posture, and mitigate supply chain risks, all while saving time and money. Founded in 2021 by Russell Spitler and Jaime Blasco, Nudge Security is backed by Ballistic Ventures, Forgepoint Capital, and Squadra Ventures, and was included as an Honorable Mention in the 2024 Gartner Magic Quadrant for SaaS management solutions.

Learn more at www.nudgesecurity.com and follow Nudge Security on LinkedIn, X, and Reddit.

SOURCE Nudge Security