Tugboat Logic Continues Rapid Growth and Welcomes 800th Customer in Q1 2021
Security assurance leader builds on success in infosec industry with record-breaking quarter
BURLINGAME, Calif., May 19, 2021 /PRNewswire/ -- Tugboat Logic, the leading security assurance company, today announced a record-breaking first quarter of 2021, with a 38% sales increase over the prior quarter, a 103% renewal rate and significant customer growth. The company recently won its 800th customer and plans to hire more than 130 employees in Canada and the U.S. by the end of 2021.
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As organizations of all sizes grapple with increased security risk and a number of regulations, they are seeking solutions that simplify and automate compliance. SOC 2 certification is the most important compliance certification being sought, according to 92% of respondents to a recent Tugboat Logic survey. In that same survey, 68% of respondents said the audit and certification process has also improved business practices, increased revenue or helped them gain/retain customers.
The increased adoption of Tugboat Logic's security assurance platform underscores the widespread market need for:
- Making compliance easier to manage: Tugboat Logic's unified infosecurity management solution provides a central place to manage everything related to security and compliance. Eliminating the need to complete tasks numerous times, Tugboat Logic has mapped the controls of different infosecurity frameworks to a single body of evidence tasks. For example, after completing SOC 2, organizations have over 60% of the controls required for ISO 270001 certification, 40% of those required for HIPAA and 30% of those needed for PCI DSS.
- Security assurance: The Tugboat Logic platform makes it easy for customers to provide security assurance and build trust and credibility in the market. Built-in tools for internal compliance help companies maintain continual compliance. Tugboat Logic provides a robust set of risk management modules, including real-time risk assessment, statement of applicability and multiproduct conformance so organizations can be sure everyone on the team is following best practices.
- Combined expertise: With over 100 years of combined experience working in security, Tugboat Logic's team of ex-auditors and security veterans assist organizations through every step of the compliance journey, helping clients understand what they're doing and why.
Paul Geller, chief marketing officer, Integrity Advocate, said: "SOC 1 and 2 certifications are a requirement for many of the university and government customers we work with. Tugboat Logic makes it super easy and efficient for us to meet the regulations and prevented us from having to hire an additional compliance person. We're pleased to be working together."
Kevin Schoenewolf, lead project manager, SyncMonkey, said: "Tugboat Logic hasn't just benefited us – they've also benefited our customers. One of our big taglines is security. We're storing important information like customer credentials, so safety is critical. Tugboat Logic has helped us get and stay SOC 2 compliant, which in turn gives our customers peace of mind."
Ray Kruck, founder and CEO, Tugboat Logic, said: "Q1 2021 has been our busiest quarter yet. This dramatic growth, experienced in such a short time, speaks to the market's recognition of the need for security assurance. We've found that organizations that prioritize security and privacy as product features shorten their sales cycles by up to 40% and reduce the reputational risk that can impact churn or new customer acquisition. We're happy to help enable this process and set up the next 800 businesses for success."
About Tugboat Logic
Tugboat Logic is the Security Assurance Platform that provides continuous compliance. Tugboat Logic provides automated technology to demystify the process of creating and managing an InfoSec program. With Tugboat Logic, companies can quickly get secure and prove it to customers. Powered by AI, Tugboat Logic's patent-pending technology automates InfoSec policy creation, audit readiness, and security questionnaire response so companies can gain trust with customers and sell more. Tugboat Logic helps businesses prepare for audits in half the time and at a fraction of the cost, ensures they can respond to security questionnaires in minutes (not hours), and builds and scales their InfoSec plan in minutes. Website: https://www.tugboatlogic.com/
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SOURCE Tugboat Logic
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