Portnox Q3 2019 Revenue Surges 40% Year-Over-Year with Expanding SaaS Customer Base in U.S., U.K. & Beyond
Cloud-delivered network security solution & subscription-based business continues to fuel revenue growth for cybersecurity firm
NEW YORK–Portnox, a leading provider of network access control, visibility and device risk management solutions, today announced that third quarter revenue for 2019 surpassed the same period for 2018 by 40%. Driving this year-over-year growth is the increasing adoption of Portnox CLEAR, the only cloud-delivered network access control (NAC) solution on the market today.
“We bet big on Portnox CLEAR and the SaaS business model,” said Portnox CEO, Ofer Amitai. “We knew that mid-market companies and large enterprises alike – particularly in the U.S. and U.K – would begin to demand cloud-delivered solutions for network access control. We’ve seen this prediction prove itself out over the last year or so, and we’re excited to help more and more organizations properly secure their network in the cloud and sleep well at night.”
Portnox CLEAR is the first cloud-delivered NAC-as-a-cloud-service solution that controls access using continuous risk-scoring of each endpoint; including mobile, BYOD and IoT, connecting from anywhere in the world. It is purpose-built to simplify the complexities associated with implementing NAC, while ensuring organizations have the necessary network visibility and access control mechanisms to protect against non-compliant and rogue devices that can introduce security risks.
In nearly every corner of the globe and across every sector and area of tech, cloud adoption is thriving – from SMBs all the way to large enterprises. In the U.S., 84% of enterprises have implemented a multi-cloud strategy, and spending on cloud services as grown 24% since 2018. In the U.K., cloud adoption among organizations has risen nearly 20% in less than five years. These figures shine a light on a massive transition off of on-premise software solutions to SaaS subscription models. As this new revenue stream grows, many vendors are shifting their focus to developing new cloud offerings, leaving fewer and fewer resources for legacy product innovation.
Earlier this year, Portnox was named Best Network Access Control Solution in Cyber Defense Magazine’s 2019 InfoSec Awards at the RSA Conference in San Francisco, CA. Portnox will return to the RSA Conference in February 2020. More recently, Portnox received the award for Most Valuable Vendor for MSPs (managed service providers) at MSPWorld 2019 in Las Vegas, NV. Since the start of 2019, Portnox has expanded its market focus beyond traditional business-to-business – now offering a comprehensive self-service, multi-tenant portal for MSPs to manage network security for their full portfolio of clients.