Q1 Labs Announces Record Breaking Growth
Security Intelligence Visionary Accelerates Global Growth in Revenue, Customer Acquisitions and New Hires
WALTHAM, Mass. - January 24, 2011 - Q1 Labs, the global provider of total security intelligence solutions, today announced that its revenue has continued to increase at a rapid rate with 75 percent growth in revenue and 125 percent growth in profitability in 2010. The company also closed out the year with a 42 percent increase in overall headcount, adding over 60 employees.
"Once again, it has been an extraordinary year by any measure. While others in our industry have stayed flat or grown in single digit percentages, Q1 Labs has grown 75 percent by focusing on our customers' and partners' needs," said Shaun McConnon, CEO, Q1 Labs. "We have remained focused on execution as we have taken over leadership in the fast emerging Security Intelligence market. The demand for security software is growing, and Q1 Labs is taking market share by delivering the right solutions through the right channels to an increasingly large number of customers worldwide."
Contributing to this outstanding revenue increase is the company's successful execution of its channel strategy, emphasis on key industry segments, and global expansion. The company's customer base grew 60 percent, and now exceeds 1,600 customers worldwide, including a record 600+ new customers in 2010.
Strong 2010 growth can be measured by several indicators, including the addition of nearly 300 customers internationally, numerous new products announced throughout the year, and doubling its worldwide sales force.
"We believe network security spending, on both physical and virtualized assets, will continue to attract IT spending dollars in 2011. We anticipate leaders in network security will gain even more IT budget leverage by broadening their solutions from a single focus, and include more functionality to create a 'platform' with broad functionality. We believe Q1 Labs is broadening its platform, and expect them to maintain a leadership position in SIEM and at the same time become part of the broader network security discussion when IT budgets are set," said Scott Zeller, senior equity analyst, Needham & Co., LLC.
Q1 Labs increased revenue sourced by channel partners by over 275 percent year over year.
Doubled the number of enterprise transactions over $150,000 through channel partners year over year.
Designed a best-in-class partner portal, providing partners with unharnessed, 24-hour access to Q1 Labs' product and channel-focused training.
Industry Sales Success:
Over the last year, Q1 Labs has meticulously identified the industry-specific security intelligence requirements across markets, including critical infrastructure/energy, federal government, financial services, healthcare, manufacturing, and tech/telecom and has acquired numerous customers in these verticals:
40 new critical infrastructure/energy customers
Salt River Project (SRP): the nation's third-largest public power utility and one of Arizona's largest water suppliers.
78 new government (federal, state, local ) worldwide customers
60 new financial services customers
Regulus Group: a 3i Infotech company and the premier provider of paper and electronic bill presentment and remittance processing solutions in the United States.
30 new healthcare customers
40 new manufacturing customers
Roto Frank: one of the world's leading window and door hardware manufacturers and significant supplier of roof windows, solar technology and loft-ladders.
150 new tech/telecom customers
Including the expansion of the most demanding log management use case in the industry: a global wireless carrier that has grown to 800,000 EPS in one year.
600 + new customers in 2010, bringing its total Fortune 100 customers to 32.
2010 Product Highlights:
QRadar Risk Manager: the first solution to successfully integrate risk management, SIEM, log management, and network behavior analysis, providing IT departments with the ability to assess vulnerabilities pre-, during, and post-exploit.
1605 Event Processor Appliance: fully integrated across the QRadar product line - providing local storage for up to 60 Billion events and logs --- alleviating the cost of additional hardware and professional services.
QRadar High Availability (HA): an automated appliance providing high availability capabilities for companies' Log Management and SIEM solutions, and is uniquely designed with an embedded database, making it easier for companies to scale their SIEM solution, and providing them with the safety net of having an always-on security intelligence solution.
QRadar Security Intelligence Operating System, SIOS, powers the QRadar family of security intelligence products. QRadar SIOS is the foundation of the industry's first total Security Intelligence Platform, a common framework for collecting, warehousing, filtering, analyzing and reporting on all security intelligence telemetry.
QRadar 7.0: the next version of QRadar SIEM, complete with the ability to monitor activity on social media platforms and multimedia applications such as Twitter, Facebook, Gmail, LinkedIn and Skype, among others.
QRadar 7.0 achieved the Common Criteria Certification (EAL-3).
Over 3,500 users of QRadar Log Manager Free Edition downloaded through the end of 2010.
Additional 2010 Company Highlights:
The company was again positioned as a Leader in the 2010 Gartner SIEM Magic Quadrant, and was rated highest across all use cases in Gartner's Critical Capabilities report on SIEM and Log Management.
Q1 Labs' QRadar 7.0 was selected as a finalist in the Best SIEM category for the 2011 SC Magazine Awards; the company was the only vendor selected for the SIEM category in SC Magazine's special year-end Innovator's edition.
The company was also recognized in Everything Channel's 16th annual 2010 Partner Program Guide as one of North America's top information technology (IT) vendors for its Q-Alliance Channel Partner program; Q1 Labs' Senior Vice President of Marketing and Channels, Tom Turner, was also named a Channel Chief by Everything Channel's CRN.
Q1 Labs was named to JMP Securities' Hot 100 List of Best Privately Held Software Companies.
The company more than doubled its Federal and European operations in response to the highly increased demand for QRadar in those areas.
Q1 Labs established its new EMEA headquarters in Belfast, Northern Ireland, which serves as the European R&D and sales/support center for EMEA.
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About Q1 Labs
Q1 Labs is a global provider of high-value, cost-effective next-generation security intelligence products. The company's flagship product, the QRadar Security Intelligence Platform, integrates previously disparate functions - including SIEM, risk management, log management, network behavior analytics, and security event management - into a total security intelligence solution, making it the most intelligent, integrated and automated security intelligence solution available. QRadar provides users with crucial visibility into what is occurring with their networks, data centers, and applications to better protect IT assets and meet regulatory requirements. Q1 Labs is headquartered in Waltham, Mass., U.S.A., and the company's global customer base includes managed service providers, healthcare providers, energy firms, retail organizations, utility companies, financial institutions, government agencies, and universities, among others. For more information, visit Q1Labs.com, e-mail info@Q1Labs.com, or call 781-250-5800.