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Press Releases 2005

eIQnetworks Posts 200% Year-Over-Year Revenue Growth in Q1 2005; Achieves Record Growth in Customer, Channel and Strategic Partner Base

eIQnetworks Expands Management Team; New Vice President of Sales Charged with Managing Growing Sales Operations and Channel Partners

Acton, MA – May 17, 2005 – eIQnetworks™, Inc. (www.eIQnetworks.com), a global provider of award-winning security and systems management solutions for the enterprise, today announced it has closed Q1 2005 with over 200 new customers, 200% revenue growth over Q1 2004, 60% revenue growth over Q4 2004, and 20 new channel partners, bringing the Company’s global network of channel partners to over 160 in 50 countries.

As the marketplace continues to grapple with new and evolving security threats and increasingly, the challenge of meeting stringent federal compliance requirements, eIQnetworks remains focused on delivering solutions that enable customers of any size across all industries and vertical markets to quickly, easily and affordably get insight into enterprise-wide security posture while implementing a sound compliance audit lifecycle management strategy. eIQnetworks attributes its continued operational success to its ability to work closely with its customers and partners around the world, leveraging a direct feedback mechanism to ensure the Company’s solutions precisely reflect the security and compliance management needs of any organization.

“We are tireless in our efforts to deliver security and compliance management solutions that are timely and relevant to the marketplace. We are providing the most comprehensive security solutions that are financially within the reach to all customers” said Vijay Basani, chief executive officer of eIQnetworks. “We hear about companies making conscious decisions not to implement security and Sarbanes-Oxley, GLBA, HIPAA & FISMA compliance audit management strategies primarily because of cost. Our goal is to help these companies avoid devastating consequences by providing them the industry’s most feature-complete solution at an affordable price. It’s this strategy to which we are attributing our success in the marketplace.”

Key Milestones Achieved in Q1 2005
eIQnetworks successfully executed its operational plans in Q1 2005, achieving such milestones as:

  • Achieving and maintaining profitability;

  • Adding over 200 new customers from small to large enterprises, across various verticals as well as government agency users;

  • Increasing revenue more than 200% over Q1 2004;

  • Growing revenues more than 60% over Q4 2004;

  • Adding 20 new channel partners to its worldwide network of authorized resellers, bringing the total number of partners to over 160 in 50 countries;

  • Expanding the eIQnetworks sales force by 50%;

  • Signing Secure Computing and iPolicy Networks to the “Powered by eIQnetworks” OEM partner program;

  • Ended Q1, 2005 with 8 OEM partners including NEC, Secure Computing, Fortinet, and Astaro.

  • Successfully launching the eIQ Advantage MSSP Partner Program, designed to help MSSP partners deliver new, revenue generating and value-added services, with a focus on delivering SEM and Compliance Audit Lifecycle Management programs;

  • Expanding senior management with the addition of Joshua Block, vice president of sales;

  • Launching significant upgrades to the Company’s award-winning Network Security Analyzer and SystemAnalyzer solutions;

  • Expanding device support to cover the growing list of industry-popular networked devices in use by our customers worldwide.

eIQnetworks also announced today that it has appointed Joshua Block as vice president of sales. In his new role, Block will be responsible for leading eIQnetworks’ sales and channel strategy initiatives. Most recently, Joshua was senior sales director with Fortinet, managing the sales and marketing efforts to service provider, commercial and enterprise markets. Prior to Fortinet, he was a senior account executive with NetScreen Technologies acquired by Juniper Networks. Joshua was also Co-Founder and VP of Sales of XML Solutions, LLC. Block was a Director of National Distribution for FTP Software.

“I have been witness to a changing and rapidly evolving landscape for security requirements in the last 7 years alone, and increasingly, the security conscious enterprise and service providers are demanding solutions that can help gain insight into the security appliance black box. This is precisely the capability eIQnetworks is providing,” added Joshua Block, newly-appointed vice president of sales for eIQnetworks. “eIQnetworks is dedicated to developing customer-centric solutions that provide a truly holistic view of IT security, compliance readiness and identification of security breaches, helping customers take corrective actions before they become system wide problems. I am honored to be part of a team so committed to providing customers of any size with cost-effective, powerful security event and compliance audit management solutions.”

About eIQnetworks
Founded in 2001, eIQnetworks is an award-winning provider of Security and Systems Management Solutions that deliver security-critical forensics, archiving, correlation, alerting, risk analysis, reporting as well as real-time event monitoring for information security professionals in multiple industries worldwide. The Company’s products are used in more than 50 countries around the world and are currently deployed in over 1200 companies and government agencies, including LL Bean, Hess, Sprint, Avaya, MCI, Malaysia Telecom, Fujitsu, Unisys, Fiberlink, Boston.com, FCC, US Army, US Navy, Wachovia, Citibank, HP, ADP, Bertelsmann, UBS, KPMG and many more. eIQnetworks’ solutions are available worldwide through an extensive, global distributor network. For additional information, visit www.eIQnetworks.com.

eIQ Press Contact:
Mariah Torpey
Davies Murphy Group, Inc.
781-418-2404
eIQ@daviesmurphy.com

eIQnetworks and the eIQnetworks logo are registered trademarks of eIQnetworks, Inc. All other trademarks, servicemarks, registered trademarks or registered servicemarks are the property of their respective owners.