Hybrid SaaS Security Services Pioneer EiQ Networks Continues Unprecedented Growth with Ninth-Consecutive Record QuarterBoston, Mass.
EiQ Networks, a pioneer in hybrid SaaS security and continuous security intelligence services, today announced the ninth-consecutive record quarter for its SOCVue® Security Monitoring and Vulnerability Management services. EiQ saw a 239% year-over-year increase in its SOCVue Hybrid SaaS sales and 200% year-over-year growth in its customer base, which uses SOCVue to identify threats and vulnerabilities, mitigate risks, and enable compliance.
In January, EiQ announced it had closed $9.55 million in a Series C financing round led by Arrowroot Capital, a growth equity firm based in Santa Monica, California, with Matthew Safaii, Founder and Managing Partner of Arrowroot Capital, joining EiQ’s Board of Directors. Both EiQ founders, Vijay Basani and Jay Reddy, also participated in that round. EiQ will use the funds to accelerate new customer acquisition through increased investment in sales and marketing initiatives as well as Hybrid SaaS security services delivery.
EiQ’s growth also prompted the company to move its corporate headquarters from 12 Post Office Square in Boston to 60 State Street in Boston in Q1. EiQ’s new Boston headquarters is more than twice the size of the previous office space and will support EiQ’s expanding workforce of sales and software professionals, meeting the company’s objectives to add more than 50 new employees in 2016, half of them in Boston. Last year, EiQ added 47 new employees to its roster, 24 of them in Boston.
Among the company’s dozens of new clients, EiQ announced five of them in Q1, including Kindwire, Massasoit Community College, Williams Financial, Aqua Finance, and Mortgage Investors Group – as well as two new partners, Carolinas IT and Redhawk Network Security.
“We’re thrilled that the marketplace recognizes EiQ’s world-class security offerings with continued rapid adoption,” said EiQ’s Founder, CEO, and Chairman, Vijay Basani. “IT security professionals don’t have to go it alone when improving their organization’s security and compliance posture; we’re there to help them every step of the way.”
With outstanding product innovation, customer service delivery, continuing employee expansion, and strategic investments, EiQ continues to help mid-market organizations (those with fewer than 5,000 employees) with proactive detection of threats, policy violations, and vulnerabilities and timely remediation guidance at a fraction of the cost of alternate solutions.
EiQ’s SOCVue is the only subscription SaaS service that combines people, process, and technology to deliver a cost-effective information security program, including:
- Proactive and Continuous Critical Security Controls Auditing
- Co-managed SIEM & Log Management
- Continuous Vulnerability Management
- 24x7x365 Security Monitoring by Trained EiQ SOC Security Analysts
- Incident Analysis, Notification, and Remediation Guidance
- Compliance Reporting
About EiQ Networks
EiQ, a pioneer in hybrid SaaS security services, is transforming how mid-market organizations build enterprise-class security programs. Acting as an extension of our customers’ IT teams, EiQ provides continuous security operations based on best-of-breed technology at a fraction of the cost of alternative solutions. EiQ is a trusted advisor to organizations that need to improve their IT security and compliance posture and protect against cyber threats and vulnerabilities. For more information, visit: https://www.eiqnetworks.com.
Kim Ann King
Vice President of Marketing
EiQ Networks, Inc.