Hybrid SaaS Security Services Pioneer EiQ Networks Posts Record-Breaking Year With 178% Year-over-Year GrowthBoston, Mass.
EiQ Networks, a pioneer in hybrid SaaS security and continuous security intelligence services, today announced a record-breaking year in 2015, following on the recent completion of its Series C funding round as well as multiple new customer and partner announcements. EiQ saw a 178% year-over-year increase in its SOCVue® sales and 166% year-over-year growth in its customer base, which uses SOCVue to identify threats and vulnerabilities, mitigate risks, and enable compliance.
Last week, 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. 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.
Additional 2015 highlights include:
- The company ended 2015 with a 300% increase in Annual Recurring Revenue (ARR) over 2014.
- EiQ increased its total SOCVue customer count by 166% in 2015 over 2014.
- The company grew its 2015 SOCVue SaaS bookings by 178% over 2014.
- EiQ announced a strategic partnership with Qualys, Inc. (NASDAQ: QLYS), a pioneer and leading provider of cloud-based security and compliance solutions. Under the agreement, EiQ has integrated Qualys Vulnerability Management (VM) into its hybrid SaaS SOCVue security offering.
- EiQ opened a Security Operations Center (SOC) in Vancouver, Canada to support the rapid growth of its hybrid SaaS security customer base in North America and more than doubled the SOC team to meet increased SOCVue adoption.
- The company expanded its management team with seasoned industry executives including Mike Cote as Vice President of Products and Solutions, Kim Ann King as Vice President of Marketing, Bruce McDonald as Vice President of Global Services, and Dick Faulkner as Vice President of Worldwide Sales.
- EiQ relocated its worldwide headquarters from Acton, MA to downtown Boston, MA to support EiQ’s expanding workforce of sales and software professionals.
- EiQ added 47 new members to its worldwide staff of security experts, developers, and sales and marketing teams.
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: http://www.eiqnetworks.com.
Kim Ann King
Vice President of Marketing
EiQ Networks, Inc.