Company continues to displace legacy SIEM vendors
SAN MATEO, Calif, Feb. 18, 2020 – Exabeam, the Smarter SIEM™ company, today announced record growth in 2019, ending the year with billings in excess of $100M and a growth rate that eclipsed the growth rate for the SIEM market overall. Team expansion in the U.S. fueled the move to a new, expanded headquarters in Foster City, California. The company added several hundred new enterprise customers in 2019 in industries ranging from financial services and healthcare to aviation and manufacturing, to name a few, as the global demand for a next-gen security management platform continues to surge.
Highlights of Exabeam’s momentous year include:
- New, expanded headquarters: As Exabeam grew its customer base and sales organization, operational support and back office teams also expanded. Corporate headquarters have moved to a new, larger space in Foster City, California in February 2020, on the heels of opening offices in Atlanta, Tel Aviv, Singapore and Mexico City last year.
- Recognized innovation: The company successfully obtained its Common Criteria (CC) Certification that enables it to compete for more federal and international government contracts. The rigorous and lengthy CC Certification process means existing and future Exabeam customers will have confidence that all products have been tested for the features and security levels claimed.
- Impressive investor funding: The company closed a $75M Series E funding round jointly led by Lightspeed Venture Partners and new investor Sapphire Ventures. Anders Ranum, managing director at Sapphire Ventures, marked Exabeam as a company “solving the problems that legacy SIEM vendors don’t seem to realize they have,” and noted its customers are “buying its full platform as a replacement for the offerings that once dominated the market.”
- Welcoming new managed security services providers (MSSPs): The company’s partner program added more than 30 new partners in 2019 with a large number of new MSSPs offering Exabeam’s solutions as a managed service.
- Expanding cloud footprint: Amid growing market desire for cloud capabilities and a commitment to help existing customers migrate to the cloud, Exabeam acquired SkyFormation, a leading Israel-based cloud application security company, and launched its Exabeam SaaS Cloud in February 2019. Dozens of customers deployed Exabeam SaaS Cloud in 2019, and several others have continued to deploy Exabeam on Google Cloud Platform (GCP) and Amazon Web Services (AWS). Exabeam also announced it will host Exabeam SaaS Cloud on Google Cloud Platform, which means its customers will be able to take advantage of the full functionality of the Exabeam Security Management Platform, including a data lake, behavioral analytics, case management and security orchestration and incident response automation, in the cloud. The company was also named a Google Cloud security partner in 2019. The relationship between Google Cloud and Exabeam will accelerate cloud adoption, scalability and quick time to value for Exabeam’s users.
In addition to these highlights, the company reported impressive sales numbers for 2019. It saw a rapid increase in the number of customers purchasing multiple products, and it continues to win new deals from competitors Splunk and IBM in head-to-head situations, demonstrating Exabeam’s continuous dedication to modernizing security operations and ousting legacy systems. Exabeam has a win rate of over 70 percent in replacement deals against legacy vendors such as Splunk, IBM, McAfee, RSA, LogRhythm and Micro Focus. The company is enabling unmatched efficiency and longevity for a growing number of users. Research conducted by The Ponemon Institute in August 2019 found Exabeam reduced analysts’ time spent on a given task by an average of 51 percent, compared to 31 percent for other SIEMs.
“The fact that, in just five years of selling, we’re regularly displacing many of our largest competitors and continuing to secure major funding from new and existing investors is proof that delivery of modern, efficient and predictably priced solutions is just what the industry needs,” said Nir Polak, CEO, Exabeam. “In 2020, we plan to continue to drive out traditional legacy vendors and present organizations with a better way to detect, investigate and respond to security incidents. We’ll continue to grow our global presence and stay focused on delivering the best solutions for current and future customers, both on-premises and in the cloud.”
Google Cloud’s Director of Partnership, Manvinder Singh, shared his optimistic outlook. “We’re excited about the traction we’re seeing with the Exabeam solution,” said Singh. “Customers can deploy Exabeam on Google Cloud to get an enhanced view of the security of their core infrastructure and to identify advanced threats, further helping improve data security. As a Google Cloud partner, Exabeam has been shown to increase security operations center efficiency, and we’re confident customers will continue to see that value.”
Exabeam is the Smarter SIEM™ company. We help security operations and insider threat teams work smarter, allowing them to detect, investigate and respond to cyberattacks in 51 percent less time. Security organizations no longer have to live with excessive logging fees, missed distributed attacks and unknown threats, or manual investigations and remediation. With the modular Exabeam Security Management Platform, analysts can collect unlimited log data, use behavioral analytics to detect attacks, and automate incident response, both on-premise or in the cloud. Exabeam Smart Timelines, sequences of user and device behavior created using machine learning, further reduce the time and specialization required to detect attacker tactics, techniques and procedures. For more information, visit https://www.exabeam.com
Exabeam, the Exabeam logo, Threat Hunter, Smarter SIEM, Smart Timelines and Security Management Platform are service marks, trademarks or registered marks of Exabeam, Inc. in the United States and other countries. All other brand names, product names, or trademarks belong to their respective owners. © 2020 Exabeam, Inc. All rights reserved.
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