Marquee customer wins, geographic expansion and a new VP EMEA helps Exabeam deliver on its mission to be “the next Splunk” and become the undisputed SIEM market leader
London, October 24th 2018 – Exabeam, the next-gen SIEM company, today announced strong EMEA growth led by significant customer wins, geographic expansion across the region and a rapidly increasing headcount. This continued growth speaks to significant market opportunity and demand in the security information and event management (SIEM) market, which is expected to hit $4.54 billion in 2019*. The company also announced the appointment of Charlie Howe as its new VP EMEA.
As part of this year’s growth, Exabeam has continued to win deals over Splunk when pitted head to head, as well as achieving a number of major milestones, including:
- Exceptional business performance: Exabeam delivered 250 percent market growth in 2017, coming off 300 percent growth in 2016. The company is on track to more than double its market size in 2018. Customers in the U.K include two of the top five banks, one of the largest pharmaceutical, and some of the largest insurance and healthcare organisations.
- Geographic expansion and employee growth: In addition to its offices in the UK and Germany, Exabeam expanded its presence with a new team in the Benelux region, and tripled its EMEA employee count.
- Recognised innovation: There is growing industry recognition for Exabeam’s Security Management Platform; it was named the 2018 Gartner Peer Insights Customers’ Choice for its SIEM software, and recently won an SC Awards Europe 2018 for Best SIEM.
- New VP EMEA hire: Charlie Howe is the new VP EMEA at Exabeam. He joins from Skyhigh Networks (acquired by McAfee) where he was responsible for building and managing a local team to enable the company’s expansion plans in the region. Previous roles include EMEA Sales Director at Silvertail Systems (acquired by RSA), head of Encryption Sales EMEA at Symantec and head of EMEA Enterprise Sales at PGP Corporation. All told Charlie brings over 20 years of experience in the IT industry and has helped establish and scale a number of security start-ups in EMEA.
- Expanded distribution: Earlier this year, Exabeam and Exclusive Networks expanded their distribution reach, adding the Middle East to the existing European agreement.
“The complexities in securing modern digital businesses, along with the increase in sophistication of malicious threats and cybercrime, are fuelling growth of the SIEM market,” said Nir Polak, CEO at Exabeam. “With our Security Management Platform, Exabeam is delivering on the original promise of SIEM. Based on our success in North America, and given the size of the EMEA market for SIEM, we are rapidly growing our presence in Europe and the Middle East.”
Exabeam’s strategy for 2019 includes continued growth in the region by doubling its team in Germany and expanding to the Nordic region. Nir Polak added: “We’re also looking into possibilities in Southern Europe (Spain, France, Italy) as well as investigating the Middle East and North Africa – a very strong market for SIEM which has a potential TAM of $45m in 2019**.”
“Threat landscape dynamics and ever-increasing compliance requirements for enterprises are driving SIEM deployments and enhancements globally. At the same time, skills shortage, alert fatigue, and the growing complexity of enterprise infrastructures demand greater utilisation of security automation and orchestration and thus require advanced functionality on the security management layer,” explains Konstantin Rychkov, Research Manager, European Security Solutions at IDC. “Organisations now are looking into how SIEMs can move from forensics and visibility functions into prioritisation, automated remediation, and even predictive threat analytics. Overall, we are seeing traditional SIEM vendors losing share to newer players in a market that we forecast to expand exponentially at a 10% CAGR from 2018 to 2022.”
“Software SIEMs currently dominate the market as they can deliver greater flexibility, adaptability, and a broader set of features to their users. Nevertheless, there is growing pressure coming from the MSS space as SIEM requires substantial resources for setup and operation, and not every organisation can afford an in-house SOC team.”
Exabeam delivers next-generation security management technology that enables organizations to protect their most valuable information. The Exabeam Security Management Platform combines unlimited log data collection, advanced behavioral analytics, and automated incident response, all supported by Exabeam’s patented Smart Timeline technology that uses machine learning to track identity and behavior over time. The company’s recent industry accolades include Forbes Cloud 100, Inc. 500, and SC Awards Europe, among many other distinctions. Exabeam is privately funded by Aspect Ventures, Cisco Investments, Icon Ventures, Lightspeed Venture Partners, Norwest Venture Partners and well-known security investor Shlomo Kramer. For more information, visit https://www.exabeam.com or follow us on Twitter @exabeam.
Tel: + 44 (0) 1252 717040
*According to MarketsandMarkets, “Security Information and Event Management Market by Solutions (Log and Event Management, Firewall Security Management, Patch Management, Others) – Market Forecasts and Analysis (2014-2019),” https://www.marketsandmarkets.com/PressReleases/security-information-event-management.asp
** Gartner, Forecast: Information Security Software, Worldwide, 2016-2022, 2Q18 Update, July 2018