More than half of new business generated from cloud-based SIEM and MSSPs
Exabeam, the Smarter SIEM company, announced significant sales momentum across EMEA, more than doubling new and add-on recurring revenue in the first half of FY21 compared to the same period last year. In addition, with more than half of new and add-on recurring revenue in the second quarter of FY21 coming from Exabeam SaaS Cloud and managed security service provider (MSSP) partners, the organization continues to see an accelerated transition of its business to the cloud.
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The EMEA team closed Exabeam’s largest ever multi-million dollar SaaS Cloud deal in Q2 FY21. Sales through MSSP partners have also shown sequential quarter over quarter growth. These achievements come on the heels of Exabeam’s performance milestone announcement in May, with Exabeam SaaS Cloud contributing more than half of new and add-on recurring revenue for the entire organization in the first fiscal quarter.
This momentum has been built on consistent improvements to Exabeam’s cloud-first product and partner strategy, including the announcement of the Exabeam Cloud Platform and Google Cloud Security Partner status earlier this year. Exabeam’s SaaS offering is currently available in Europe on Google Cloud in Belgium, Finland, Germany, UK, Netherlands and Switzerland.
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To drive this continued growth in EMEA, earlier this year, the company added new sales teams in the Nordics, France and the Middle East, including sales engineering and sales development resources. The region also added a commercial sales function to target organizations under 2,500 employees.
“Today’s onslaught of cyberattacks, combined with increasingly sophisticated security tool sets and a skills shortage, means many organizations are heading into a perfect storm of IT vulnerability. This represents a significant opportunity for channel partners to create real value and grow revenues. Working with Exabeam, we are helping our partners address these challenges by enabling their customers’ IT security teams with the cyber tools, skills and services they need to gain visibility into endpoints, cloud, and identity and access management. This isn’t a silver bullet, but it goes a long way in minimizing the impact of a cyberattack when it inevitably comes,” said Jason Simper, head of global vendor development at Exclusive Networks.
“Exabeam’s security management platform has delivered increased visibility for our information security team across the entire technology estate, including network and cloud deployments, to keep up with ever-evolving adversary tactics and techniques. Exabeam Advanced Analytics has improved our detection capability and reduced the time it takes to correlate log data and make actionable information immediately available to our security team. Exabeam’s incident response automation and security orchestration also drives further efficiency improvements within our security operations,” shared Mick Jenkins, CISO, Brunel University.
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This increasing adoption of cloud-based security tools is underlined by the results of a recent survey of security practitioners, which found that 61 percent of those questioned have migrated up to half of their security tools to the cloud. The respondents to the survey cited improvements in monitoring and tracking of attacks (21 percent) and access to the latest features (20 percent) to be the most important reasons for moving to the cloud.
“Our entire EMEA team deserves huge c************** for their success over the past year,” commented Nir Polak, co-founder and CEO of Exabeam. “By investing more widely in our EMEA sales organization and building on their achievements to date, we can help more security practitioners increase their efficiency and response times to mitigate the potentially devastating impact of cyberattacks.”
Charlie Howe, Exabeam VP, EMEA, concluded, “Expanding the sales organization into additional territories has enabled us to work with customers and partners to more effectively meet their needs and continue the significant contribution our region is making to the wider business as a whole.”
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