Company secures 50 percent increase in bookings; bolsters executive bench and product portfolio
BOSTON – ObserveIT, the leading insider threat management provider with more than 1,800 customers around the world, today announced a record 2018. The company generated a 50 percent increase in Q4 bookings, closed 19 deals greater than $100,000 in the fourth quarter alone and received $34 million in funding this year.
ObserveIT’s rapid growth reflects increasing global demand for the company’s insider threat management solution. Breaches caused by negligent and malicious insiders have increased by 26 and 53 percent respectively in the past two years (Ponemon Institute), meaning it’s increasingly important for companies to leverage holistic solutions to identify and eliminate insider threats.
To further support organizations in combating these threats and to increase overall visibility, the company recently introduced ObserveIT 7.6, which includes the addition of FAM (File Activity Monitoring), a unique solution for data exfiltration, detection and prevention. The company will continue product innovation in 2019, specifically focusing on its forthcoming cloud solution.
ObserveIT also made several strategic appointments in 2018 to help support its next phase of growth. The company added new board members including Vice Chairman of the Board, Dave DeWalt, NightDragon Security founder, Ed Amoroso, former AT&T CISO and founder of TAG Cyber; and Charles Carmakal, vice president at Mandiant. Additionally, Will Porter was selected as the company’s new CFO, and former Digital Guardian executives John Quinn and Craig Hansenhave been hired as the company’s new vice president of channel sales and vice president of enterprise and federal sales.
“ObserveIT’s rapid growth is a true indicator that organizations realize the value of its product and industry experience,” said Charles Carmakal, VP at Mandiant and ObserveIT advisory board member. “The company’s unique approach and dedication to innovation enables organizations to manage and mitigate insider threats, positioning them for long-term success in today’s business environment.”
ObserveIT also received notable industry recognition in the fourth quarter of 2018, further validating its position as the leader in insider threat management. The company won two Cyber Defense Awards for having the “Best Insider Threat Prevention Product” and for its “Cutting Edge Insider Threat Detection” capabilities. ObserveIT’s offering was also named the “Best IT Threat Intelligence Solution” by the ‘ASTORS’ Awards Program, presented by American Security Today, and ObserveIT was named one of the“Best Places to Work” by The Boston Globe.
Additional 2018 milestones for ObserveIT include:
- Secured 55 deals over $100,000 and 9 deals over $500,000 in 2018 across all verticals (Financial Services, Life Sciences, Logistics, Defense Contracting, and Manufacturing).
- Saw Net Promoter Score increase to 78 percent in Q4, reflecting strong customer loyalty, continued client confidence and overall support.
- Continued employee growth, with a 37 percent increase from the end of 2017
- Secured $34 Million in series B financing led by Bain Capital Ventures, Spring Lake Equity Partners and NightDragon Security
“We’re proud to be the trusted insider threat detection and prevention partner of choice for major brands across the globe,” said ObserveIT CEO Mike McKee. “2018 has been an exciting year. We’re thrilled to wrap it up with a growing roster of highly-satisfied clients and industry validation confirming our unmatched product offering and expertise.”
To learn more about ObserveIT’s Insider Threat Management solution and how it helps companies detect anomalous behavior, expedite investigations and prevent data loss, visit here. For a free trial of ObserveIT 7.6, visit here.
ObserveIT is the leading Insider Threat Management solution with more than 1,800 customers across 87 countries. ObserveIT is the only solution that empowers security teams to detect insider threats, streamline the investigation process, and stop data exfiltration. With 350+ out-of-the-box insider threat indicators of compromise, rich metadata and outstanding search capability and playback of any policy violation, ObserveIT provides comprehensive visibility into what people – contractors, privileged users and high-risk users – are doing, and reduces investigation time from days to minutes. For more information visit: www.observeit.com.
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