WASHINGTON, Dec. 14, 2023 (GLOBE NEWSWIRE) - Virtru, a provider of data-centric security products for email, file, and SaaS workflows, posted strong operating results and delivered key product innovations in 2023. These foundational advancements, paired with exponential growth in key customer markets, position Virtru for explosive growth in 2024.
As cybersecurity budgets grow, spending is shifting from traditional perimeter-centric controls to cloud-native and data-centric capabilities that provide granular controls over sensitive information. Gartner forecasts the global cybersecurity market will grow from $186B to $289B by 2027, representing a 11.9% CAGR (compound annual growth rate). Within the macro cyber market, cloud-native and data-centric security are projected to be the fastest growing subcategories at 22.3% and 15.8% CAGR, respectively.1
Virtru today serves 6,700 customers globally, adding 1,000 new customers in 2023 while achieving 25% year-over-year growth in annual recurring revenue (ARR). In the public-sector market, Virtru introduced its next-generation Data Security Platform and generated 200% YoY growth while successfully demonstrating its ability to serve critical needs within national defense and intelligence communities. The company’s average sales price (ASP) for new logos increased 37% YoY, driven by key enterprise wins and multi-product sales enabled by Virtru Gateway and new products including Virtru Secure Share and Virtru Private Keystore.
Demand for Virtru’s data-centric security capabilities is driven by four tectonic forces, including:
“As the inventors of Trusted Data Format (TDF), Virtru has long advocated for an open, standard-based, and data-first approach to cybersecurity. We are now seeing foundational market shifts that put dollars and prioritization behind this approach. Privacy regulations are driving more complex data security requirements, and Virtru's differentiated platform and portfolio of products allow our customers across every industry to stay ahead," said CEO and Co-Founder of Virtru, John Ackerly. "Virtru’s growth underscores how data-centric security is becoming equally important to other security practices, including identity, endpoint, network, and application."
With data breaches and ransomware attacks steadily rising in frequency and sophistication, enterprises are realizing that just securing networks is not sufficient to minimize risk. Virtru's data-first approach to security lets organizations collaborate efficiently across boundaries while simultaneously protecting sensitive information as it flows in and out of cloud collaboration platforms including Google Workspace, Microsoft Office 365, Zendesk, and Salesforce.
Other key Virtru highlights from 2023 include:
To learn more about Virtru’s portfolio of data-centric security products, visit virtru.com. For more on Virtru’s achievements in 2023, read Virtru's 2023 Year In Review.
At Virtru, we empower organizations to easily unlock the power of data while maintaining control everywhere it’s stored and shared. More than 6,700 global customers trust Virtru to power their data-centric, Zero Trust strategies and safeguard their most sensitive data in accordance with the world’s strictest security standards. Creators of the TDF (Trusted Data Format) open standard, Virtru provides simple to use policy controls for data shared through email, collaboration tools, cloud environments, and enterprise SaaS applications. For more information, visit virtru.com.
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