eIQnetworks Expands Customer and Partner Reach Resulting in 60
Percent Increase in Sales for Fiscal Year 2009
Company Success Driven by Market Realization that Log Data Is Not
Enough to Meet Today’s Security and Compliance Management Needs
ACTON, Mass.—June 29, 2009—eIQnetworks®,
Inc., today announced that sales increased more than 60 percent during fiscal year 2009 (May 1, 2008 through April 30, 2009). The success is attributed to rapid customer and channel adoption of
SecureVue®, the company’s flagship security and compliance management solution that redefines SIEM (Security Information and Event Management), log management, and compliance automation technologies.
During its 2009 fiscal year, eIQnetworks marked a number of company and product milestones, including new functionality for correlating a broader set of data that extends traditional log-only SIEM technology to encompass configuration, asset, performance and vulnerability data, as well as network flow information.
• Wide Array of Customers, Partners Agree “Log Data is Not Enough”
The record fiscal 2009 included numerous customer wins across the large enterprise, public sector, MSSP and channel reseller marketplaces. Among the long list of customers currently using eIQnetworks’ flagship product, SecureVue, are Western Union, C&S Wholesale Grocers and the United States Naval War College.
Channel partners have also embraced SecureVue. For them, the solution is the foundation for a modular set of offerings solving immediate customer needs such as compliance automation and network performance monitoring, and then expanding in the future to support additional use cases based on SecureVue technology. eIQnetworks established or expanded relationships with a number of partners in 2009, including Altech (South Africa), British Telecom (UK), CompuCom, Excel Networks (UK), Mainline Information Systems and TeamInfoSec (Ireland).
In addition, during fiscal year 2009, eIQ saw a significant uptick in activity across the public sector while working with strategic partners such as GTSI, Northrup Grumman, Qwest and Red River.
“In an extremely challenging economic environment, eIQnetworks still grew at twice the rate of the security management industry, which is a tremendous accomplishment,” said eIQnetworks CEO Vijay Basani. “This growth has been made possible by the tireless efforts of all members of the eIQnetworks team, who make sure SecureVue addresses the complex and varied security and compliance management needs and demands of large global enterprises. We’ve been able to clearly differentiate our offerings in the marketplace and attract a wealth of top-tier talent to continue our acceleration and growth in fiscal year 2010.”
• SecureVue: The Way SIEM is Supposed to Be
Customers are selecting SecureVue for its innovative approach to security and compliance management, which delivers a clear and comprehensive picture of an enterprise’s security and compliance posture. Going beyond traditional SIEM and log management competitors – that evaluate IT threats by looking only at log data or monitor data from an incomplete set of sources – SecureVue correlates log data with a much more complete and essential collection of enterprise security data, such as configuration, asset, performance, vulnerability and network flow information.
“For years, enterprises have looked to traditional SIEM technologies as one of many tools to help manage security and ensure compliance,” said Jim Geary, president of eIQnetworks. “Unfortunately, traditional SIEM technologies have repeatedly failed to deliver on their promise because they are too hard to use and leave an organization blind to innovative attack vectors designed to stay below the ‘radar.’ SecureVue addresses these issues and shows that, simply put, log data is not enough.”
• Industry Recognition and Validation
In the midst of challenging economic times, eIQnetworks announced in January 2009 that it raised $10 million in financing in its first institutional round of venture funding, led by Venrock Associates.
Fiscal 2009 was also another year of industry recognition for eIQ. Among the landslide of awards bestowed on the company for its technology and corporate success, Red Herring selected eIQnetworks as a winner of the Red Herring Global 100 Award program. In August 2008, Inc. Magazine ranked eIQnetworks third among the “Top Security Companies” on the 2008 list of the 500 fastest growing privately held entities. Additionally, the Software & Information Industry Association (SIIA) selected the company as a “Best Security Solution” finalist for the 2009 CODiE Awards.
• New Leadership Guides eIQnetworks from Record Year into Promising Future
eIQnetworks expanded its executive team with seasoned security industry veterans Jim Geary and Mike Rothman. Geary joined as president and Rothman as senior vice president of strategy and chief marketing officer. The two executives offer a distinguished track record managing and driving the rapid growth of IT security companies.
Additionally, in February 2009, eIQnetworks brought aboard Mike Sullivan as chief financial officer. Sullivan has more than 19 years of extensive experience in fiscal management and operations with high-growth software companies. Also, Brad Taylor was recently named vice president of sales, North America, to help accelerate SecureVue adoption in the commercial market. Brad joins eIQnetworks following several years in leadership roles within the sales organizations of other SIEM solution providers.
About eIQnetworks
eIQnetworks is redefining security and compliance management by proving "log data is not enough"
and fostering collaboration across security, network, data center and audit teams to more quickly isolate the root cause of security issues and ensure compliance mandates are being enforced. Global financial, retail, media, healthcare, manufacturing, and government enterprises rely on eIQnetworks to make sense of formerly disparate data sources to react faster to emerging threats, automate their compliance efforts, and more effectively monitor security policies. Headquartered in Acton, Mass., eIQnetworks is located online at www.eIQnetworks.com
and can be reached at +1 877.564.7787.
