Counterpane Internet Security Continues Momentum with Record 130 Percent Growth in Third Quarter
Customer base increased 12 percent, including global leaders in financial services, healthcare, retail, power & energy, media and manufacturing
MOUNTAIN VIEW, Calif., October 18, 2004 - Counterpane Internet Security, Inc., the world's leading protector of networked information and the inventor of outsourced security monitoring, today announced it closed Q3 2004 with record growth in bookings of 130 percent over Q3 2003. Rapid, global market adoption of Counterpane services that enable customers to extend security monitoring, act on threats and meet compliance mandates accounted for much of the quarter's success. The Company increased its overall customer base by 12 percent in Q3 2004 across key verticals including financial services, government, healthcare, retail, power and energy, media and manufacturing. Among the new customers is Regis Corporation (NYSE: RGS), a Fortune 1,000 company and the largest owner, operator and franchisor of hair and retail product salons and beauty schools in the world, including the Supercuts, Jean Louis David and Vidal Sassoon brands.
"The growing frequency and intensification of network attacks, and mandated compliance with government and industry policies, are driving the skyrocketing demand for our security services," said Paul Stich, President and CEO of Counterpane. "Customers recognize the value our services bring to the evolving security landscape. They also appreciate that we are vendor-neutral."
Bruce Schneier, CTO of Counterpane comments, "Five years ago, Counterpane was founded to supply security monitoring in a manner that was more informed and expansive than any single company could accomplish on its own. Today, our mission remains the same, even as data volume and threats multiply daily: we strive to create new standards of excellence in security services, combining the best people, processes and technologies to protect against ever evolving internal and external threats."
Services Drive Global Growth
Supporting the core monitoring offering, new Counterpane services introduced within the last year-including Vulnerability Scanning and Device Management-accounted for 18 percent of bookings in Q3 2004. Further, fully 50 percent of Counterpane's existing customers renewing in the past quarter chose to add the new services to their contracts. The individual service offerings achieved impressive bookings growth, increasing 24 percent for Vulnerability Scanning and 215 percent for Device Management from Q2 2004 to Q3 2004.
These services, along with Counterpane's global expertise and vendor-agnostic approach, led to unprecedented success against competitive offerings. During Q3 2004, the Company won over 75 percent of project bids involving one or more competitors.
Counterpane significantly enlarged its global footprint in Q3 2004. Overseas growth was aided by extensions of strategic partnerships with Intec Communications, a Japanese IT outsourcing and managed services company, and Getronics, a European-based network outsourcing and management services company. In Q3 2004, more than 25 percent of overall Counterpane bookings occurred outside the United States. Bookings from Japan accounted for more than 50 percent of Counterpane's International bookings, with the balance generated from Canada and Europe.
Compliance Expertise Drives Vertical Market Expansion
Counterpane customers are increasingly pressured to comply with government regulations and industry initiatives, including Gramm Leach Bliley, Sarbanes Oxley and Visa CISP (Cardholder Information Security Program). Approximately 78 percent of Counterpane's customers report they in part make security services decisions based on their compliance needs, up from 36 percent in 2003.
Counterpane's ability to help customers achieve compliance with data privacy and protection regulations generated impressive bookings growth across its major vertical markets, including financial services, government, healthcare, retail power and energy, media and manufacturing during Q3 2004. Retailers concerned with Visa CISP compliance were an especially strong growth area.
Additional third quarter accomplishments include:
- Industry recognition: Counterpane was positioned in the visionary quadrant in the "Magic Quadrant for MSSPs, 1H04" report released by Gartner, Inc. published in July 2004.* The Magic Quadrant evaluates vendors on completeness of vision and ability to execute, and uses selection criteria based on vendor and product capabilities, breadth and depth.
- Technology Innovation: Counterpane released new customer portal features to provide customers improved dashboard capabilities. Enhancements include real-time, definable event queries; the ability to quickly identify complex threats across devices; and faster response times.
- Increased Capacity: Counterpane continued its investment in infrastructure, ensuring scalability to manage current and future traffic loads in its Security Operations Centers (SOCs).
About Counterpane Internet Security
Counterpane is the world's leading protector of networked information and the inventor of outsourced security monitoring. With the most comprehensive view available of global information security events, Counterpane offers customers the earliest possible warning of internal or external threats to their information security and availability, as well as the expert counsel required to successfully mitigate such threats. Counterpane's managed service model and technology products provide information-intensive organizations the security they require to collaborate with ever-increasing numbers of partners, customers, suppliers, investors and government regulators.
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