Enterprise Sales Propel Record Growth and Profitability for SIEM and Log Management Vendor Q1 Labs

Exceptional four year growth, increased customer acquisition rates and large enterprise sales yields continued profitability

WALTHAM, Mass.--(BUSINESS WIRE)--Q1 Labs, a global provider of total security intelligence products, today announced it had acquired 106 new customers, including many large enterprises, in its recent third quarter. For its first three quarters, the company added 278 new customers, bringing its worldwide total to 778. In just four years of selling SIEM solutions, it has outpaced the market and overtaken many of its largest competitors in total customer count.

“Customers understand that QRadar is the most integrated, automated and intelligent SIEM product in the industry and our sales continue to reflect this despite the economic downturn. They’re voting with their wallets and choosing Q1 Labs 3 to 1 over our largest competitors”

A 72 percent, four year growth rate, combined with continued profitability over the past four quarters has allowed the company to grow its employee base by 40 percent and customer base by 60 percent in 2009.

“Customers understand that QRadar is the most integrated, automated and intelligent SIEM product in the industry and our sales continue to reflect this despite the economic downturn. They’re voting with their wallets and choosing Q1 Labs 3 to 1 over our largest competitors,” said Shaun McConnon, CEO of Q1 Labs. “We are adding new functionality, new services and new products at an ever increasing rate. Customers are acknowledging that we deliver total security intelligence products on a flexible, scalable and simple-to-use platform priced for their specific needs and budgets. It is truly gratifying to see large enterprise customers choosing our QRadar platform both for its cost-effectiveness and architectural superiority.”

In 2009, Q1 Labs was named a leader in Gartner’s Security Information and Event Management Quadrant, validating the company’s vision and ability to execute. The company has seen success globally and in selected verticals, across the financial, government, education, retail, healthcare, energy and service provider industries.

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About Q1 Labs

Q1 Labs is a global provider of high-value, cost-effective network security management products. The growing company's flagship offering, QRadar SIEM, integrates previously disparate functions – including log management, network behavior analytics, and security event management – into a total security intelligence solution. QRadar SIEM provides users with crucial visibility into what is occurring with their networks, data centers, and applications to better protect IT assets and meet regulatory requirements. Q1 Labs is headquartered in Waltham, Mass., U.S.A., and the company's customers include healthcare providers, energy firms, retail organizations, utility companies, financial institutions, government agencies, and universities, among others. For more information, visit Q1Labs.com or call 781-250-5800.