IRVINE, Calif.--(BUSINESS WIRE)--SecureAuth Corporation, the emerging leader in identity enforcement for cloud and on-premise applications, and VPN resources, today announced continued strong growth during 2010. For the third year in a row, the company experienced a triple digit increase in revenue bookings over prior year. Rapid customer adoption increased sales over 2009 by 300% which more than doubled the number of new customers. SecureAuth’s phenomenal growth includes Fortune 500 companies such as DISH Network, Eli Lily, and IBM.
Achieving the growth that SecureAuth has experienced is a direct result of the rapid market adoption of SaaS applications and the need to provide secure, simple access. To meet the demand, the company ramped up its partner channels who contributed more than 50% of revenues. The company also changed its name from MultiFactor Corporation to SecureAuth Corporation to better represent its platform offering that includes strong authentication, integrated SSO and IdM services. The company also closed a $3 million round of funding from private investors, bringing its total funding to $11M. The investment is being used to ramp up sales and marketing efforts to support the dramatic increase in market demand.
Not surprising, the increased adoption of Web 2.0 and SaaS, and the use of passwords only, is leaving corporate networks vulnerable to phishing and password attacks. According to a recent Forrester survey1 , 67 percent of companies do not require strong authentication from their partners to access corporate networks. The lack of strong authentication reduces security within an enterprise and creates a weak link when accessing the network. In addition, the survey highlights policies on passwords that are put in place to mitigate risk have become a major burden to users, impeding their ability to be productive.
“We are at the right place at the right time with a product that works out of the box for our customers. Our identity platform was designed as a hybrid architecture which means that we can provide integrated 2-factor authentication, SSO and IdM for the cloud and on-premise applications. We have the only solution that meets compliance regulations for mutual authentication for cloud applications that also makes it easy for users to logon with a single password,” stated Craig Lund, SecureAuth co- founder and CEO. “We believe strongly that 2011 is the year when securing and simplifying access from all types of devices, including iPhones/iPads and Android devices to any application, on-premise, or in the cloud becomes a mandate. The phenomenal growth that we are seeing is just the tip of the iceberg as the acceleration of cloud computing continues.”
Customer Momentum
SecureAuth’s unparalleled success is based on the selection of SecureAuth IEP by organizations worldwide. The company experienced especially strong growth within High Tech, Insurance/Financial Services, Education, and Healthcare. The company also welcomed new state and local government customers in 2010 including numerous municipalities, Clark County Nevada, and the State of New Hampshire. The State of New Hampshire purchased SecureAuth IEP which was approved by the state ISO and FBI ISO to meet the multifactor authentication mandate that agencies would need to access the Criminal Justice Information Services (CJIS).
From the Healthcare industry, the company welcomed Saint Luke’s Health System, Stanly Regional Medical Center, Health Data Services, The Diocese of Rochester, and one of the top medical services practice in the U.S. Internationally, the company added new customers in Europe, South America and Asia. Grupo Abril, a Brazilian major media conglomerate, headquartered in São Paulo, and Jetstar Airways, a subsidiary of Qantas airlines headquartered in Melbourne, Australia selected SecureAuth IEP.
SecureAuth’s unique approach to 2-factor authentication and SSO resulted in the displacement of competitive products for a number of new clients who needed to meet compliance regulations. SecureAuth is the only company to offer mutual authentication for SaaS applications to meet stringent compliance regulations such as FFIEC, HIPAA/HITECH, PCI DSS, NCUA, FISMA, CJIS, and others.
SecureAuth’s growth in 2010 is also measured by customer satisfaction. 98% of customers renewed their subscription and many companies such as Diebold had significant add-on purchases.
Expansion Supports Growth
Organic Growth
Not only was 2010 a year of change for the market, it marked a milestone for the company. Advances in technology and the expansion of the SecureAuth product to an Identity Enforcement Platform were the compelling forces behind the company name change from MultiFactor Corporation to SecureAuth Corporation. To support the growing demand for SecureAuth IEP, the company expanded both organically and through partners. SecureAuth regional offices were opened in Dallas, Texas and Chicago, Illinois.
Partner Momentum
McAfee, the leading provider of secure enterprise solutions certified SecureAuth IEP for its Security Innovation Alliance™ partner program and elevated SecureAuth to Technology Partner. The integration of SecureAuth IEP and McAfee® Endpoint Encryption combines two-factor SSO application access with data encryption and centralized data protection. The company also added numerous partners including FishNet Security, Cloud Sherpas, The Beloit Group, eB2Bcom, LTech, enPointe, iRoam, Heit, Action Systems and SOS Systems.
About SecureAuth Corporation
SecureAuth is the market leader in identity enforcement for cloud, web, and VPN resources. SecureAuth makes it safe for organizations of any size to extend their enterprise to the cloud by simplifying access, reducing the risk of unauthorized access, phishing, and the misuse of portable enterprise identities. Unlike other SSO and authentication products, SecureAuth is known world-wide for its all-in-one Identity Enforcement Platform, SecureAuth IEP that delivers integrated 2-Factor Authentication, SSO, and IdM for less than the cost of a token-based solution. Strategic partners and customers include leaders in finance, government, healthcare, manufacturing, retail, technology, and services. Visit www.gosecureauth.com for additional information.
SecureAuth, SecureAuth IEP and the SecureAuth logo are registered trademarks of SecureAuth Corporation. All other products or company names mentioned herein are trademarks or registered trademarks of their respective owners.
1 A Forrester Consulting Thought Leadership Paper Commissioned by VeriSign (Symantec), “Enhancing Authentication To Secure The Open Enterprise”, December 2010