SALT LAKE CITY--(BUSINESS WIRE)--Protegrity, a global leader in data security, today announced record business growth and company momentum during its fiscal year 2020. Over the past year, Protegrity achieved significant customer growth, signing 225 percent more new customers than in 2019. Total year-over-year revenue increased by 23 percent in 2020, with annual recurring revenue for first-time customers increasing by 398 percent.
“2020 was a marquee year for Protegrity, representing the most successful twelve months in the company’s history,” said Protegrity President and CEO Rick Farnell. “We are growing rapidly, hiring aggressively, and expanding quickly into new markets across the globe in response to the incredible demand we’ve seen for our industry-leading Data Protection Platform. As we surge into 2021, we will continue to focus on enabling our customers to innovate and confidently pursue data-driven initiatives, knowing they are benefitting from Protegrity’s customer-first mission of creating and delivering the most comprehensive and reliable data-security solutions available today.”
Throughout the course of 2020, Protegrity announced a number of significant advancements across the business, leading to the company’s customer and revenue growth. These include:
- Following the appointment of Farnell as President and CEO, Protegrity unveiled its newly assembled leadership team with the appointment of eight new executives in 2020. The new leadership team is spearheading Protegrity’s transformation as a business to accelerate the company’s global growth and innovation in data security.
- Partnership and integration momentum with industry leaders such as Snowflake, Amazon Redshift, Yellowbrick Data, Cloudera, Teradata, Amazon Web Services, Microsoft Azure, Servian, and Latbc.
- The complete corporate and product rebrand of Protegrity, bringing offerings to market that provide greater flexibility and transforming how customers engage and license Protegrity’s solutions. This includes the release of the Protegrity Data Protection Platform v8. The platform strengthens how the company provides global enterprises, mid-market companies, and start-ups in healthcare, financial services, and retail the flexibility to easily secure sensitive data across hybrid- and multi-cloud environments from a single data security platform.
- Protegrity’s vision for the Secure AI Era, in which businesses and governments can harness the near limitless potential of advanced analytics, AI, and machine learning, while preserving every individual’s fundamental right to privacy.
- With recognized experts creating solutions that make it easier for companies to focus on business, Protegrity continues to help organizations overcome data-privacy challenges so they can pursue AI, advanced analytics, and other data-driven initiatives. The company’s proven track record of customer support includes a global team of experts who help customers align business goals with their use of the platform, as well as My.Protegrity, a self-service portal that manages site users, offers the latest software, and provides 24/7/365 support for all critical needs.
- 2021 started with yet another way in which customers can more effectively secure data: the Protegrity Partner Network, a new program that’s uniquely tailored for Protegrity’s global ecosystem of technology and services partners to address a wide range of existing and emerging customer use cases. Protegrity’s 2020 investment to modernize for the cloud created APIs and SDKs that technology ISVs can utilize to integrate with the Protegrity Data Protection Platform.
Accelerated Digital Transformation Drives Unprecedented Demand for Data Security
According to recent Gartner research, information-security spending was expected to reach $123.8 billion in 2020. The report found that while the demand for some information-security segments, such as network security, were projected to decrease in 2020, the pandemic accelerated growth for market segments such as cloud security and data security, with cloud-security spending projected to increase 33 percent over 2019.
Farnell continued: “The global COVID-19 pandemic pushed nearly every industry online, leading to a dramatic acceleration of digital transformation, cloud, and AI initiatives. However, as these companies continue to push the boundaries of innovation to keep pace with the digital economy, they have quickly encountered the age-old balance between innovation and the control required by the business. Protegrity gives organizations the freedom to innovate safely with flexible, fine-grained data-security solutions for on-premises, cloud, and SaaS environments, allowing businesses to fully tap into their most valuable asset: secure data.”
Delivering Trusted Data-Security Solutions for Global Enterprises
Protegrity protects the sensitive data of more than two billion individuals at global enterprises, including 35 percent of the top 250 global businesses and a large number of the Fortune 500. The company is uniquely positioned to help organizations navigate the myriad global data-privacy regulations already enacted, as well as the many others that are projected to come. As a result, Protegrity has seen significant momentum across highly-regulated industries, such as healthcare, retail, and financial services. Examples of customer momentum in these industries include:
- With a long-standing significant customer base of leading healthcare providers, the company protects the data of four of the top 10 health-insurance companies, accounting for 43 percent of private U.S. health-insurance members.
- In the retail industry, the company safeguards the data of some of the largest U.S. and European retail chains.
- Across financial services, banking and insurance, Protegrity protects the data of many of the largest credit-card issuers and four of the 15 largest banks in the world.
In 2021, Protegrity will continue to make it clear that it is the modern, “must-have” solution for data security. Beyond that, by moving ahead with its vision for the Secure AI Era and the value for secure innovation, the company will present a series of platform and technology upgrades, continue to add strategic partners, both in the U.S. and around the globe, and work with more customers to secure data for them and their customers. As ever, 2021 will prove, once again, that Protegrity is the global standard for ubiquitous data protection.
Protegrity, a global leader in data security, protects sensitive data everywhere and future-proofs businesses as data-privacy regulations evolve. Maintaining privacy today across distributed data has become impossibly complicated. With Protegrity, enterprises can secure data wherever it resides, control how it’s protected, and have confidence that data is safe, even if a breach occurs. The Protegrity Data Protection Platform is a modern alternative to traditionally complex data-protection methods that leave gaps in security. Whether encrypting, tokenizing, or applying privacy models, Protegrity protects data at the speed of business. Deep integrations with Snowflake, Amazon Redshift, Teradata, Oracle, Microsoft SQL Server, Cloudera, Databricks, and many other enterprise applications ensure that data remains fully protected in hybrid-cloud, multi-cloud, and on-premises environments without performance penalties. The platform’s fine-grained data protection anonymizes personally identifiable information (PII) that’s used in AI and machine learning models, providing faster access to critical analytics data and dramatically shortening the time to business insights. Protegrity protects the sensitive data of more than two billion individuals across global enterprises, including four of the world’s 15 largest banks, four out of 10 of the top health insurance providers, and three of the world’s leading multinational companies. With more than two decades of industry-leading innovation, Protegrity allows businesses to finally tap into the value of their data and accelerate digital transformation timelines – without jeopardizing individuals’ fundamental right to privacy.