UPDATE: Nozomi Networks Announces Strong Growth and New Funding in the First Half of 2020

Tuesday, 14. July 2020 17:39

SAN FRANCISCO, July 14, 2020 (GLOBE NEWSWIRE) -- This is an update to the release issued earlier this morning. This release has been updated to include information on revenue growth.

Nozomi Networks Inc., the leader in OT and IoT security, today announced solid growth for the first half of 2020 as COVID-19 pushes pharmaceuticals, manufacturers and critical infrastructure organizations to provide secure remote work environments, speed scientific R&D, ramp production and refactor the supply chain. Despite one of the worst economic crises in decades, the company experienced 20% growth in bookings and 66% revenue growth year-over-year, welcoming In-Q-Tel and Telefónica as strategic investors and adding Deloitte, NTT, Orange and T-Systems to its growing list of global partners. The company has expanded its executive bench with the addition of Chief Revenue Officer Stephen Driggers, Vice President of Sales – Americas Chris Dell and Head of People and Culture Alan Berusch. Nozomi Networks Labs also launched a special initiative to help the security community fight COVID-19-related cyber threats.

“COVID-19 has accelerated IT/OT convergence, created new customer requirements and increased market demands for our solutions,” said Nozomi Networks CEO Edgard Capdevielle. “In response, we’ve moved quickly to fortify our financial position, strengthen our teams and partner channels, optimize selling processes and doubled down on product development. We’re stronger than ever and ready to take OT and IoT security to the next level.”

First half 2020 highlights include:

Strong Customer Loyalty and New Customer Growth
While 2020 has been a year of rapid adaptation and change, customer growth and loyalty has remained constant.

  • The company realized 66% revenue growth driven by subscription revenue and added major new customers around the globe including key wins at top pharmaceutical manufacturers, transportation companies, electric and water utilities, oil & gas companies and healthcare organizations. Meanwhile, existing customers continue to add new installations and professional services engagements are up 45% over the same period last year.
  • We hold a 4.9 out of 5 star overall ranking from dozens of real-world users who completed Gartner’s Peer Insight reviews. It’s the highest score for OT security market vendors with 10 or more reviews. 100% say they would recommend Nozomi Networks to others.
  • Nozomi Networks holds a certified Net Promoter ScoreÒ (NPSÒ) of 91 – a testament to our commitment to delivering the industry’s best professional services and support.  
  • Nozomi Networks Guardian is being leveraged to secure and monitor skyrocketing remote access for utilities, pharmaceuticals and other critical infrastructure organizations. In many cases, the organizations we work with are experiencing 50% or higher increases in remote access connectivity to their industrial operations.
  • Expansion into OT/IoT-converged networks also remains strong including several new wins in transportation, building automation and logistics.
    • Total customer installations have surpassed 2,400 worldwide
    • Total number of OT & IoT devices supported has grown to over 3.6 million
    • Nozomi Networks customers now include:
      • 8 of the world’s top 20 oil & gas organizations
      • 6 of the world’s top 10 pharmaceutical companies
      • 4 of the world’s top 10 utilities
      • 4 of the world’s top 10 mining operations                            

Funded for Growth and Innovation
Nozomi Networks has taken steps to ensure a strong cash position to fuel growth through 2020 and beyond. Growing revenues and several strategic investments have helped position the company for continued market expansion and aggressive product innovation. New strategic investors include:

  • Government intelligence investor In-Q-Tel
    “Nozomi Networks’ use of machine learning enables them to provide advanced device identification, behavioral analysis, and anomaly detection capabilities through passive monitoring of IoT and OT networks. This level of visibility is essential for protecting critical infrastructure devices and networks. Their solution is designed to support distributed network architectures and integration with a broad range of security products, making it well suited for deployment into the challenging and diverse operating environments of the U.S. intelligence and defense communities.”
    Brinda Jadeja, Senior Partner, Investments, In-Q-Tel

  • World-leading telephone and mobile network provider Telefónica
    “Our investment in Nozomi Networks reinforces Telefónica’s commitment to strong cybersecurity for industrial environments and critical assets exposed to constant and ever-changing threats. Monitoring and threat detection systems help minimize these risks, and the artificial intelligence-based technology developed by Nozomi Networks is essential for our industrial customers.”
    Guenia Gawendo, Director, Telefónica Innovation Ventures

Expanded Executive Leadership  
Nozomi Networks has expanded its senior leadership team to take the company and the markets it serves to new heights. 

  • Stephen Driggers has joined as Chief Revenue Officer. Mr. Driggers brings over 26 years of sales leadership and go-to-market strategy to the role, including two decades of success in building high-performing, cybersecurity enterprise sales organizations at scale. He strengthened revenue growth and led Americas Sales and Channel Operations at Thales Cloud Protection and Licensing. Prior to that, he led the Americas Enterprise security team at HP. 
  • Chris Dell has joined as Vice President of Sales – Americas. Mr. Dell brings a decade of team building and sales leadership experience to the position, including experience with Verkada, Cisco’s Meraki Cloud Networking Group, EMC, HP and Symantec.
  • Alan Berusch has joined as Head of People and Culture. Mr. Berusch brings over 15 years of organizational design and development experience with expertise in high growth, high-performing  companies. He held HR leadership positions at Omidyar Network and PayPal; and is a certified Integral Coach and adjunct faculty at New Ventures West in San Francisco.

Partner Traction
Strategic partner alignment and growth continue to play a key role in Nozomi Networks’ market expansion and growth. In the first half of this year Nozomi Networks:

  • Entered strategic partnerships with Deloitte, NTT, Orange, Telefónica and T-Systems. These partnerships extend Nozomi Networks’ capabilities into their Managed Services offerings and further our efforts to market and sell solutions optimized for pharmaceuticals, automotive manufacturing and other industrial and critical infrastructure use cases and IoT environments.
  • Broadened our strategic technology alliances and integrations to include Crowdstrike, Exabeam and Tanium. These alliances expand tradition IT security use cases by leveraging Nozomi Networks to bolster asset awareness and intelligence, and enhance monitoring and security postures for IT, OT and IoT-converged customers. 
  • We continue to build our relationship with the Maryland Innovation and Security Institute (MISI). Nozomi Networks is engaged in MISI’s Dreamport U.S. Cyber Command mission accelerator, focused on helping over 300,000 Defense Industrial Base contractors meet new certification requirements to ensure better cybersecurity for the DoD supply chain. Additionally, as a charter partner, Nozomi Networks is engaged in a number of Dreamport initiatives including cyber resilience for Building Automation Systems and OT & IoT cybersecurity training for Dreamport’s intern program.

COVID-19 Technical Response
COVID-19 has forced IT and OT organizations everywhere to adapt their cybersecurity programs to support remote work and modify production and supply chain processes. To help, Nozomi Networks Labs is sharing its knowledge and expertise. That includes:

  • Free threat intelligence on GitHub for COVID-19-related network indicators, ransomware and malware.
  • Nozomi Networks is offering free tools and education, including Guardian Community Edition, which delivers remote access monitoring into the devices and activity in OT and IoT environments. Thousands of people have accessed our COVID-19 Cybersecurity Support site, registered for webinars and downloaded free tools and threat intelligence provided by the Nozomi Networks Labs research team.
  • The surge in remote work has made Nozomi Networks remote access monitoring capabilities a high value feature for our customers – allowing them to see anomalous remote activity that can evade detection by other monitoring tools. Our easy integration with remote access management tools allows cybersecurity and operations teams to secure almost any type of remote access to their converged OT/IoT environments, including VPNs, terminal servers, jump servers, and clientless remote desktops.

About Nozomi Networks
Nozomi Networks is the leader in OT and IoT security and visibility. We accelerate digital transformation by unifying cybersecurity visibility for the largest critical infrastructure, energy, manufacturing, mining, transportation, building automation and other OT sites around the world. Our innovation and research make it possible to tackle escalating cyber risks through exceptional network visibility, threat detection and operational insight.
www.nozominetworks.com

Press Contacts:
Jil Backstrom
jil.backstrom@nozominetworks.com - 303.913.1650
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