Cofense Reports Explosive Growth: Annual Run Rate Approaches $50 Million
Continued Growth Driven by Innovative Offerings and Strong Execution
LEESBURG, VA – January 31, 2017: PhishMe Inc., the leading provider of human phishing defense solutions, today announced another year of record growth, with Annual Run Rate (ARR) approaching $50 million. PhishMe’s more than 300 employees now serve 1,200 enterprise customers world-wide to defend against cybercriminals, hacktivists and state-sponsored hackers.
“As ransomware and business email compromise (BEC) continue to have widespread impact, security professionals have realized the importance of encompassing the human as part of the defensive security posture,” said Rohyt Belani, CEO and co-founder of PhishMe. “PhishMe is the only security company that provides a comprehensive and scalable human phishing defense solution. With 50 percent of the Fortune 100 trusting our products, we surpassed several key business milestones in 2016 and expect to experience the same momentum in 2017 as organizations continue blending technology with human intelligence to detect cyber-attacks early in their lifecycle.”
350% Year-over-Year New Product Adoption Growth
Expanding on our flagship product, PhishMe Triage™ was another industry first and customers have responded enthusiastically with the product seeing 350 percent year-over-year growth in sales. Over 100 enterprise level organizations are actively using the product that has been available for just over 18 months. PhishMe Triage automates phishing incident response for employee-reported suspicious emails. Once deployed, the Triage impact is virtually instant, with many organizations detecting attacks in progress especially when enabled by PhishMe’s Intelligence offering. Customers have leveraged these technologies to not only improve operational efficiency of security operations teams, but more importantly detect phishing attacks that bypassed perimeter control systems within seconds.
Successful Funding Round Highlights Investor Confidence
Investors continue to demonstrate their confidence in PhishMe with the latest successful funding round raising $42.5 million and attracting a new investor, Bessemer Venture Partners. PhishMe’s Series C Funding, announced in July 2016, was led by Paladin Capital Group, an established, multi-stage private equity firm that initially invested in PhishMe in 2012. PhishMe has attracted more institutional capital than all of its direct competitors combined; a huge vote of confidence by the investment community in a time when raising capital has been challenging.
Global Expansion Strengthens Business Momentum
Driven by strong global demand, PhishMe continues to expand its footprint around the world opening new offices in Australia, Singapore, Dubai, and Saudi Arabia. PhishMe also expanded its European headquarters in London with a new office that houses more than 30 employees.
Expanded Relationships through Partnership Ecosystem
Since its inception in March 2016, PhishMe’s Technology Alliance Program (TAP) added 14 of the world’s leading security providers as partners to help customers maximize their return on investment. PhishMe has also expanded its channel program significantly in the last fiscal year adding top global distribution and reseller partners that offer only the best-in-class products to their customers.
Analyst Recognition of PhishMe Leadership
PhishMe’s innovative approach to tackling the number one attack vector — phishing — earned it a leadership position in the Gartner Magic Quadrant for Security Awareness Computer Based Training. PhishMe’s approach is more interactive than traditional vendors and the training materials are designed to modify behavior through learning and engagement. It’s an approach that has been proven to reduce the threat of employees falling victim to sophisticated cyber-attacks by up to 95%, and significantly increase reporting of suspicious emails by employees to the incident response teams. This approach led to PhishMe being recognized by Gartner for its completeness of vision and ability to execute.
Industry Awards Recognize Product and Company Innovation
PhishMe received a range of respected industry awards over the course of 2016, including the prestigious SC Magazine Award for “Best IT Security-Related Training Platform”. SC Magazine also inducted PhishMe in the esteemed Hall of Fame Innovators. The company also secured recognition from Deloitte and Inc. Magazine for the second consecutive year: inclusion in the Deloitte Fast 500 Fastest Growing Companies in North America and the Inc. 5000 list of fastest growing companies.
Additional recognition of PhishMe includes:
- Co-Founder and CEO Rohyt Belani was named finalist in the technology category for DC Inno’s 50 on Fire Awards. These awards recognize the top 50 movers and shakers in Washington, D.C.
- PhishMe was named a finalist in UK magazine Computing Security’s “Anti-Phishing Solution of the Year” and The Human Factor Awards
- Rohyt Belani was named “CEO of the Year” in the 2016 Info Security Products Guide Global Excellence Awards®
- PhishMe was named finalist in the 2016 Tech Trailblazer Awards in the “Security Trailblazer” category
- Rohyt Belani was named a finalist for the Ernst & Young Entrepreneur of the Year Mid-Atlantic category
Connect with PhishMe Online
- Follow PhishMe on Twitter: https://twitter.com/phishme
- Follow PhishMe’s Blog: https://cofense.com/blog/
- Follow PhishMe on LinkedIn: https://www.linkedin.com/company/phishme-inc-
PhishMe is the leading provider of human-focused phishing defense solutions for organizations concerned about their susceptibility to today’s top attack vector — spear phishing. PhishMe’s intelligence-driven platform turns employees into an active line of defense by enabling them to identify, report, and mitigate spear phishing, malware, and drive-by threats. Our open approach ensures that PhishMe integrates easily into the security technology stack, demonstrating measurable results to help inform an organization’s security decision making process. PhishMe’s customers include the defense industrial base, energy, financial services, healthcare, and manufacturing industries, as well as other Global 1000 entities that understand changing user security behavior will improve security, aid incident response, and reduce the risk of compromise.