SAN JOSE, Calif.--(BUSINESS WIRE)--Lacework, the security company for the cloud, has reported its best quarter to date on the strength of record-breaking revenue growth, a customer renewal rate of more than 90 percent, significant new customer wins and formidable customer satisfaction scores from G2, the largest and most trusted destination for software reviews.
In the first quarter of 2021, Lacework reported that revenue tripled year-over-year on the strength of a 5x increase in new customers, an expanding partner ecosystem (nearly 45 percent of business was partner-influenced in Q1), and an almost 300 percent increase in employee growth year-over-year. With eight straight quarters of sequential revenue growth Lacework continues to dramatically increase market share; this quarter nearly half of new customer wins were competitive takeouts. For example, Lacework closed its largest multi-million dollar, multi-year deal in company history in Q1 when the customer selected Lacework over legacy competitive offerings because its patented Polygraph software stitched data together with context and correlation, and then translated this behavioral analysis into secure infrastructure and business value.
The partner ecosystem is critical to Lacework’s continued success in helping customers implement and manage security in dynamic cloud environments. Lacework continues to invest in building a dynamic technology alliance ecosystem that encompasses a wide range of strategic technology and integration partners including CI/CD platforms (Gitlab, CircleCi, and Jenkins), infrastructure-as-code automation tools (Terraform), incident response (PagerDuty), performance monitoring (DataDog, New Relic), and data analytics vendors.
Lacework Customer Adoption and Satisfaction Soars
Lacework customers are unlocking unprecedented business value with a data driven approach to cloud security. The Lacework platform is up and running in minutes, consolidates multiple security point tools with a compelling ROI, and is a force multiplier for lean security teams. Lacework drastically reduces incident noise from hundreds of alerts down to a handful of high fidelity and highly efficacious alerts that software builders can confidently bet their development pipelines on. One customer recently said that with Lacework:
“[We] got rid of a lot of tools and the need to log into multiple interfaces…forget that mess!!! Hundreds of false positives before are now down to one and two things we need to pay attention to because of Lacework. Tracking down alerts was taking 50 percent of the Engineering / DevOps team’s time to triage and [make] changes. Now they get one to two per day, log on in the morning, check the few alerts and go about their day.”
According to G2.com Lacework is the #1 security product for Container Security and Cloud Workload Protection, a top Cloud Compliance solution, and one of the best Cloud IT Management Products of 2021. Lacework has won nine awards on G2 so far in 2021 including: Easiest to Use, Momentum Leader and Easiest to Do Business With. Highlights from Lacework user reviews on G2.com include the following customer testimonials:
"I can’t imagine managing infrastructure security and compliance without Lacework" - “The team at Lacework is incredible – they are easy to work with, proactive, and always ready to help. Installing their agents on all of our servers and connect[ing] services like AWS CloudTrail was a breeze and shortly after we did we were able to get valuable insights almost immediately.”
"Responsive and Ahead of the Game" - “Coming from Threat Stack, our InfoSec team was pleased by not only the major improvement Lacework had overall, but how proactive they were in their overall improvements of their product. They're very much ahead of the game when it comes to new features while being attentive to their customers on potentially new features.”
"Increases visibility really effectively, growing in all the right ways." - “We get visibility from agents in concert with Kubernetes and our cloud providers that makes actions much more meaningful. Lacework can help reveal interactions between microservices you weren't expecting. It can help with detecting intrusion. It helps you get visibility when bad actors are hitting your services. Overall its holistic view is very powerful and really helps contextualize network movement in an increasingly complex world of orchestrated deployments.”
“We hold the customer momentum and validation we are seeing at this stage in our journey in the highest regard, and are committed to continuing to raise the bar for our customers and partners as we scale,” said David Hatfield, CEO, Lacework. “Our best in class renewal rates, new customer adoption, and revenue growth all reflect that the industry is embracing the notion that cloud security is a data problem. We have an incredible foundation in place and an innovation lead with our patented Polygraph software platform that is going to accelerate our journey to becoming the modern cloud security company of the next decade -- we’re extremely bullish on the road ahead.”
Continued Investment in Scale
To support continued momentum and growth, Lacework has further expanded its executive roster. Murray Demo, former CFO of Atlassian, Rubrik and Adobe, among other companies, has joined the Lacework Board of Directors. Adrian Ludwig, Atlassian CISO, Frank Slootman, Snowflake CEO, and Jay Parikh, former VP of Global Engineering and Infrastructure at Facebook have joined the company as Advisors. In addition to the appointment of Mark Nunnikhoven as Distinguished Cloud Strategist, the company announced it has added industry veterans Joe FitzGerald as Chief Legal Officer and Amy Cronk as Chief Communications Officer.
Lacework continues to add top talent throughout the organization and was recently ranked in the top 100 on Forbes’ 2021 list of America’s Best Startup Employers. The company will announce an EMEA expansion later this year with APAC soon to follow.
For more information on research that continually assesses risks and threats relevant to cloud services, containers and container orchestration systems, and new attack surfaces in public cloud please visit the latest edition of the Lacework Cloud Threat Report.
About Lacework
Lacework is the security company for the cloud. The Lacework Cloud Security Platform is offered as-a-Service and delivers build-time to run-time threat detection, behavioral anomaly detection, and cloud compliance across AWS, GCP, Azure, and Kubernetes services, workloads, and containers. Trusted by enterprise customers worldwide, Lacework significantly drives down costs and risk, and removes the burden of unnecessary toil, rule writing, and inaccurate alerts. Lacework was founded in 2015 and is backed by Sutter Hill Ventures, Snowflake Ventures, Altimeter Capital, AME Cloud Ventures, D1 Capital Partners, Coatue, Dragoneer Investment Group, Liberty Global Ventures, Spike Ventures, Tiger Global Management, and the Webb Investment Network (WIN). The company is based in San Jose, California. Get started at www.lacework.com.
