SAN FRANCISCO, CA — RSA Conference Booth 6359 — March 7, 2019 Venafi®, the leading provider of machine identity protection, today announced strong business growth and accelerated sales momentum in 2018.
"Protecting machine identities is Venafi’s only business,” said Jeff Hudson, CEO of Venafi. “We invented the technology that protects machine identities and this extraordinary focus makes it possible for us to deliver unmatched success to our customers and in the marketplace. Security leaders choose Venafi because we are the only company that delivers a robust, scalable, battle-tested machine identity protection solution.”
Over the past year, Venafi saw significant growth and success across every part of its business, including:
Increased subscription revenues over 50 percent while customer renewal rates remained above 95 percent.
Extended the company’s robust intellectual property portfolio to 32 patents.
Closed a $100 million round of financing, led by TCV, with additional participation from existing investors QuestMark Partners and NextEquity Partners.
Launched the Machine Identity Protection Development Fund, which sponsors a range of developers – including consultants, systems integrators, fast-moving startups, open-source developers and other cybersecurity vendors. Three developers received direct sponsorship from the first $12.5 million tranche in 2018. The goal of the fund is to help accelerate the delivery of comprehensive protection for all machine identities including DevOps, multi-cloud and IoT devices.
In late 2018, Venafi expanded its executive leadership team, adding Shivajee Samdarshi as vice president of engineering. With more than 20 years of experience overseeing the development of mission-critical enterprise software, Samdarshi brings a wealth of technical knowledge to Venafi and will help the company expand its development of cutting-edge machine identity protection solutions. He previously held senior leadership positions at WhiteHat Security and TIBCO Software.
Venafi also added Cathy Donahoe as the chief of team, talent and culture. Donahoe, who previously served as vice president of human resources at Domo, brings over 30 years of experience in talent management and acquisition. In her new role, Donahoe will utilize her extensive expertise to build and foster a successful and profitable team as the company expands its global footprint.
Venafi delivers innovative machine identity protection solutions for the world's most demanding, security-conscious Global 5000 organizations and government agencies, including the top five U.S. health insurers; the top five U.S. airlines; the top four credit card issuers; three out of the top four accounting and consulting firms; four of the top five U.S. retailers; and four of the top five banks in each of the following countries: U.S., U.K., Australia and South Africa.<
Hudson concluded,“The world is undergoing a dramatic digital transformation, and now our very existence depends upon machines. In order to get access to networks and services, people rely on user names and passwords to identify themselves. Machines also need to be identified, but they don’t use usernames or passwords; instead, they rely on machine identities. This year organizations will spend $10 billion protecting human identities and almost nothing protecting machine identities. The bad guys know this and they’re dedicating more time and resources to obtaining machine identities, so they can use them in attacks. Venafi is the only provider that delivers the technology needed to protect machine identities.”