Core Security Reports Strong First Quarter Results as Demand for Attack Intelligence Solutions Heats Up
International Expansion, Strategic Partnerships and New Senior Management Fuel Company Growth; Munford and Huger Appointed to Board of Directors
Boston, Ma. – April 29, 2014 – Core Security, the leading provider of attack intelligence solutions, reported strong results for its first fiscal quarter of 2014. Building off a successful finish to 2013, the company continues to gain traction with its Attack Intelligence Platform, an enterprise solution for proactively addressing security threats, enabling customers to protect their most critical business assets from hackers by “Thinking Like an Attacker™.” Over the last six months, Core has added new senior management, strategic partnerships and international channels to address increasing worldwide demand for more proactive information security solutions at a time when significant security breaches are on the rise. To further steward the Company’s rapid growth, Core also announced the appointment of industry veterans Steve Munford and Alfred Huger to the Board of Directors.
For the first quarter of fiscal 2014, Core reported more than 90 percent growth in new product sales on a year-over-year comparison. The company’s Core Impact Professional sales grew more than 50 percent, and Core Insight Enterprise sales grew more than 300 percent as compared with the first quarter of 2013. For the first quarter of fiscal 2014, Core also achieved its spending and profitability targets. While Insight sales are increasing, renewal rates for Core Impact remain above the industry standard. The company continues to add marquee, Fortune 500 companies to its already impressive list of installed base customers and has seen increased demand for its Attack Intelligence Platform.
“We had a solid start to our fiscal 2014 with a strong Q1. The first quarter results were very good, but more importantly, we are seeing more of our customers adopt our solutions as key elements of their overall security posture,” said Mark Hatton, President and CEO of Core Security. “As we engage with our customers and prospects, we hear the requirement for a set of solutions focused on proactively addressing a company’s security vulnerability. Looking in the ‘rearview mirror’ is not acceptable with today’s sophisticated cyber-attacks. We view our customers through the lenses of the attacker, providing an integrated enterprise security solution set allowing our customers to be not only predictive, but more importantly, proactive.”
Core’s Innovative Solutions – Attack Intelligence Platform
Core strengthened its position in 2013, extending its domain expertise and launching its Attack Intelligence Platform. This extensible platform allows information security professionals to Think Like An Attacker™ by proactively addressing security threats based on real attacks that hackers use. Backed by more than 15 years of applied expertise and focus on attacker behavior, the platform combines the capabilities of Core Security Consulting Services (SCS), Core Impact Pro and Core Insight. Using Core’s patented attack path planner and engine to simulate attacks and conduct live tests, security professionals can associate known threats, vulnerabilities and attack patterns with security and network data to identify potential attack paths to critical business assets.
While traditional vulnerability management solutions often produce thousands of “high severity” vulnerabilities for the operations staff to fix, attack intelligence adjusts prioritization based on the systems that are part of these paths and the assets they put at risk. This makes the remediation process more effective, greatly narrowing down the number of vulnerabilities, freeing up both information security and operations resources.
Additions to Senior Management
As previously announced Scott Devens joined Core as Senior Vice President of Field Operations, responsible for the Company’s Sales, Marketing, Consulting and Support operations. He brings nearly three decades of global management experience to Core and will help the company continue its growth in the Predictive Security Intelligence market and increasing market adoption of Core Insight Enterprise.
In addition to Scott, the company added a marketing veteran to its senior management team. Pat Walsh joined Core as Vice President of Marketing. Pat has more than twenty years of experience in the infrastructure software industry and success in defining and building go-to-market strategies for new offerings. Most recently, he was the Chief Marketing Officer of Talend, an open source provider of enterprise integration solutions.
The company also enhanced its Sales Leadership with the addition of Mike Parise, Vice President North American Sales. Mike comes to Core with 30-plus years of sales, marketing, and business development experience with both Fortune 1000 companies and startups.
New Board Members
The company also announced that it has added two new members to its Board of Directors. Steve Munford has joined the board; he is currently the Non-Executive Chairman at Sophos. He served as Sophos’ CEO from 2006 to 2012, and during that time, led the company through a period of dramatic growth, more than tripling bookings.
Alfred Huger has also joined the Company’s Board of Directors. Mr. Huger has held technical executive roles in the computer and network security industry. He is a three-time veteran of launching successful start-up companies which were then sold into larger security companies. Huger has extensive experience with endpoint security software, cloud based services (SaaS), big data analytics platforms and managed security services. He was most recently the VP of Development at Sourcefire in charge of product delivery for their Advanced Malware Group.
Partner and International Expansion
During 2103, Core continued to build on its existing partnerships with notable accomplishments such as: joining the McAfee Security Innovation Alliance (SIA) program, achieving full integration between Core Insight Enterprise and MacAfee ePolicy orchestrator (ePo) and McAfee’s Vulnerability Manager. Core was also selected as a 5-star channel program by the CRN Partner Program Guide. The company continued to develop its channel program and focus, and built on the success of its Core Secured® Partner Program, by adding 37 new partners from the U.S., Europe and Latin America. These new and existing partners drove approximately 50 percent of Core’s 2013 global bookings.
“Indirect channels are of strategic importance to our growth plans,” said Scott Devens, Senior Vice President of Field Operations. “The selection of new partners has allowed us to materially increase our presence in Central Europe, Eastern Europe and the Middle East. We continue to see increased demand for the Company’s Impact Pro offering in these markets along with increased opportunities for our Attack Intelligence Platform”
In February of 2014, Core Insight Enterprise was awarded 5-Star Review from SC Magazine. Core Impact Pro again received industry accolades and awards including an SC Magazine 5-Star Review with an honored “Lab Approved” designation. The company’s solutions were included in several industry analyst reports during the year, and Core was also named to the Inc. 5000 listing in 2013.
Security Research Leadership
CoreLabs security researchers continued to drive advanced research and exploit development. During the past year, CoreLabs discovered and issued two dozen vulnerability outbreak advisories. These advisories provided relevant details that allowed vendors to develop patches to remediate potential security issues within products from companies like: SAP, Microsoft, Sophos, VMWare, and several surveillance devices vendors. In parallel, CoreLabs’ team of exploit writers researched and developed hundreds of exploits. Core’s researchers have now identified more than 3,200 methods to attack various elements of a target IT infrastructure, providing customers with the means to duplicate real-world attacks and pinpoint problems within their IT infrastructure. CoreLabs experts presented at several industry events including: Black Hat, RSA, Hack.Lu, Eko Party, EUSec West, BRUCON, and AppSec LATAM, among others.
About Core Security
Core Security provides the industry’s first comprehensive Attack Intelligence Platform. With Core Security, enterprises can focus on the most likely threats to their critical business assets by modeling, simulating and testing what an actual attacker would do. Core Security helps more than 1,400 customers worldwide identify the most vulnerable areas of their IT environments to improve the effectiveness of remediation efforts and ultimately secure the business. Our patented, proven, award-winning enterprise products and solutions are backed by more than 15 years of applied expertise from Core Labs research and Core Security Consulting Services. For more information, visit www.coresecurity.com.
Core Security Technologies, Core Security, Core Impact, Core Insight, and Core Secured are registered trademarks of CORE SDI, Inc. in the United States and/or other countries. All other organizations referenced within this document are trademarks and/or registered trademarks of their respective companies.