Each January, I like to look back at the business achievements of the previous year and share highlights with our various audiences in the industry. Well, this year I didn’t quite make January…or February.
The truth is, the business is growing so quickly, we’ve been running to keep up since the new year and haven’t slowed down. Already this year, we closed the fastest deal in our history (initial contact to signed contract in 2 weeks!), won the S4x18 ICS Detection Challenge, released a major update to the Claroty Platform, and participated in major events in the U.S. and Europe. All very exciting stuff, but it did put me a little behind on the 2017 lookback. So, with that, I’d like to share a few highlights:
A Year of Tremendous Growth
In terms of 2017 business growth, Claroty achieved year-over-year bookings increase of 327%, primarily driven by new business from direct sales and contributions from several new channel partnerships. This also resulted in 357% year-over-year growth in Claroty’s customer base. The company now has production installations across six continents in nine vertical markets, including oil and gas, electric utilities, manufacturing, chemical, pharmaceutical, water, food and beverage, and mining.
Amir Zilberstein, our Co-founder and CEO gave his perspective to the press last week. “I am very pleased with the company’s performance through the last year. The rate at which businesses globally are adopting the Claroty Platform to secure their ICS networks has exceeded our expectations. I believe we are extraordinarily well-positioned to deliver even stronger results in 2018.”
Remote Access Management and Threat Detection Enhancements Introduced
Our momentum was bolstered by the release of a major upgrade to the Claroty Platform. The upgrade included the availability of Secure Remote Access, a core element of the platform which enables OT asset owners to control, manage and audit remote access to critical industrial systems, and eliminates a critical attack pathway.
In addition, the upgrade release included several enhancements to our Continuous Threat Detection product, including more granular contextual alerts, a redesigned user interface, and enhanced network insights which enable asset owners to continuously monitor their systems for new vulnerabilities and prioritize patch management activities.
The company also announced the successful certification of the Claroty Platform with the widely used RSA® NetWitness® Suite. After extensive collaboration and testing by Claroty and RSA, the solutions can share information to assist security teams with forensic analysis and incident response related to abnormal and malicious behavior in critical infrastructure and other OT networks.
Channel Partnerships Fueled Global Expansion
During the year, we established strategic partnerships with several global leaders in industrial automation and cybersecurity. These relationships helped the company accelerate sales performance and expand into new international markets. New partners include:
- Rockwell Automation – the world’s largest company dedicated to industrial automation and information
- Schneider Electric – a €25 billion global specialist in energy management and automation
- Dimension Data – an $8 billion global technology integrator and managed services provider
- Kudelski Security – a Swiss cybersecurity solution provider with over 300 employees in Europe and the United States
- Leidos – a Fortune 500® science and technology solutions and services leader
Additions to Leadership Team
We continued to attract world-class talent and made several key appointments to our executive team in 2017. A year ago, we named former Executive Chairman of FireEye and CEO of McAfee, Dave DeWalt as the Chairman of our Board of Directors. We also made several other key hires and promotions to build out our executive leadership team. These included:
- Yuval Tzeiri – Chief Operating Officer. Prior to joining Claroty, Tzeiri was Vice President of Global Information Technology & Innovation at Amdocs, a $4 billion software and services provider.
- Yaron Paryanty – Vice President of Product Management. Paryanty previously held a variety of engineering and product management roles at CyberArk, the global leader in privileged account security.
- Yuval Ofir – Vice President of Research and Development. Ofir previously held a variety of senior R&D positions at multiple cybersecurity companies and the Israel Defense Forces.
- Ramse Rogers – Senior Director of Channel Sales. Prior to joining Claroty, Rogers held similar positions with Securonix and Optiv.
We also received recognition for innovation from the press and event organizers several times throughout the year:
- Cybersecurity Excellence Awards – Winner in the ICS/SCADA Security category
- American Security Today 2017 ‘ASTORS’ Homeland Security Awards – Platinum Award Winner in the Best Cyber Critical Infrastructure Solution category
- Cyber Defense Magazine 2017 InfoSec Awards – Leader in the ICS/SCADA Security category
- RSA Conference Innovation Sandbox Contest – Finalist
- CRN Magazine named Claroty to several lists, including 10 Coolest IoT Startups of 2017, 15 Coolest Industrial IoT Companies, and The Most Innovative Security Products Of 2017
I share these highlights, so I can say thank you on behalf of the company. We appreciate every one of our customers who’ve trusted us to help keep their business safe, and those who have supported us in various ways over the last year. There is still so much to do, and we couldn’t be more excited about the opportunities ahead of us.