The privately held company also added more than 100 new customers in the fourth quarter of 2008, bringing its number of new accounts for the year to 294 ' more than double that of 2007 ' while boosting its total number of global customers to more than 500.
"We have averaged 83 percent annual growth over the past three years and, despite the financial turmoil and a tough competitive environment, we continued our high rate of growth in 2008 ' culminating with a very strong fourth quarter," said Shaun McConnon, Q1 Labs' chief executive officer. "The bottom line is customers vote with their wallets, and in the second half of 2008 they voted nearly two-to-one in choosing Q1 Labs' next-generation SIEM products over those of ArcSight."
Q1 Labs' success is based on the company's consistent execution of its highly leveraged business strategy with both its OEM and VAR partners in winning against first-generation SIEM vendors, including ArcSight, Cisco, and the RSA Security Division of EMC. Q1 Labs provides high-value, easy-to-deploy, and cost-effective products to its customers at a fraction of the cost associated with competing offerings.
The company's "Powered by Q1 Labs" OEM program also contributed to Q1 Labs' 2008 revenue growth, as Enterasys, Juniper Networks, and Nortel Networks ' all of whom sell QRadar under their own respective brands ' helped increase the rapid adoption of QRadar by various enterprises and carriers worldwide.
Q1 Labs' network security management solutions enable these users to implement an improved and repeatable security process, which is necessary to secure IT assets and meet a wide variety of today's regulatory mandates, including the Health Insurance Portability & Accountability Act (HIPAA), Sarbanes-Oxley (SOX), Payment Card Industry (PCI), and many others.
To support this increased demand, Q1 Labs also added more than 30 new channel partners to its Q-Alliance Partner program raising its total number of worldwide resellers to 150.
About Q1 Labs
Founded in 2001, Q1 Labs is a global provider of high-value, cost-effective network security management products. The growing company's flagship offering, QRadar, integrates previously disparate functions " including log management, network behavior analytics, and security event management " into a total security intelligence solution. QRadar provides users with crucial visibility into what is occurring with their networks, data centers, and applications to better protect IT assets and meet regulatory requirements. Headquartered in Waltham, Mass., U.S.A., Q1 Labs' customers include healthcare providers, energy firms, retail organizations, utility companies, financial institutions, government agencies, and universities, among others. For more information, visit www.Q1Labs.com, or call 781-250-5800.