Q1 Labs Reports Revenue IncreaseQ1 Labs Reports Revenue Increase
Q1 Labs also increased revenue sourced by channel partners by more than 275 percent year-over-year
January 26, 2011
WALTHAM, Mass. – January 24, 2011 – Q1 Labs, the global provider of total security intelligence solutions, today announced that its revenue has continued to increase at a rapid rate with 75 percent growth in revenue and 125 percent growth in profitability in 2010. The company also closed out the year with a 42 percent increase in overall headcount, adding over 60 employees.
“Once again, it has been an extraordinary year by any measure. While others in our industry have stayed flat or grown in single digit percentages, Q1 Labs has grown 75 percent by focusing on our customers’ and partners’ needs,” said Shaun McConnon, CEO, Q1 Labs. “We have remained focused on execution as we have taken over leadership in the fast emerging Security Intelligence market. The demand for security software is growing, and Q1 Labs is taking market share by delivering the right solutions through the right channels to an increasingly large number of customers worldwide.”
Contributing to this outstanding revenue increase is the company’s successful execution of its channel strategy, emphasis on key industry segments, and global expansion. The company’s customer base grew 60 percent, and now exceeds 1,600 customers worldwide, including a record 600+ new customers in 2010.
Strong 2010 growth can be measured by several indicators, including the addition of nearly 300 customers internationally, numerous new products announced throughout the year, and doubling its worldwide sales force.
"We believe network security spending, on both physical and virtualized assets, will continue to attract IT spending dollars in 2011. We anticipate leaders in network security will gain even more IT budget leverage by broadening their solutions from a single focus, and include more functionality to create a 'platform' with broad functionality. We believe Q1 Labs is broadening its platform, and expect them to maintain a leadership position in SIEM and at the same time become part of the broader network security discussion when IT budgets are set," said Scott Zeller, senior equity analyst, Needham & Co., LLC.
Q1 Labs increased revenue sourced by channel partners by over 275 percent year over year.
Doubled the number of enterprise transactions over $150,000 through channel partners year over year.
Designed a best-in-class partner portal, providing partners with unharnessed, 24-hour access to Q1 Labs’ product and channel-focused training.
Industry Sales Success:
Over the last year, Q1 Labs has meticulously identified the industry-specific security intelligence requirements across markets, including critical infrastructure/energy, federal government, financial services, healthcare, manufacturing, and tech/telecom and has acquired numerous customers in these verticals:
o 40 new critical infrastructure/energy customers
Salt River Project (SRP): the nation's third-largest public power utility and one of Arizona's largest water suppliers.
o 78 new government (federal, state, local ) worldwide customers
o 60 new financial services customers
Regulus Group: a 3i Infotech company and the premier provider of paper and electronic bill presentment and remittance processing solutions in the United States.
o 30 new healthcare customers
o 40 new manufacturing customers
Roto Frank: one of the world's leading window and door hardware manufacturers and significant supplier of roof windows, solar technology and loft-ladders.
o 150 new tech/telecom customers
Including the expansion of the most demanding log management use case in the industry: a global wireless carrier that has grown to 800,000 EPS in one year.
600 + new customers in 2010, bringing its total Fortune 100 customers to 32.
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