ACTON, Mass. -- eIQnetworks®, Inc., a global provider of integrated security, risk and audit management solutions, today reported profitability for second quarter fiscal 2008. The period ending October 31, 2007 also marked a 50% revenue increase for the second consecutive quarter. The record growth was fueled by strong enterprise demand for the company’s flagship SecureVue® security, risk and audit management platform, and dramatic expansion of managed security service provider (MSSP) customers and strategic partnerships.
“The first half of fiscal 2008 was groundbreaking for every aspect of our business,” said Vijay Basani, CEO of eIQnetworks. “The remarkable success of SecureVue continues to accelerate quarter over quarter, confirming the need – by both enterprises and MSSP partners – for a comprehensive, integrated security, risk and audit management solution to address increasingly sophisticated security breaches like financial fraud and ID theft as well as evolving regulatory requirements.”
Market Innovation Unveils Industry First
In Q2FY08, eIQ achieved a major milestone by evolving SecureVue into a security, risk and audit management platform that integrates next-generation security information management (SIM) with governance, risk and compliance (GRC) functionality. The combination of these technologies on a single platform – the first solution of its kind in the industry – fosters more effective, proactive security and compliance initiatives that help organizations radically improve operational efficiency and reduce management complexity by increasing collaboration between NOC, SOC and IT audit departments. While traditional SIM solutions typically only analyze log data, SecureVue provides intelligent correlation of log, vulnerability, configuration, asset, performance and Network Behavioral Anomaly (NBA) data to detect ID theft and targeted attacks more effectively. For more information on SecureVue, please visit: http://www.eIQnetworks.com/products/SecureVue.shtml.
Enterprise Adoption Grows Steadily
Enterprise uptake of SecureVue during the first half of fiscal 2008 amounted to 20 customers, contributing more than 60% of eIQ’s total revenue. New customers deploying SecureVue, include: The New York Times, one of the world’s leading publishers; The South Financial Group, South Carolina’s largest publicly traded bank holding company; and numerous other organizations across the financial services, government and retail industries.
Partner Momentum Continues
eIQ’s traction in the MSSP market, which accounts for more than 25% of the company’s overall revenues, continued in Q2FY08. MSSP revenues grew by greater than 50% over the previous quarter. New MSSP customers include: Atos Origin, a leading international IT services company with blue-chip clients across all sectors; NextiraOne Mexico, a leading provider of data, voice and converged solutions and services; Nuspire, a global Internet solutions provider; Vanguard MSP/CompuCom, a leading MSSP focused on the retail industry; and Vigilar, a leading information security solutions and services provider.
During the first half of fiscal 2008, eIQ’s OEM revenues increased by more than 50% over last year. Secure Computing expanded its OEM agreement with eIQ, and H3C, a wholly-owned subsidiary of 3Com, introduced a SIM appliance based on eIQ technology. In addition, as a Cisco Technology Development Partner, eIQ successfully integrated SecureVue with Cisco Security MARS (Monitoring, Analysis and Response System) to help customers meet forensics and reporting requirements.