|
Voltage Security Announces Profitable Year With Increased Momentum Across Product Lines
(Market Wire Via Acquire Media NewsEdge) PALO ALTO, CA -- (MARKET WIRE) -- 02/09/10 --
Voltage Security?, the global leader in
end-to-end data protection, today announced financial results for the
fiscal year ending January 31, 2010. With growing market acceptance of its
broad set of encryption solutions, including Voltage SecureData?, its
end-to-end encryption product line for enterprise and payment applications,
Voltage completed four quarters of year-over-year revenue growth, and three
consecutive quarters of profitability and cash generation from operations,
resulting in over 70% revenue growth for the fiscal year. The company also
was cash flow positive from operations and profitable for the fiscal year.
"We are extremely pleased with our performance over this past year,
especially given the tough economic climate," said Sathvik Krishnamurthy,
president and CEO of Voltage Security. "We continue to see demand
increasing across our entire product line, with our sales pipeline having
tripled as compared to this time last year."
Multiple Trends Driving Growth
The heightened demand for Voltage solutions is being driven by three broad
trends:
-- Increasing set of cyber threats across the enterprise is causing
enterprise IT executives to be more vigilant in protecting valuable data
assets, and particularly, private and personal customer data.
"Customers are battling cyber crime throughout the enterprise. Much of the
publicity is focused on endpoint security but our customers around the
globe are increasingly concerned with malware and cyber threats within the
data center as well," commented Krishnamurthy.
-- Reducing audit scope for payment card industry (PCI) compliance
continues to be an important objective for large companies in regulated
industries, particularly in the financial services, payments, insurance and
medical sectors. These enterprises are responsible for protecting the
privacy of customer credit card data, and are subject to mandatory
time-consuming and expensive assessments.
"By utilizing Voltage encryption and key management solutions, our
customers are dramatically reducing audit scope, and saving significant
amounts of time and money," continued Krishnamurthy.
-- Displacing competitive legacy encryption solutions is also increasingly
driving Voltage growth. In the past, enterprises have chosen encryption
solutions based on legacy technology like PKI, which quickly becomes
unmanageable and too expensive to administer. Now customers are turning to
more simplified but innovative Voltage end-to-end encryption and key
management solutions.
Leadership in Payment Security
Throughout the year Voltage continued to build its leadership position in
providing information security solutions for the broader payments industry.
Voltage continued to build out its customer and partnership base as
follows:
-- One of the nation's top five credit card processors has selected Voltage
to power its encryption of credit card data, from card swipe to card brand
hand-off, covering the critical endpoints of the payment stream.
-- Heartland Payment Systems: Heartland's E3 End-to-End Encryption solution is
powered by Voltage SecureData and protects cardholder and sensitive
authentication data throughout the payment acquiring network.
-- Thales: Thales, a leading provider of information systems and
communication security, that secures more than 70 percent of the world's
card payment transactions, has integrated Voltage SecureData technology
with its hardware security modules (HSMs).
In addition, Voltage launched the industry's first, global, zero-cost
licensing program, the Voltage SecureData Open License Program?. This
dramatically lowers the barriers to enable the easy integration of
encryption with any POS device, electronic cash register (ECR), mobile
device or eCommerce Payments platform, protecting credit card data from the
point of entry into the payment flow.
Early participants in the program include Hypercom, one of the leading
global point-of-sale (POS) device manufacturers, and XAC, one of the
world's leading private label electronic payment system manufacturers.
In addition, Voltage added payments industry executive Doug Dwyre,
previously with First Data Corp., to its executive team as vice president,
business development, payments.
Successful Product Line Diversification Results in Increase in Suite Sales
Over two years ago Voltage strategically began product line
diversification, bringing to market solutions such as Voltage
SecureFile? and Voltage SecureData?, to complement its flagship,
market leading enterprise email security solution, Voltage SecureMail?.
Based on innovative encryption technology and sharing an underlying common
key management architecture that greatly simplifies administration and
total cost of ownership, customers are now increasingly purchasing "suites"
of Voltage products to protect information as it flows within and beyond
the enterprise.
During the fiscal year, over 40% of Voltage's revenues came from suite
sales, and the company expects to see this number continue to grow.
Some of those customers include:
-- A Fortune 10 telecommunications company.
-- A top 5 payments processor.
-- A leading auto insurance company.
Industry Leadership
Voltage continued to take a leading role in both standards and educating
the broader market.
Earlier in the year, Voltage unveiled the Voltage Data Breach Index and
Map. The company maintains this interactive tool, found here
www.voltage.com/data-breach, which is continuously updated with global data
breach information.
In the standards area, Voltage continued its work with memberships in the
following organizations: FIPS, NIST, PCI Security Standards Council, OASIS
KMIP Working Group and SPVA (Secure POS Vendor Alliance). NIST continues to
move forward with work on FFX, and enhanced version of FFSEM which provides
for more flexible use of FPE. More information can be found here:
http://csrc.nist.gov/groups/ST/toolkit/BCM/documents/proposedmodes/ffx/ffx-spec.
pdf.
About Voltage Security
Voltage Security, Inc., an enterprise security company, is an encryption
innovator and global leader in end-to-end data protection. Voltage
solutions, based on next generation cryptography, provide end-to-end
encryption, tokenization, masking and stateless key management for
protecting valuable, regulated and sensitive information based on policy.
Voltage products enable reduction in PCI audit scope with rapid
implementation and the lowest total cost of ownership in the industry
through the use of award-winning cryptographic solutions, including Voltage
Identity-Based Encryption? (IBE) and a new breakthrough innovation:
Format-Preserving Encryption? (FPE). Offerings include Voltage
SecureMail?, Voltage SecureData?, Voltage SecureFile? and the
Voltage Security Network? (VSN), an on-demand managed service for the
extended business network.
As a service to the industry and general public, the company maintains the
Voltage Data Breach Index and Map which is continuously updated with global
data breach information: www.voltage.com/data-breach. The Company has been
issued several
patents based upon breakthrough research in mathematics and
cryptographic systems. Customers include Global 1000 companies in banking,
retail, insurance, energy, healthcare and government. To learn more about
Voltage customers and sign up for the customer news letter please visit
www.voltage.com/customers.
Voltage Identity-Based Encryption, Voltage Format-Preserving Encryption,
Voltage SecureMail, Voltage SecureFile, Voltage SecureData and the Voltage
Security Network (VSN), are registered trademarks of Voltage Security, Inc.
All other trademarks are property of their respective owners.
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1172959
Add to Digg Bookmark with del.icio.us Add to Newsvine
Media Contacts:
Julie McHenry
Communications Insight, LLC
+1 650-504-6655 (m)
julie@comminsight.com
OR
Paula Dunne
Contos Dunne Communications
+1 408-776-1400 (o)
+1 408-893-8750 (m)
paula@contosdunne.com
[ InfoTech Spotlight's Homepage ]
|
