It was a profitable year for securing data in the cloud, with Alert Logic reporting $42.2 million in GAAP revenue for the fiscal year that ended December 31, 2013. The company reports that number represents a 42 percent increase in revenue over 2012.
Alert Logic, which provides Security-as-a-Service solutions for the cloud, reportedly has more than 2,400 customers using its products to protect their networks and data, both as service providers and direct customers.
"Exceeding our ambitious financial goal of $50 million this year and maintaining our consistent growth rate in excess of 40 percent is further evidence that our disruptive business model is successfully addressing the key security challenges within the industry," said Gray Hall, Alert Logic's CEO.
Hall stated the company’s strategy will continue into 2014. "We expect to continue our trend of achieving aggressive financial goals in 2014, as we advance our product capabilities and exceed our customers' expectations with our unique security and compliance outcomes," he said.
The company’s growth mirrors the upward trend for cloud computing in general, which TheInfoPro, predicts will grow at a 36 percent compound annual growth rate (CAGR) worldwide through 2016, reaching a market size of $19.5 billion by 2016.
Security in particular is primed to be a key area for growth, with the TheInfoPro study siting this issue as the biggest roadblock to cloud computing adoption (30 percent).
Alert Logic positioned itself last year to take advantage of this growing need for security solutions in the cloud by making its services available via multiple public clouds, including the Amazon Web Services (News - Alert) Cloud and Windows Azure.
The company also restructured its offerings to meet emerging needs in the industry. For example, in addition to bundled services, Alert Logic now offers four separate solutions — Log Manager, Threat Manager, Web Security Manager and ScanWatch — which can be integrated more easily into enterprise operations, according to Neil MacDonald of Gartner (News - Alert) Research.
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