With software solutions that protect data from insider threats and cyberattacks continuing to be in great demand, IT security software specialist, Varonis Systems () has seen its revenue increase by 30% according to the company’s latest financial results.
Commenting on the second quarter results, Yaki Faitelson, Varonis CEO, said, "This was another strong quarter for Varonis with both license and total revenues increasing 30% or greater. We continue to experience strong demand drivers for our business and are executing well on our key goals of increasing awareness and adoption for our solutions, more effectively targeting companies with 1,000 or more employees with larger customer lifetime values, and innovating to expand the value we deliver to our customers.
With the Varonis Data Security Platform, we are delivering a strategic approach to not only protect enterprise data from cyberattacks, but also from insider threats and data breaches." Compared with the second quarter of 2016, Varonis’ total revenues were $50.2 million (up 30%); license revenues rose 31% to $28.4 million; whilst Maintenance and services revenues were $21.8 million – an increase of 29%. Varonis expects revenues in the range of $50.0 million to $50.8 million, representing 22% to 24% year-over-year growth for the third quarter of 2017.
For the full year 2017, Varonis now expects revenues in the range of $205.0 million to $207.0 million, representing 25% to 26% year-over-year growth.