Organizations flock to company’s innovative cloud security platform in order to innovate with speed and safety
Lacework, the data-driven security platform for the cloud, announced it is seeing an increase in customer adoption following the appointment of Jay Parikh as Co-CEO and a $525 million growth round led by Sutter Hill Ventures earlier this year. In the first quarter of 2021, the company reported 3x revenue growth, 5x increase in new customers and an almost 300% employee growth year-on-year. These growth metrics continued through the second quarter as Lacework attracted new customers across segments and industries with its differentiated platform, including expansion into 10 new countries.
“The rapid adoption of the cloud presents organizations with a multitude of opportunities; however, it has introduced new cybersecurity challenges that many organizations do not have the right resources to protect against. At Lacework, being customer-centric is a core part of our DNA and it’s been empowering to work with our customers and partners to help them overcome these barriers and enable them to innovate quickly and securely. But the journey is just beginning,” said David “Hat” Hatfield, Co-CEO at Lacework. “Our team is committed to continue to deliver both the depth and breadth of innovative solutions to help our customers consolidate the dozens of tools they have today, simplifying their environments, while increasing their ROI and their security posture.”
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Lacework Drives Business Value Across Industries
Lacework’s data-driven approach to cloud security continues to drive significant business value for its customers, including reduced total ownership cost, improved productivity, increased revenue generation and reduced organizational risk. In Q2 2021, Lacework saw its customer count expand as the company continues to support hundreds of customers globally.
Further validating the Lacework platform approach, G2.com, one of the largest and most trusted destinations for software reviews, ranks Lacework at the top of its list for both Cloud Security Posture Management (CSPM) and Cloud Workload Protection Platforms (CWPP). The company was also named “easiest to use” by G2.com for both categories.
In the first half of 2021, Lacework customers experienced the following business benefits:
Faster Software Delivery & Better Security
- A healthtech company described Lacework as having 20 more DevSecOps engineers, enabling them to focus on developing software faster.
- A cloud software technology company consolidated its monitoring tools and reduced alerts from 150 an hour to one per day.
- One American multinational technology company based in Denver shared that Lacework is consistently the only solution that detects their penetration tests.
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Direct Revenue Creation
- A Hybrid IT automation and orchestration platform company achieved SOC2 and unlocked two million dollars in Annual Recurring Revenue six months faster than scheduled.
- One startup that personalizes brick-and-mortar commerce had security vendor assessments blocking deals because prospects wanted more than just compliance checks. With Lacework they were able to sign a million dollar customer by demonstrating proper security posture.
Cost & Time Savings
- A software insurance company saved $675,000 after consolidating its monitoring tools with Lacework.
- A major hotel chain was able to reduce SIEM ingest from 400 terabytes a day to 4 megabytes a day, ultimately saving $700,000 a year.
- An online lending marketplace’s security bill was cut in half; and the ability to effectively identify unknown threats reduced their annual risk by an estimated $1,200,000.
- A cloud communications software and services company was able to reduce alert fatigue by over $100,000, eliminate excess tool costs and reduce its compliance efforts, resulting in the company saving almost $500,000.
Expansion of Leadership to Build a New Kind of Security Company
To support its next phase of growth, Lacework continues to expand its leadership team, including key executive and leadership hires in learning, customer success, human resources and developer experience, amongst other roles. New leaders include Lindsay Folk, as Chief of Learning, Seong Park, as Chief Customer Officer, Meg Diaz, as VP of Platform and Solutions Marketing, Devin Davis, as VP of Corporate Marketing, Shweta Vohra, as VP of HR and Jessica West, as VP of Developer Experience. As function and business leaders, these new Lacers will support Lacework’s growth as the company continues to expand globally, drive product innovation and enter new markets.