"netForensics can take its clients from operational to business process excellence."
Jim Hurley,
VP Managing Director,
Abderdeen Group
netForensics Outperforms Revenue Forecasts for Third Quarter Due to Strong Demand for its SIM and Log Management Appliance
Demand for Cloud Security and Rapid Government Deployments Spurs Record Growth
EDISON, NJ - October 27, 2009 - netForensics, Inc. a leader in the Security Information Management market, today announced that it exceeded revenue targets and recorded another profitable quarter, resulting from an exponential increase in new business from its Managed Service Providers, government contracts and demand for its nFX Cinxi One appliance. The company’s stellar financial performance follows its announcement of "Disruptive Pricing" where organizations can choose no-risk subscription-based licensing or traditional perpetual licensing.
"Our nFX Cinxi One product combines two of the highest-growth IT security technologies, Log Management and Security Information Management (SIM)," said Dale Cline, CEO of netForensics. "With the introduction of our new pricing program and continued new business growth in both the commercial and government sectors we're looking to significantly expand our market share by double digits this year."
netForensics' third quarter highlights included:
- Increased revenue growth; Exceeded quarterly revenue targets with 30%+ growth over Q2 ’09, marking another profitable quarter.
- 95%+ renewal rate; netForensics renewed 95 percent of customers scheduled for renewal in Q3, demonstrating their high levels of satisfaction with netForensics products and services.
- Customer base expanded; Added customers in primary markets such as MSP, education, government, aerospace/defense as well as telecommunications.
- New product versions; Updated releases of nFX Cinxi One and the flagship, nFX SIM One, were shipped including over 25 new and updated collectors.
- Market-disruptive pricing; netForensics announced new pricing for its Cinxi appliance, dramatically lowering the price and offering flexible pricing models such as subscription pricing.
- Elimination of Outsourcing; The company ended its outsourcing initiative by bringing jobs back to the U.S., marking the start of a 10% increase in netForensics workforce over the next two months.
About nFX Cinxi One
nFX Cinxi One offers SIM and log management in a single appliance for organizations of all sizes, and is especially suited for companies with budgetary and resource constraints. Cinxi provides a complete view of enterprise security posture and rapidly identifies suspicious patterns of activity that would otherwise go unnoticed. Multiple views of security information are tightly integrated with reporting and analytics to rapidly and intuitively pinpoint true threats.
About netForensics
netForensics security information and event management solutions enable organizations of all sizes to rapidly identify and respond to threats and adhere to ever-changing compliance regulations. Our software and appliance products collect and centralize volumes of event log data to deliver accurate, actionable, real-time security intelligence. netForensics offers its award-winning nFX Cinxi One, recognized for its ease of deployment and management, and the industry’s only solution that combines security information management (SIM) and log management on one appliance. For over a decade, our nFX SIM One software solution has helped enterprises, managed service providers, and government agencies around the world to manage risk, protect their assets, and maintain compliant operations.
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Press Contact
David Splivalo
netForensics
david@freestylepr.com
1.515.223.4343
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