SOURCE: WhiteHat Security

WhiteHat Security

October 03, 2012 08:30 ET

WhiteHat Security Announces Record Growth

125% Sales Growth in First Half of 2012 Reflects Significant Market Shift to Investment in Web and Application Security by Fortune 1000s and Corporations Worldwide

SANTA CLARA, CA--(Marketwire - Oct 3, 2012) -  WhiteHat Security, the Web security company, today announced that 450 customers are now using WhiteHat Sentinel, the company's leading SaaS application security testing platform, to manage the security of tens of thousands of websites. Building on the successful launch of Sentinel Source and exceeding its sales forecast, WhiteHat has experienced a record first half of FY 2012, with 125% year-over-year growth in new bookings. The company has seen subscription renewal rates of over 100 percent with many customers expanding their Sentinel investment, plus deal sizes that have doubled as deployments grow to secure whole organizations. WhiteHat also tripled the size of its corporate headquarters in Santa Clara, California and expanded its Engineering and Threat Research Center satellite office in Houston, Texas. The company continues to aggressively hire across its sales, research and engineering teams, with total headcount surpassing 220.

"The way that businesses approach Web security has dramatically changed; in fact, it has become an essential operational need for the modern enterprise. We're proud that the world's leading organizations and emerging companies are turning to WhiteHat Security to ensure protection of their brand reputation and bottom line," said Stephanie Fohn, chief executive officer, WhiteHat Security. "Today's cyber attacks can be both highly targeted and opportunistic, representing a complex but manageable problem with the proper solution and team. We protect businesses from the inside out, securing over one billion customer accounts across a range of industries. Our greatest achievement is keeping our customers ahead of the attacks, and out of the headlines."

WhiteHat closed the first half of FY 2012 with 100 new customers, a 100% increase over the first half of FY 2011, representing the largest brands in Financial Services, Technology and Cloud Services, Healthcare, eCommerce and Consumer Products. WhiteHat also expanded its support and service offerings, bringing 24/7 support online to serve its growing international customer base.

WhiteHat has also signed or expanded partnership agreements with many of the industry's most recognized technology and security leaders, including F5 Networks, Rackspace, RSA, and Terremark, a Verizon Company. By partnering with these global technology companies, WhiteHat provides customers with best-in-class application security within an organization's existing software or services solutions -- whether it be via a Web application firewall, GRC solution, an MSSP relationship or a third-party hosting service.

"As an investor in the information security market, I have seen the breathtaking rise of application security over the past few years. What was once a technology problem is now a board-level issue due to the financial and brand impacts from any breach or potential vulnerabilities," said Brian Mulvey, vice president, Investor Growth Capital. "WhiteHat has truly disrupted the traditional security market with its Software-as-a-Service approach to protecting enterprise Web applications. As attacks become more targeted and persistent, this approach is validated by the continued demand for WhiteHat's solutions from the largest companies in the world."

In June 2012, WhiteHat unveiled an all-new Static Application Security Testing (SAST) service, Sentinel Source, an industry-changing, scalable platform that assesses source code and delivers accurate vulnerability data to developers. Sentinel Source also provides critical intellectual property protection because no source code leaves the customer premise. Combined with WhiteHat Sentinel Baseline, Standard and Premium editions, Sentinel Source streamlines the entire software development lifecycle by providing unified data access and immediately actionable security strategies to address real risk and secure and protect the enterprise.

WhiteHat continues to take steps to facilitate broader security awareness and access to best practices with the recent launch of RiskCheck. A free offering, RiskCheck provides a custom report, with an up-to-the minute overview of website security risks across a range of industries and company sizes. With RiskCheck, security professionals can access and view the security issues and industry trends gleaned from the 1 million vulnerabilities and 6 terabytes of data processed per day by WhiteHat Sentinel.

About WhiteHat Security, Inc.

Founded in 2001 and headquartered in Santa Clara, California, WhiteHat Security provides end-to-end solutions for Web security. The company's cloud technology platform and leading security engineers turn verified security intelligence into actionable insights for customers. Through a combination of core products and strategic partnerships, WhiteHat Security provides complete Web security at a scale unmatched in the industry. WhiteHat Sentinel, the company's flagship product line, currently manages thousands of websites -- including sites in the most regulated industries such as e-commerce, financial services and healthcare.

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