Nozomi Networks Tops 100% Revenue Growth
Fuelled by 2020’s accelerated pace of industrial digitisation, the company’s market share hit 50% in key industrial verticals
Nozomi Networks Inc., the leader in OT and IoT security, today announced record 2020 growth and tremendous momentum moving into 2021. As industrial and critical infrastructure cybersecurity threats made operational resilience a top priority for large enterprises around the world, the company experienced 110% growth in annual recurring revenue (ARR) and doubled its customer base with a 90% increase in new customer revenues. The COVID-19 pandemic has accelerated digital transformation, sped industrial connectivity and driven requirements to support remote work. In response, large enterprises turned to Nozomi Networks to implement projects to secure their operations and address emerging threats to the supply chain.
In 2020 Nozomi Networks’ market share neared 50% among the world’s top pharmaceutical, oil and gas, electric utility and mining operations. The number of devices monitored by Nozomi Networks solutions skyrocketed by more than 5,000% as the company successfully expanded its market to include IoT network cybersecurity. Continuing its commitment to innovation, the company launched Vantage, the first SaaS-based OT and IoT network visibility and security solution.
“While our growth is truly extraordinary given the challenges of 2020, what makes the Nozomi team most proud is how we helped customers survive and thrive this past year,” said Nozomi Networks CEO Edgard Capdevielle. “As pharmaceutical companies raced for a vaccine, they knew that cybersecurity for their research, manufacturing and remote workers was essential. They turned to Nozomi Networks for help and we delivered. In other industries from automotive to advanced manufacturing, to transportation systems, energy companies and smart cities, Nozomi won new customers and grew our deployments with existing clients. Multimillion-dollar deals are now the norm.”
According to Gartner Research, operational resilience is the top priority for security professionals, and organisations are looking to converge all their security and safety disciplines to support this renewed focus. “Advances in cloud and edge computing, robotics, embedded software, artificial intelligence (AI) or the emergence of 5G technology are all opening new digital transformation frontiers, but also new security and safety challenges that straddle the cyber and physical worlds in operational or mission-critical environments.”*
Nozomi Networks responded early with AI-powered network visibility and security solutions that integrate and work across IT, OT, edge, and cloud environments. Vantage, the company’s recently announced SaaS-based offering, and subscription pricing options across the company’s entire product portfolio, make it possible for customers to leverage cloud-based industrial cybersecurity that enables them to scale quickly while minimising complexity and cost.
“While our deployment teams brought thousands of sites online, our engineers paved the way for the future with the introduction of Vantage, our cloud-based SaaS offering,” said Andrea Carcano, Nozomi Networks Co-founder and CPO. “Now customers can get Nozomi Networks’ industry leading security and visibility solutions via the cloud, which enables them to scale quickly while minimising complexity and cost. Although 2020 was both challenging and extraordinary, 2021 will be even more exciting as customers use our innovations to speed the path to a modern and digitally transformed world.”
2020 growth highlights include:
- 110% growth in annual recurring revenue (ARR)
- 90% increase in new customer revenue
- 100% customer growth
- 100% customer retention
- 89 NPSÒ score for customer satisfaction
- 85% win rate in Proof of Concepts (PoCs)
- Industry leader for third consecutive year in Gartner Peer Insight Reviews
- Forged new strategic partnerships with Honeywell, In-Q-Tel, Telefónica, ABB, AWS, Deloitte, EY, Google, ServiceNow and Yokogawa, which when combined with prior partnerships create the strongest partner ecosystem in IT/OT/IoT
- Now partnered with:
- The world’s 5 largest IT cybersecurity companies
- 7 of the world’s 10 largest industrial automation companies
- 5 of the world’s top 10 consulting companies
- 1,000+ Certified Nozomi Networks Engineers across the partner ecosystem
- Teamed with Lockheed Martin to propose an F-35 Cyber Centre of Excellence in Switzerland
- Joined forces with Maryland Innovation and Security Institute (MISI) and Dreamport to bolster U.S. Department of Defence supply chain and manufacturing base with Cybersecurity Maturity Model Certification (CMMC)
Strategic Partner and Customer Investments
- Government intelligence investor In-Q-Tel
- World-leading telephone and mobile network provider Telefónica
- Dubai Electricity and Water Authority (DEWA) investment arm, Forward Investments
- Added cybersecurity veteran Barmak Meftah to Nozomi Networks’ Board of Directors
- Expanded the executive leadership team to include CRO Stephen Driggers, Vice President of Americas Chris Dell and Head of People and Culture Alan Berusch
Nozomi Networks is the leader in OT and IoT security and visibility. We accelerate digital transformation by unifying cybersecurity visibility for the largest critical infrastructure, energy, manufacturing, mining, transportation, building automation and other OT sites around the world. Our innovation and research make it possible to tackle escalating cyber risks through exceptional network visibility, threat detection and operational insight.
*Gartner Research, Market Guide for Operational Technology Security, 13 January 2021.