Deepwatch Achieves Record Growth
Momentum Continues in Game-Changing Security Operations Innovation
DENVER–(BUSINESS WIRE)–Deepwatch, an innovative managed security provider, today announced an impressive initial year as an independent company ending 2019 with a growth rate that far exceeds the industry average. Deepwatch added new enterprise customers in various industries including healthcare, financial services, manufacturing, retail, and professional services. This further established the company as the industry leader among a new class of Managed Detection and Response (MDR) providers, as demand for outsourced security operations continues to accelerate across companies of all sizes.
Following our spin-out from Guidepoint Security in early 2019 and our $23M Series A investment by ABS Capital, we added considerably to our impressive customer base, added nearly 100 talented team members and expanded our leadership team. The market demand for a new way of architecting and delivering managed security has been very robust and I am confident that we will continue our strong growth in 2020,” said Charlie Thomas, Deepwatch CEO.
Deepwatch’s unique delivery model has driven strong outcomes and improved overall security posture for its customers. Innovation and focus on outcomes have allowed the company to establish strong relationships with CISOs and their security teams.
2019 highlights Include:
- 104%+ year over year annual recurring revenue growth
- 96% customer retention rate
- 115% net revenue retention
- Employee growth from 90 to 190 employees
- Addition of dozens of marquee Fortune 500 companies across all industry verticals
- Consistent competitive replacements of legacy MSS providers
- Expanded technology and reseller partnerships
- Among 50 Fastest Growing Companies in the United States
To further accelerate growth and distribution, Deepwatch is proud to have added Todd Bice to its team as Channel Director. Mr. Bice joins Deepwatch from Guardicore, where he was named to the list of CRN Channel Chiefs for two consecutive years and established a channel program that was recognized with a 5 Star rating in the CRN 2019 Partner Program Guide. “With a 100% Channel go to market strategy, Todd will build on our strong foundation with a new, dynamic channel program designed to take advantage of Deepwatch’s modern and innovative MDR capabilities and help partners establish breakthrough go to market service offerings that drive new revenue streams,” said Doug Popik, SVP Sales.
With an exciting technology roadmap and increased investment in our platform, 2020 is going to be another year of strong growth,” said Charlie Thomas. “We are investing in enhancing our service delivery and our innovative IP, in order to deliver ever-increasing value to our customers.”