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CAMBRIDGE, Mass.—August 4, 2020—Devo Technology, the cloud-native data analytics and security company, today announced record quarterly revenue in Q2 2020 and 80% year-over-year growth. Fueling this unprecedented expansion, Devo grew its enterprise customer base by 48%, including a major contract award from the U.S. Air Force that puts Devo at the center of the Air Force’s cybersecurity transformation. To support this rapid growth, Devo is aggressively expanding its headcount in the U.S. and Western Europe. The company also appointed Marc van Zadelhoff, former IBM Security general manager, to the company’s board of directors, and launched a new technical certifications program.
“As enterprises are accelerating their move to the cloud, security operations centers (SOC) are reaching an operational breaking point. The inability of legacy SIEMs to scale, their lack of advanced analytics and automation, and their high cost, have made the everyday lives of analysts extremely painful, and forced unacceptable risk/cost trade-offs,” said Walter Scott, chief executive officer, Devo. “We built Devo Security Operations, our new cloud-native SIEM, to address these fundamental challenges. I knew we built something special, but I have never seen this level of positive customer and market reception. I am proud of what we have achieved in the first half of 2020, but even more excited about the change we are bringing to the cybersecurity industry, and what we have coming in the second half of 2020 and beyond.”
Accelerating Customer Adoption
Devo was recently awarded a $9.5M U.S. Air Force contract for Devo next-generation SIEM technology to serve as the central security hub for protection, detection, and response across the U.S. Air Force worldwide for enterprise security. Other recent customer wins include Accenture, Otis Worldwide Corporation, and Rubrik. Accelerating new customer adoption is accompanied by significant expansion from existing Devo customers, including a North American professional sports league, a major European bank and insurance group, and a top-5 global apparel maker.
“As a SaaS company building out our first SOC, finding a solution that was truly cloud native and could easily scale with us as we grow were critical requirements,” said Lucas Moody, head of security innovations & operations, Rubrik. “Devo was the clear strategic choice around which to build the base of our SOC technology stack.”
Recent Milestones Include:
Recent Industry Accolades Include:
Devo will be demonstrating its cloud-native, next-gen SIEM at the virtual Black Hat USA 2020, August 5-6. Register for a free business hall pass or book a time at the Devo virtual Black Hat booth.
Devo unlocks the full value of machine data for the world’s most instrumented enterprises, putting more data to work—now. Only the cloud-native Devo Data Analytics Platform addresses both the explosion in volume of machine data and the new, crushing demands of algorithms and automation. This enables IT operations and security teams to realize the full transformational promise of machine data to move businesses forward. Headquartered in Cambridge, Mass., Devo is privately held and backed by Insight Partners. Learn more at www.devo.com.
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