Drata Achieves Strong Growth, Defying Technology Market Challenges while Solidifying Leadership in Compliance Automation

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Feb 21, 2024, 09:00 ET

Company Completes 2023 with 100% Growth in Revenue; First to Launch Key Offerings such as Audit Hub, Open API, and NIST AI RMF

SAN DIEGO, Feb. 21, 2024 /PRNewswire/ -- Drata, the leading continuous security and compliance automation platform, extended strong momentum into the 2024 fiscal year, completed in January. On the heels of the company's three-year anniversary, Drata's milestones include supporting 10 new frameworks and 100% revenue growth. Streamlining risk and compliance for companies such as Calendly, SmartRecruiters, and Distology, Drata's remarkable global expansion surpassed 4,000+ customers across 50+ countries. The company also cemented its leadership status in G2's Cloud Compliance category, and ranked in the top 30 for G2's 2024 Top 100 Best Software Products list.

Business milestones for Drata's fiscal year include:

100% Year-over-Year (YoY) in new revenue growth, with up to 650 new customers added each quarter.
100% YoY increase in total customers, with 425% YoY customer growth in EMEA.
Becoming KnowBe4's exclusive GRC partner and preferred compliance automation platform.
Key executive hires such as Conor Nolen, Chief Customer Officer; George Bonser, Vice President of Sales, EMEA; Matt Hillary, Chief Information Security Officer; and Sydney Sloan, Chief Marketing Officer.

"Drata's rapid growth is a testament to how much they prioritize the customer experience. We've seen immediate value, reducing time spent on audit activities by 90%," said Rishi Bhatia, Head of GRC and Security Operations, Calendly. "Drata takes 'scaling with you' seriously, delivering capabilities that allow us to achieve our business objectives."

"Manually managing risk and compliance is unsustainable in the reality of our day-to-day IT management, so Drata's powerful automation engine helps us stay on top of where the gaps are across our security controls and third-party ecosystem without losing focus on our business," said Lance Williams, Chief Technology Officer, Distology. "With Drata's platform and team, we're able to move our compliance program forward with a holistic, detailed view of our security compliance posture that we haven't had before."

Drata continued supporting companies of all sizes by:

Expanding its library to 20+ compliance frameworks, including Cyber Essentials, NIST AI RMF, Cloud Control Matrix (CCM), and more.
Launching offerings such as Audit Hub, Open API, Role-Based Access Control, User Access Reviews, and Third-Party Risk Management.
Being recognized as a Top 5 global independent software vendor (ISV) in AWS Marketplace Private Offers transaction volume.
Debuting "Launch - The Drata Alliance Program" to foster its robust partner ecosystem.
Bolstering integrations with 120+ essential applications and systems, further automating the compliance process.

"Three years in, Drata has transformed security compliance for 1.2 million users, becoming the go-to source for building and maintaining trust," said Adam Markowitz, Drata Co-Founder and CEO. "Our collaborative ecosystem of dedicated partners, investors, customers, and of course the Drata team, propels our mission of building trust across the cloud. We're just getting started and ready for sustained growth and innovation in year four."

For more information on Drata's growth, visit: drata.com/blog/fy24-momentum.

About Drata
Drata is the world's most advanced security and compliance automation platform with the mission to build trust across the cloud. With Drata, thousands of companies streamline over 20 compliance frameworks—such as SOC 2, ISO 27001, GDPR, and more—through continuous, automated control monitoring and evidence collection, resulting in a strong security posture, lower costs, and less time spent preparing for annual audits. The company is backed by ICONIQ Growth, GGV Capital, Alkeon Capital, Salesforce Ventures, Cowboy Ventures, S Ventures, Leaders Fund, Okta Ventures, SVCI, SV Angel, Intuit Ventures, and many key industry leaders. For more information, visit drata.com.

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SOURCE Drata Inc.