Netskope Surpasses $500 Million in ARR, Continues to Take Share as More Enterprises Seek Market-Leading Security and Network Performance from Netskope's Unified SASE Platform

News provided by

Jun 03, 2024, 11:00 ET

3,400+ customers, tens of millions of end users, and more than 30 of the Fortune 100 have adopted Netskope One platform capabilities

SANTA CLARA, Calif., June 3, 2024 /PRNewswire/ -- Netskope, a leader in Secure Access Service Edge (SASE), today announced significant updates on its business momentum, as global demand for Netskope One, its industry-leading SASE platform, grows at an even faster pace than the broader cybersecurity market.

Among many notable achievements helping fuel its growth, Netskope's company accolades and financial milestones to this point include the following:

Grew customer base to over 3,400 customers worldwide, including 4 of the 5 largest Fortune 500 financial services companies, 4 of the 6 largest Fortune 500 healthcare companies, 4 of the 5 largest Fortune 500 telecommunications companies, and 2 of the 4 largest Fortune 500 retail companies that have adopted Netskope One capabilities
Surpassed $500 million in annual recurring revenue (ARR) at scale, with growth outpacing the SASE market^¹
Delivered critical AI capabilities in data and threat protection, safe enablement of generative AI applications, and numerous other areas, with more than 30% of Netskope customers having already fully implemented tools from SkopeAI, the suite of AI and machine learning solutions applied throughout the Netskope One platform
Recognized by all of the world's top technology analyst firms for leadership in Security Service Edge (SSE), the security stack that powers SASE, including:
- Recognized by Gartner® in the 2024 Magic Quadrant™ for Security Service Edge. Placed both highest in ability to execute and furthest in completeness of vision for the second year in a row
- Cited as a Leader in the inaugural Forrester Wave™ report for Security Service Edge Platforms (2024)
- Named a Leader in SSE and Zero Trust Network Access (ZTNA) by IDC in 2023 MarketScape reports
Earned key authorizations and certifications to do business with federal governments and public sector entities around the world, including securing the stringent FedRAMP® High Authorization in the United States, Protected B Certification in Canada, and the Information Security Registered Assessor Program (IRAP) assessment in Australia
With its proprietary NewEdge infrastructure, became the first technology vendor in the world to deliver a localized SSE experience to 220 different countries and territories, including every non-embargoed United Nations member state
Developed and has continued to grow numerous successful go-to-market partnerships, including with major global systems integrators and managed services providers such as BT, Deloitte, Orange, Telefónica, Telstra, Wipro, and more, and critical alliance partners such as Amazon Web Services, CrowdStrike, Google, Microsoft, Mimecast, Okta, ServiceNow, and more
Honored with countless industry awards, including a steady climb up the influential Forbes Cloud 100 list over seven years and counting, and ranked highest (#12) among security and networking companies in the most recent list (2023)
Demonstrated ongoing commitment to critical environment, social, and governance initiatives, including a Silver Medal in recognition of its sustainability achievement from EcoVadis, the world's largest and most trusted provider of business sustainability ratings
Launched Netskope for Good, a companywide program dedicated to supporting humanitarian and environmental sustainability work around the globe
Recruited top executives from Amazon Web Services, Fortinet, Palo Alto Networks, Verizon and more

Why Netskope, Why Now

Work-from-anywhere models create expectations of easy, performant access to the SaaS, cloud, web, and private applications needed to run a productive business. But the associated surge in security threats and performance challenges have stressed legacy technology architecture to the point of ineffectiveness. As a result, organizations are seeking cloud-native, simple, and scalable solutions that stop threats, prevent unauthorized access to apps and data, and guarantee network performance. Teams are increasingly choosing SASE architecture to accomplish those objectives; Gartner estimates the SASE market will expand at a compound annual growth rate (CAGR) of 29%, reaching over $25 billion by 2027^².

As a validated leader in SASE, SSE, and zero trust, Netskope helps organizations address their most critical cloud, SaaS, web, and private application security needs as well as their most persistent network performance challenges, all at once. The Netskope One platform enables both security and infrastructure and operations (I&O) teams to reduce risk, cost, and complexity as the only fully converged SASE offering that can deliver these capabilities using one engine, one client, one gateway, and one network.

"Netskope was founded on the idea that the entire enterprise strategy for protecting critical data from threats depends on how well security and networking adapt to a cloud-first, AI-ready world. Sure enough, as cloud and SaaS app adoption soared, businesses began changing their unreliable legacy technology stacks to reduce risks, lower costs, and implement modern architecture," said Sanjay Beri, co-founder and CEO, Netskope. "We correctly anticipated that a converged, optimized platform approach would be needed to accomplish this, an opportunity now known as SASE. We have inspired confidence in companies all over the world that are adopting Netskope."

Added Beri, "This is a significant period in Netskope's journey, and it's only the beginning of what we know we can achieve. We've proven our model and our customer win rate against much bigger technology companies, and we've maintained our unwavering commitment to make SASE and zero trust adoption an easy experience for any organization. We are so proud of our team, our customers, our investors, and our partners, and very excited for what's ahead."

To learn more about Netskope and how organizations can solve SASE and zero trust transformation challenges with the Netskope One platform, visit here.

Gartner Disclaimer

Gartner, Magic Quadrant for Security Service Edge, By Charlie Winckless, Thomas Lintemuth, Dale Koeppen, 15 April 2024.

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, Magic Quadrant is a registered trademark of Gartner, Inc. and/or its affiliates and is used herein with permission. All rights reserved.

Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's Research & Advisory organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About Netskope
Netskope, a global SASE leader, helps organizations apply zero trust principles and AI/ML innovations to protect data and defend against cyber threats. Fast and easy to use, the Netskope One platform and its patented Zero Trust Engine provide optimized access and real-time security for people, devices, and data anywhere they go. Thousands of customers trust Netskope and its powerful NewEdge network to reduce risk and gain unrivaled visibility into any cloud, SaaS, web, and private application activity—providing security and accelerating performance without compromise. Learn more at netskope.com.

Media Contact:
[email protected]

^¹ Gartner Research: Forecast Analysis: Secure Access Service Edge, Worldwide, October 10, 2023
^² Gartner Research: Forecast Analysis: Secure Access Service Edge, Worldwide, October 10, 2023

SOURCE Netskope