Red Canary Announces Record Fourth Quarter and Full Year Fiscal 2024 Results

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Feb 29, 2024, 17:45 ET

Strong momentum driven by global demand and robust new enterprise customer growth

DENVER, Feb. 29, 2024 /PRNewswire/ -- Today, Red Canary announced highlights from its fiscal fourth quarter and full fiscal year ending January 31, 2024. New customer bookings from large organizations grew by 60% in fiscal year 2024 compared to the previous year. This growth is driven by the company's strong performance in the enterprise segment, with significant increases in both deal size and customer count over the past year.

Red Canary delivered a record fourth quarter, with 74% growth year-over-year in deals over $100K. In the enterprise segment specifically, new customer bookings grew 143% compared to the fourth quarter of the previous year, reflecting growing demand from many sophisticated organizations for security expertise to strengthen their security operations.

"Red Canary achieved a record-breaking fourth quarter and full fiscal year, reaching new financial milestones," said Brian Beyer, CEO, Red Canary. "These highlights reflect the increasing value we deliver to our customers. Building on ten years of innovation, we're proud to serve hundreds of thousands of security professionals, enabling them to stay focused on their mission with world-class security operations."

Key milestones from the fiscal year include:

Surpassed $100 million in ARR in Q1 of fiscal year 2024, delivering consistently improved operating margins each quarter
Served nearly 1,000 customers across every major industry, including many Fortune 500 companies
Named a Leader in The Forrester Wave™: Managed Detection and Response, Q2 2023, receiving the highest possible score in nine evaluation criteria
Launched new products, including expanded depth of detection for cloud security, deepened user protection coverage, and Red Canary Readiness
Expanded partner footprint, including a flagship MDR partnership with Wiz, AWS Security Competency Status, and availability in AWS Marketplace and Microsoft Azure Marketplace
Bolstered threat intelligence, providing real-time insights and analysis on emerging cyber threats and vulnerabilities
Continued to deliver customer-validated 99% accuracy, driven by innovations in cloud security, threat intelligence, and advanced detection and response
Earned an average overall Customer Satisfaction (CSAT) rating of 99%, which represents an industry-leading score and an ongoing commitment as a SaaS business to deliver an exceptional customer experience

Since its inception a decade ago, Red Canary has secured $86 million in funding from investors such as Summit Partners and Noro-Moseley Partners.

About Red Canary
Red Canary is a leader in managed detection and response (MDR). We serve companies of every size and industry, focusing on finding and stopping threats before they can have a negative impact. As the security ally for nearly 1,000 organizations, we provide MDR across our customers' cloud workloads, identities, SaaS applications, networks, and endpoints. For more information about Red Canary, visit: https://www.redcanary.com.

SOURCE Red Canary