Red Canary Continues Strong New Business Momentum, Announces Highlights from its Third Quarter

News provided by

Dec 05, 2023, 10:00 ET

Sustained Growth Driven by Global Market Demand for its Security Operations Platform

DENVER, Dec. 5, 2023 /PRNewswire/ -- Red Canary today announced strong Q3 results and that the company is well on its way to achieving over 30% year-over-year growth in Annual Recurring Revenue (ARR). The company's steady growth is driven by ongoing success in the enterprise market segment, marked by notable increases in both deal size and customer count over the past year. Red Canary remains a leading vendor and choice for organizations of all sizes, especially those with sophisticated security teams.

Red Canary delivers enterprise security solutions to organizations of varying sizes and across diverse industries.

"We had a solid quarter, fueled by both new and existing customers realizing value from our security operations platform," said Brian Beyer, CEO of Red Canary. "Our results highlight the strength of our products across different segments. With our platform, customers have confidence that business-impacting threats will be caught before they can cause damage. As the attack surface expands, Red Canary becomes even more strategic and relevant, particularly as our customers prioritize the productivity and efficiency of their security operations center."

Since its inception almost a decade ago, Red Canary has secured $86 million in funding from investors such as Summit Partners and Noro-Moseley Partners. Earlier this year, the company surpassed $100 million in ARR, delivering consistently improving operating margins.

Red Canary's threat intelligence provides real-time insights and analysis on emerging cyber threats and vulnerabilities, empowering organizations to find and stop threats. Its commitment to enterprise security is demonstrated through its customer-validated 99% accuracy, driven by innovations in cloud security, threat intelligence, and advanced detection and response. The company's latest product highlights and new innovations include:

Announced a partnership with Wiz as their inaugural certified Managed Detection and Response (MDR) partner, enabling customers to both benefit from Wiz's deep cloud visibility and insights and Red Canary's expertise in threat hunting and incident response.
Unveiled updated threat intelligence profiles, delivering enhanced threat context to empower our customers with added protection against emerging ransomware attacks.
Introduced new detection analytics across AWS, leading identity and access management providers like Okta and Microsoft, Windows, MacOS, and Linux that are available to all global customers.
Bolstered Readiness Exercises with new scenarios focused on being prepared for threats to cloud and industrial control systems (ICS).

Red Canary also continues to receive 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.

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