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About Appgate Inc.
Appgate Inc. (symbol: APGT) is a cybersecurity company that specializes in providing advanced, cloud- and hybrid-ready security solutions to organizations worldwide. With a focus on innovation and adaptability, Appgate addresses the growing complexities of digital threats through a comprehensive suite of products and services designed to secure modern IT infrastructures. The company’s offerings are utilized by over 1,000 organizations across 40 countries, demonstrating its global impact and expertise in the cybersecurity domain.
Core Offerings
Appgate’s portfolio includes a range of differentiated security and analytics products tailored to meet the needs of enterprises, governments, and other organizations:
- Software-Defined Perimeter (SDP): Appgate SDP is the company’s flagship product and a leading solution in the industry. It provides secure access to network resources by dynamically creating individualized perimeters around users, devices, and applications, ensuring robust protection against unauthorized access.
- Fraud Protection Suite: This suite offers risk-based authentication and digital threat protection capabilities, enabling organizations to detect and mitigate fraud in real time while safeguarding user identities and transactions.
- Threat Management and Analytics: Appgate’s innovative offerings in this category include the Brainspace digital investigations platform, which empowers organizations to conduct advanced forensic analyses, and the Immunity range of offense-oriented software and adversary simulation services, which help organizations proactively identify and address vulnerabilities.
Business Model and Revenue Streams
Appgate generates revenue through a combination of software licensing, subscription-based models, and professional services. Its cloud- and hybrid-ready solutions cater to organizations transitioning to modern IT environments, providing scalable and adaptable security infrastructures. By focusing on niche areas like software-defined perimeters and adversary simulation, Appgate positions itself as a specialized player in the competitive cybersecurity market.
Market Position and Industry Context
The cybersecurity industry is characterized by rapid innovation and intense competition, with major players like Palo Alto Networks, CrowdStrike, and Fortinet dominating the landscape. Appgate differentiates itself by focusing on cutting-edge technologies such as SDP and adversary simulation, which address specific and complex security challenges. This specialization allows the company to carve out a unique market segment and cater to organizations with advanced security needs, such as financial institutions, healthcare providers, and government agencies.
Significance in the Cybersecurity Landscape
As organizations increasingly adopt cloud and hybrid IT environments, the demand for advanced security solutions continues to grow. Appgate’s expertise in software-defined perimeters and its comprehensive suite of threat management tools position it as a valuable partner for organizations navigating the evolving cybersecurity landscape. By combining innovation, adaptability, and a customer-centric approach, Appgate plays a critical role in helping organizations secure their digital assets against emerging threats.
Appgate has announced a comprehensive recapitalization plan to enhance its financial position and drive growth. The company will receive investment from Magnetar to fortify its operations. Appgate will transition to a privately held entity and deregister from public trading. The restructuring aims to help the company emerge debt-free and enhance its offerings in the cybersecurity market.
Appgate (OTC: APGT) announced Leo Taddeo as the new CEO and President, effective January 4, 2023. Taddeo brings 25 years of executive experience, having served as the CISO and head of Federal and Threat Advisory divisions at Appgate. Previously, he was CISO at Cyxtera Federal Group and led cyber operations as Special Agent in Charge at the FBI's New York Office. Taddeo emphasized the company's strong position in the Zero Trust technology sector as demand continues to rise among federal agencies and commercial enterprises.
Appgate (OTC: APGT) has secured a Department of Defense (DoD) Enterprise Software Initiative Cybersecurity Blanket Purchase Agreement (BPA) to enhance federal agencies' access control. This agreement will streamline the procurement of Appgate SDP, the leading solution for Zero Trust Network Access (ZTNA). Appgate SDP, certified under Common Criteria, supports secure access for various federal use cases. The company is engaged in ongoing federal cybersecurity initiatives and aims to assist agencies in their Zero Trust implementation.
Appgate (OTC:APGT) has announced its cloud-native Zero Trust platform and risk engine, enhancing security for enterprises. This platform allows fast deployment of Appgate SDP, offering benefits like customer choice in implementation, smarter policy decisions, and maximized security investments. The platform will be generally available in early December 2022. CEO Barry Field highlighted the importance of reducing administrative burdens while strengthening security. The platform includes 'no code' integrations with popular endpoint protection tools and aims to simplify operations for users.
Appgate (OTC:APGT) has expanded its partnership with Kite, now the first distributor in its global Managed Service Provider (MSP) program. This alliance allows Kite to offer Appgate SDP, a leading Zero Trust Network Access solution, to MSPs in the UK and Ireland. The joint effort aims to enhance security across various IT environments while providing MSPs with effective tools and support. Appgate's MSP program fosters profitability through comprehensive training and flexible pricing, addressing the demand for robust cybersecurity solutions in today's expanding digital landscape.
Appgate (OTC: APGT) and Illumio, Inc. launch a pioneering integrated solution combining Zero Trust Network Access (ZTNA) and Zero Trust Segmentation (ZTS). This collaboration aims to enhance cybersecurity by preventing breaches from spreading across hybrid infrastructures. Key features include automated policy updates that save time and support organizational scalability, granular controls to maintain least privilege access, and comprehensive security measures that bolster resilience against cyberattacks. Enterprises can deploy this solution, enhancing their Zero Trust strategies.
Appgate (OTC: APGT) has launched its Technology Alliance Partnership program, featuring key partners like Illumio, Menlo Security, CrowdStrike, and AWS. This initiative aims to enhance cybersecurity investments and streamline Zero Trust security adoption. The program facilitates product integrations, allowing clients to automate cyber processes and minimize risks. CEO Barry Field emphasized the necessity of a collaborative approach to achieve Zero Trust goals, as no single vendor can meet security challenges alone. The partnership enhances security and operational efficiency for clients.
Appgate (OTC: APGT) has appointed Arlette Hart as Vice President of Threat Advisory Services. Hart, a former FBI CISO, brings extensive threat intelligence experience, enhancing the company's capability in vulnerability discovery and remediation. Under her leadership, Appgate aims to leverage advanced penetration testing and adversary simulations to proactively identify weaknesses for organizations. Hart has a notable background, serving previously at Leidos Corporation and holding academic roles at Carnegie Mellon University. This strategic move is anticipated to strengthen Appgate's cybersecurity offerings.
Appgate, Inc. (OTC: APGT) reported second quarter 2022 revenue of $11.5 million, marking a 16% year-over-year increase. Annual recurring revenue (ARR) rose to $31.8 million, up 11% year-over-year. The gross margin remained stable at 46%, while non-GAAP gross margin fell to 54% from 59% in the previous year. However, operating loss widened to $23.4 million, compared to $13.3 million in Q2 2021. The company launched version 6.0 of its Zero Trust Network Access Solution, recognized as a top product at the RSA Conference.
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