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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.
The recent Appgate survey conducted by the Ponemon Institute reveals significant concerns regarding cloud security among IT leaders. With 60% lacking confidence in safeguarding secure cloud access, top barriers include network visibility (48%) and in-house expertise (45%). The survey indicates growing adoption of Zero Trust Security, with organizations reporting productivity gains in IT (65%) and DevOps (58%) after implementation. However, a majority still see traditional security measures as inadequate against emerging threats.
Appgate (OTC: APGT) has announced the release of Appgate SDP 6.0, enhancing its Zero Trust Network Access (ZTNA) solution. The new version introduces a risk model capability that allows organizations to maximize existing security investments by streamlining Zero Trust implementations. Key features include sensitivity level assignments for workloads, dynamic access adjustments based on risk scores, and user interface enhancements. Additional authentication methods like OpenID Connect are also supported. This upgrade aims to simplify cybersecurity journeys and enhance productivity in complex IT environments.
Appgate (OTC: APGT), a secure access company, has been recognized as a visionary in the Vendor Vision Report by Enterprise Management Associates (EMA). This report identifies leading security firms at the RSA Conference 2022. Appgate's identity-centric, context-aware secure access solutions support the Zero Trust security framework, distinguishing itself from competitors. The company’s Appgate SDP solution enhances security and operational efficiency, achieving significant reductions in administrative demands and improving business agility. Appgate will present at the RSA Conference in San Francisco from June 6-9, 2022.
Appgate, Inc. (OTC: APGT) announced that five of its channel leaders were recognized in CRN's Women of the Channel list for 2022. This recognition highlights their significant contributions and leadership in the IT channel. Among the honorees are Tina Gravel, who has driven strategic initiatives and doubled her team size, and Tamara Prazak, who reported over 30% year-over-year growth in opportunity production. This accolade underscores Appgate's commitment to advancing Zero Trust security in hybrid IT environments.
Appgate, Inc. (OTC: APGT) reported a first-quarter revenue of $11.4 million, marking a 13% increase year-over-year. Annual recurring revenue (ARR) grew by 27% to $30.8 million. The company achieved a net retention rate of 106%. However, GAAP operating loss increased to $17.0 million compared to $9.0 million in Q1 2021. Appgate announced key milestones, including a partnership with DXC Technologies for a strategic network transformation and achieving SOC 2 Type 2 certification.
Appgate (OTC: APGT) has achieved SOC 2 Type 2 certification for its entire portfolio, confirming the security and compliance of its secure access solutions across cloud, on-premises, and hybrid IT infrastructures. This certification is based on an independent audit by A-LIGN, which verifies adherence to stringent security controls in areas like risk management and monitoring. The certification aims to bolster trust among IT leaders by affirming Appgate's commitment to high security standards amidst rising cybersecurity threats.
Appgate (OTC: APGT) announced its collaboration with DXC Technology to implement its Zero Trust Network Access (ZTNA) solution as part of DXC's strategic network transformation initiative. This long-term project aims to minimize network vulnerabilities and enhance infrastructure by integrating various remote access solutions under a unified ZTNA framework. The partnership underscores DXC's commitment to modernizing its network for secure remote access, aligning with its goal to improve employee experience and support client needs globally.
Appgate, Inc. (OTC: APGT) reported a strong fourth quarter of 2021 with revenues of $13.9 million, a 36% increase year-over-year. Annual recurring revenue (ARR) also rose to $31.1 million, up 38% year-over-year. Despite this growth, the company faced a GAAP operating loss of $16.4 million for the quarter and $49.9 million for the full year, both higher than the previous year. Appgate aims to uplist to a major exchange and continues to innovate in Zero Trust security solutions.
Appgate, Inc. (OTC: APGT) will announce its fourth-quarter financial results for the period ending December 31, 2021, on March 30, 2022, after U.S. market closure. A conference call will take place the following day at 8:00 a.m. Eastern Time to discuss these results. Investors can join the call by dialing (844) 200-6205 domestically or (929) 526-1599 internationally, using access code 772742. The live webcast will also be available on the investor relations section of Appgate's website.
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