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Cloudflare, Inc. (NYSE: NET) has acquired Vectrix, enhancing its Zero Trust platform, Cloudflare One. This acquisition enables security teams to gain visibility and control over SaaS applications like Google Workspace and AWS, addressing security challenges due to increased SaaS usage. The deal is strategically significant as it integrates Vectrix's API-driven cloud access security broker functionality into Cloudflare’s offerings. Gartner predicts global spending on SaaS will rise from $174B in 2022 to over $279B by 2025, underscoring the growing need for enhanced security solutions.
Positive
Acquisition of Vectrix strengthens Cloudflare's Zero Trust platform.
Enhances visibility and control over SaaS applications, addressing security risks.
API-driven CASB functionality offers comprehensive security for enterprises.
Negative
None.
Acquisition adds modern cloud access security broker (CASB) functionality to Cloudflare’s industry-leading Zero Trust platform
SAN FRANCISCO--(BUSINESS WIRE)--
Cloudflare, Inc. (NYSE: NET), the security, performance, and reliability company helping to build a better Internet, today announced that it has acquired Vectrix, a company that provides businesses one-click visibility and control across all of their SaaS applications. Vectrix enhances Cloudflare’s existing Zero Trust platform, Cloudflare One, by allowing security teams to scan third-party tools–including Google Workspace, GitHub, and AWS–to detect and mitigate issues such as inappropriate file sharing and user permission misconfigurations.
“Tens of thousands of organizations rely on Cloudflare One’s Zero Trust platform to keep their teams and data secure,” said Matthew Prince, co-founder and CEO of Cloudflare. “Cloudflare’s global network blocks attempts to compromise data at multiple levels while accelerating traffic to the Internet. We’re excited to welcome the Vectrix team to Cloudflare to help deliver the fastest, most secure, and robust Zero Trust platform for the enterprise.”
Many businesses are using more SaaS applications than ever before, driven by the need to operate more efficiently and collaboratively in distributed or hybrid work environments. According to Gartner®, Public Cloud Services End-User worldwide spending on Cloud Application Services (SaaS) is expected to grow from $174B in 2022 to more than $279B in 2025. This has increased the burden on security teams, who now have to monitor security across numerous applications that all have unique configuration settings, user access controls, and monitoring systems. What’s more, this increased SaaS footprint increases the risk of security incidents from misconfigured settings, incorrect user access controls, or disgruntled employees.
With Vectrix, IT and security teams can perform security scans across their third-party tools to better detect and mitigate issues ranging from unauthorized user access and file exposure to misconfigurations and shadow IT. Integrating Vectrix’s API-driven cloud access security broker (CASB) with Cloudflare One provides enterprises with comprehensive Zero Trust control of both data-at-rest and data-in-transit. Vectrix extends the security of Cloudflare’s network to the data stored in SaaS applications, giving customers a single control plane for the security of their workforce and mission-critical resources.
“Everyone uses SaaS applications, from sending emails to managing HR, but simply ticking the wrong box can leave a business’s critical data exposed,” said Corey Mahan, co-founder and CEO of Vectrix. “By combining Vectrix's API first approach with the scale of Cloudflare’s Zero Trust platform we’re able to give customers an easy and simple way to control how data from those applications are shared.”
To learn more, please check out the resources below:
Source: Gartner, “Forecast: Public Cloud Services, Worldwide, 2019-2025, 4Q21 Update”, Colleen Graham, Amarendra ., Sharat Menon, Robin Schumacher, Neha Gupta, 21 December 2021. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
About Cloudflare
Cloudflare, Inc. (www.cloudflare.com / @cloudflare) is on a mission to help build a better Internet. Cloudflare’s suite of products protect and accelerate any Internet application online without adding hardware, installing software, or changing a line of code. Internet properties powered by Cloudflare have all web traffic routed through its intelligent global network, which gets smarter with every request. As a result, they see significant improvement in performance and a decrease in spam and other attacks. Cloudflare was named to Entrepreneur Magazine’s Top Company Cultures 2018 list and ranked among the World’s Most Innovative Companies by Fast Company in 2019. Headquartered in San Francisco, CA, Cloudflare has offices in Austin, TX, Champaign, IL, New York, NY, San Jose, CA, Seattle, WA, Washington, D.C., Toronto, Lisbon, London, Munich, Paris, Beijing, Singapore, Sydney, and Tokyo.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “explore,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these words, or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. However, not all forward-looking statements contain these identifying words. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements regarding the capabilities and effectiveness of the Cloudflare One suite of Zero Trust solutions and the Vectrix solution, the benefits to Cloudflare’s customers from using the Cloudflare One suite of Zero Trust solutions, the Vectrix solution, and Cloudflare’s other products and technology, the expected functionality and performance of the Cloudflare One suite of Zero Trust solutions, the Vectrix solution, and Cloudflare’s other products and technology, the timing of when Cloudflare One and Vectrix features will be generally available to all current and potential Cloudflare customers, the potential growth of future spending on Cloud Application Services, Cloudflare’s plans and objectives for, and the timing of, the integration of the Vectrix solution into the Cloudflare One suite of Zero Trust solutions, Cloudflare’s technological development, future operations, growth, initiatives, or strategies, and comments made by Cloudflare’s CEO and others. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in our filings with the Securities and Exchange Commission (SEC), including our Quarterly Report on Form 10-Q filed on November 5, 2021, as well as other filings that we may make from time to time with the SEC.
The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.
