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Varonis Systems, Inc. (Nasdaq: VRNS) is a leading provider of data security and access governance solutions. Founded in 2004 and headquartered in New York, Varonis specializes in protecting the fastest-growing and most sensitive class of digital information: human-generated data. The company's innovative Data Security Platform combines advanced analytics with automated security measures to offer comprehensive data protection across various environments, including on-premises, SaaS, IaaS, and hybrid clouds.
Varonis empowers organizations to maintain total visibility and control over their data, ensuring that only authorized users can access critical information while monitoring and flagging any misuse. The company's patented technology and highly accurate analytics engine enable seamless digital collaboration, making it effortless and secure for users to create, share, and manage content.
As part of its ongoing cloud transition, Varonis has been focusing on migrating its on-premises customers to its cloud-native solutions delivered as Software-as-a-Service (SaaS). This strategic shift aims to provide more scalable and flexible data security options for organizations worldwide.
Varonis' portfolio includes solutions for data security posture management (DSPM), data classification, data access governance (DAG), data detection and response (DDR), data loss prevention (DLP), and insider risk management. The company's commitment to innovation is evident in its recent advancements in AI-powered automation, particularly with the introduction of Varonis for Microsoft 365 Copilot, which enhances AI security and compliance.
The company has garnered numerous accolades for its continuous innovation and effective security solutions. Notably, Varonis was honored for the sixth consecutive year by CRN’s Security 100 list, which recognizes top-tier companies providing groundbreaking security offerings. Additionally, the Varonis Data Security Platform received the Best DSPM award from Cyber Defense Magazine's Global InfoSec Awards.
Varonis engages with its clients through various channels, including its extensive network of channel partners and in-person events like Varonis Connect! These events provide valuable insights, educational sessions, and networking opportunities for security and risk executives.
Organizations worldwide trust Varonis to safeguard their data, automate security outcomes, and ensure compliance with evolving privacy regulations. By focusing on protecting data first, Varonis helps customers prevent data breaches and secure their most valuable assets. For more information, visit www.varonis.com.
Varonis Systems, a leader in data security and analytics, will participate in key upcoming conferences. The Wolfe Inaugural TMT Conference is set for September 8-9, 2021, with a presentation at 2:00 pm ET on September 8. Varonis will also appear at the Citi Global Technology Virtual Conference from September 13-15, presenting at 10:30 am ET on September 13, and the Jefferies Virtual Software Conference from September 14-15, with a presentation at 9:30 am ET on September 15. Webcasts of these events will be available via the Investor Relations section of the Varonis website.
Varonis Systems reported a 33% year-over-year revenue growth, reaching $88.4 million in Q2 2021, driven by a 70% surge in subscription revenues to $58.1 million.
Annual recurring revenues (ARR) rose to $328.2 million, a 39% increase year-over-year. Despite the revenue growth, the company posted a GAAP operating loss of ($28.2) million. Looking ahead, Varonis expects Q3 revenues between $96.0 million and $98.0 million, indicating a year-over-year increase of 25% to 28%.
Varonis Systems (Nasdaq: VRNS) announces its participation as a Gold Sponsor at Black Hat USA 2021 on August 4-5 in Las Vegas. Visitors can engage with Varonis at booth #1661 to explore its Data Security Platform, which aims to reduce the impact of cyberattacks. Highlights include a Lunch & Learn session on ransomware attacks and virtual demos offering gift cards for visitors. Varonis emphasizes its focus on data security and analytics, offering solutions to safeguard sensitive enterprise data.
Varonis Systems, Inc. (Nasdaq: VRNS) announced it will release its second quarter 2021 financial results after the U.S. markets close on August 2, 2021. A conference call will be held at 4:30 p.m. ET on the same day to discuss these results. Participants can join by dialing 877-425-9470 (domestic) or 201-389-0878 (international), with a replay available until August 9, 2021. The call will also be accessible via a live webcast on Varonis' Investor Relations page.
Varonis Systems has been selected to test its Data Security Platform in the DoD Zero Trust Testbed at DreamPort, a cyber innovation facility in Maryland. This initiative, supported by the U.S. Cyber Command and NSA, aims to enhance Zero Trust cybersecurity strategies. The platform's ability to increase visibility, enforce least privilege access, and reduce risks via automation led to its selection. Varonis continues to align with NSA guidance, promoting comprehensive security monitoring and real-time data protection in a dynamic threat environment.
Varonis Systems (Nasdaq: VRNS) has announced the opening of a new office in Cork City, Ireland, at Penrose Dock. The expansion is set to double the company’s workforce by creating approximately 60 new jobs over the next three years across various departments, including tech support and sales. Varonis’ commitment to Cork underscores the region's appeal for high-quality investment. The company, founded in 2005, focuses on data security and analytics, aiming to protect sensitive enterprise data and ensure compliance with regulations such as GDPR.
Varonis Systems (Nasdaq: VRNS) announced expanded support for cloud applications through its DatAdvantage Cloud solution, enhancing security across services like AWS, Box, GitHub, Google Drive, and Salesforce. This new capability allows organizations to visualize and mitigate risks from sensitive data exposure. Key features include remediation of data exposure, cross-cloud threat investigations, and automated identity linking. Varonis aims to address security complexities as reliance on cloud services grows, providing tools for proactive risk management.
Varonis Systems (Nasdaq: VRNS) will participate in several upcoming virtual conferences. These include the Needham Virtual Technology & Media Conference from May 17-20, with a presentation on May 19 at 9:30 am ET. They will also present at the J.P. Morgan Technology, Media & Communications Conference from May 24-26, specifically on May 25 at 9:30 am ET. Additionally, Varonis will join the William Blair 2021 Virtual Growth Stock Conference on June 1, presenting at 11:00 am ET, and the Cowen Technology, Media & Telecom Conference on June 3 at 10:30 am ET. Webcasts will be available on their Investor Relations site.
Varonis Systems reported a strong Q1 2021, with total revenues increasing by 38% year-over-year to $74.8 million.
Subscription revenues surged 120% to $44.8 million, contributing to an annual recurring revenue (ARR) of $306.9 million, up 39% from last year.
Despite a GAAP operating loss of ($34.1) million, non-GAAP losses improved to ($6.3) million. The company anticipates Q2 revenues between $82.5 million and $84.0 million, reflecting 24% to 26% growth.
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