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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, Inc. (Nasdaq: VRNS) reported strong financial performance for Q4 and the full year 2022, with total revenues increasing by 13% year-over-year to $142.6 million. Subscription revenues grew 20% to $366.1 million for the year. The company achieved $465.1 million in annual recurring revenues (ARR), a 20% increase. Despite a GAAP operating loss of $121.2 million for the year, non-GAAP operating income rose to $29.5 million. The outlook for 2023 includes revenues of $519.0 million to $529.0 million, with a projected ARR growth of 10-12%. Varonis is also seeing an increasing mix of SaaS in its new business.
Varonis Systems, Inc. (Nasdaq: VRNS) has introduced a new initiative called Proactive Incident Response, aimed at enhancing data security for its customers. This service provides a global team of incident response analysts who monitor suspicious activities and respond to potential threats, significantly easing the burden on security operations teams. With the launch of their cloud-hosted Data Security Platform, Varonis aims to improve threat detection and response times. The initiative is part of a broader focus on delivering effortless security outcomes, following other recent announcements such as least privilege automation and data security posture management.
Varonis Systems (Nasdaq: VRNS) announced a significant upgrade to its data security platform with the launch of automated posture management. This feature enables users to swiftly remediate security and compliance issues across SaaS and IaaS platforms with a single click. Varonis continuously scans for cloud security risks, helping organizations maintain visibility and manage vulnerabilities effectively. Highlighting the severity of cloud misconfigurations, Gartner predicts that over 99% of breaches by 2025 will stem from such issues. Varonis aims to streamline the remediation process, offering a unified approach that enhances overall cloud security.
Varonis Systems has launched a groundbreaking fully autonomous remediation engine for cloud security, specifically targeting platforms like Microsoft 365, Google Drive, and Box. This innovation helps organizations automate least privilege access, continuously reducing unnecessary data risks without human intervention. Recent statistics show that an average cloud environment has over 40 million unique permissions and 157,000 sensitive records exposed online. Varonis aims to mitigate these risks by customizing remediation policies that adapt to security needs while allowing for seamless collaboration. The new platform seeks to address critical data security challenges through automation.
Varonis Systems, Inc. (Nasdaq: VRNS) will announce its fourth quarter and full-year 2022 financial results on February 6, 2023, after U.S. market close. A conference call will follow at 4:30 p.m. ET to discuss the results. Investors can join by calling 877-425-9470 domestically or 201-389-0878 internationally, using conference ID 13735424. The call will be available for replay until February 13, 2023. For more information, visit Varonis's Investor Relations page.
Varonis Systems (Nasdaq: VRNS) announced its cloud-hosted data security platform achieved SOC 2 Type II compliance, validating its security, availability, confidentiality, and privacy standards. The audit, conducted by KPMG, confirms Varonis meets rigorous industry standards, further enhancing its compliance program that includes multiple ISO certifications. This emphasizes Varonis' commitment to customer data safety and enhances its reputation in the data security market.
Varonis Systems (Nasdaq: VRNS) has launched a public Vulnerability Disclosure Program (VDP) through HackerOne, aimed at enhancing the security of its platforms and products. This initiative allows the HackerOne community to report potential security vulnerabilities in Varonis' corporate and cloud environments, marking a significant step forward following the success of its private bug disclosure program. The VDP is expected to improve product security, enabling better protection against cyber threats and ensuring a more secure experience for customers.
Varonis Systems, a leader in data security and analytics, will participate in two key conferences on November 15, 2022. The first is the 16th Annual Needham Virtual Security, Networking, & Communications Conference at 8:45 a.m. ET, followed by the RBC Capital Markets Global Technology, Internet, Media and Telecommunications Conference at 11:10 a.m. ET. Both presentations will be available for live streaming on Varonis' investor relations website, with archived access for a limited time.
Varonis Systems, a leader in data security and analytics, has authorized a $100 million share repurchase program. This initiative is aimed at enhancing shareholder value and is expected to be completed within the next 12 months. The repurchase will occur through various channels in compliance with federal securities laws, depending on market conditions and company liquidity, reflecting Varonis' commitment to managing its capital effectively.
Varonis Systems (Nasdaq: VRNS) announced the early availability of its Data Security Platform as a SOC® 2-compliant SaaS model. This new offering enhances data security by facilitating rapid deployment, reducing overall costs, and improving threat detection. Key features include real-time visibility of sensitive data, autonomous risk reduction, and proactive detection of anomalies. The CEO emphasized that this milestone significantly improves the capabilities for security teams managing complex data environments.
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