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News

Continued growth for PGP through 2nd Quarter

PGP (GB) : 31 July, 2008  (Company News)
IT encryption specialists achieve continued growth in revenues for the 24th quarter consecutively as sales continue to strengthen
PGP Corporation has announced record-breaking performance for the second quarter of 2008, ending June 30, 2008. Surpassing first quarter results by 23 percent with the largest customer bookings quarter in the Company's history, PGP Corporation completed its 24th consecutive quarter of year over year business growth and has achieved over 40 percent growth over the same quarter in 2007. The PGP Encryption Platform business of the PGP product portfolio has grown 87 percent year over year for first half of 2008, demonstrating that corporate customers are moving to a centrally managed platform for all their encryption application needs including policy management, key management among other functions. Additionally, PGP Corporation continued its impressive global growth, specifically in the UK, where business increased over 680 percent from 2007. Key milestones in the quarter included significant competitive customer wins, industry awards, added leadership and a relocation of PGP Corporation's Silicon Valley headquarters to Menlo Park, CA, to support its global expansion and increasing presence in the market.

"The recent consolidation in the market indicates that other security vendors are trying to address encryption needs with point solutions," said Phillip Dunkelberger, president and CEO of PGP Corporation. "As the market grapples with endpoint products, PGP Corporation has been innovating and delivering for over three years with a holistic approach to protecting valuable data; how to encrypt it, apply policy, integrate within large enterprise ecosystems and manage the corresponding encryption keys. Without a centrally managed encryption platform that can address the multitude of encryption applications today, and scale to support future innovation, customers and their data will be at risk."

Testament to the Company's growing leadership position and prominence in the data encryption market, is the selection of the award-winning PGP Encryption Platform applications by world leading organisations in the quarter including major global financial services provider, Barclays Bank PLC; a leading international tax, audit and advisory firm; a leading semiconductor chip manufacturer; a credit and information bureau; and a major renowned academic institution. Each of these customers has chosen the PGP Encryption Platform as the foundation of their enterprise data protection strategy.

Additionally, DIEHL Informatik GmbH, Software AG and William Hill all completed successful deployments the PGP Encryption Platform and are using the PGP technology to safeguard sensitive customer and corporate information; adhere to privacy and compliance regulations; and ensure protection of their company's brand and reputation. According to the Ponemon Institute, encryption platform solutions that provide comprehensive key management and centralised policy administration are the next step in the evolution of data security. These capabilities are key strengths of the PGP Encryption Platform and already in use today by thousands of PGP customers.

Known for being an industry pioneer and provider of forward-looking data protection solutions, PGP Corporation continues to be recognised for its technology and market leadership. Recent industry recognition includes being named winner of TechWorld's 2008 "Encryption Product of the Year," and "Best Buy" winner of SC Magazine's Email Security Group Test for the second consecutive year.

PGP Corporation also continued to strengthen its management bench. Key new executive hires included the appointment of Steven Soderberg to CIO; Masayuki Kitahara to managing director, PGP Japan K.K.; and Jim Adkins to vice president of engineering. Soderberg, Kitahara and Adkins each come to PGP Corporation with proven expertise in their areas with established industry brands and will be instrumental in driving the Company's corporate and product strategies to take enterprise data protection to the next level.
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