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Continued High Growth Rate In H1 For Q1 Labs

Q1 Labs : 23 July, 2010  (Company News)
Security intelligence experts continue with high double digit revenue growth rates throughout the first half of 2010
Q1 Labs, the global provider of total security intelligence solutions, has continued to sustain its 70 percent revenue growth rate through the first half of 2010. In the first six months, the company acquired nearly 300 customers, half from outside North America, as its customer base grew to over 1,250 customers worldwide.

The company's channel strategy is succeeding with over 80 percent year-over-year channel growth. Additionally, the company's percentage of revenue from the channel has increased to over 80 percent. Q1 Labs dedicates the majority of its sales resources to its channel partners, enhancing their partners' opportunities by offering the leading security intelligence solution in the market: the QRadar Security Intelligence Platform.

"Between our US, Canadian and UK development groups, we have the most cost-effective, flexible and productive software engineering operation in our industry," said Brendan Hannigan, President and COO of Q1 Labs. "Our customers are the major beneficiaries of the lower costs inherent in our model."

With a 50 percent employment increase in 2009, the company will add another 75 employees in 2010, including 15 technical and engineering hires in the United Kingdom. This operation will grow to more than 50 employees within the next three years, more than doubling the company's development operations.

The company also reported that its FY2009 profitability has continued through the first half of 2010. "Our profitability has translated into the highest combination of cash and receivables in our history," said Bob Fincke, CFO of Q1 Labs. "This has allowed us to make some major investments while purchasing some critical technology for our future."

The SIEM market has not only matured, but is evolving to become the anchor-tenant of the emerging security intelligence market; a market defined not only by its products, but also by their seamless integration into a single network security platform. Q1 Labs' SIEM, Log Manager and Risk Manager work together as one converged solution while allowing for options such as Q1 Labs' Network, Application, and Virtual Activity Monitoring products to also be integrated into the same QRadar Security Intelligence Platform.

Q1 Labs' accelerated growth continues to take global market share from other leading SIEM vendors, with demand for its QRadar family of products continuing to be driven by compliance, cyber threats, and the need for increased security intelligence. Historically, the broad global marketplace was skeptical of the need for SIEM technology, and was reluctant to purchase due to the complexity and expense of implementing first-generation SIEM solutions - until Q1 Labs delivered QRadar, the industry's first Security Intelligence Platform and the leading alternative to legacy, first-generation products.

"Q1 Labs' success continues to revolve around our view of 'one console security' on a security intelligence platform. QRadar is the platform that provides one holistic view of your network security from a single console," said Shaun McConnon, CEO of Q1 Labs. "Customers are streamlining their IT operations and they want products that do more, scale better, cost less and are easy to deploy. These attributes accurately describe QRadar."

Notably, the company is increasing customer counts in major verticals worldwide, including: government, financial services, education, telecommunications, energy/utility, healthcare, and retail, among others. In addition, Q1 Labs also has numerous customers that continue to expand their deployments. For instance, a large telecommunications carrier has increased its ability to monitor the growing amount of traffic on its network using QRadar - jumping from 400,000 events per second, to 750,000 events per second, possibly the world's largest log management deployment.
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