PhishMe Reports Explosive Growth: Annual Run Rate Approaches $50 Million

LEESBURG, Va.–(BUSINESS WIRE)–

PhishMe Inc., the leading provider of human phishing defense solutions, today announced another year of record growth, with Annual Run Rate (ARR) approaching $50 million. PhishMe’s more than 300 employees now serve 1,200 enterprise customers world-wide to defend against cybercriminals, hacktivists and state-sponsored hackers.

“As ransomware and business email compromise (BEC) continue to have widespread impact, security professionals have realized the importance of encompassing the human as part of the defensive security posture,” said Rohyt Belani, CEO and co-founder of PhishMe. “PhishMe is the only security company that provides a comprehensive and scalable human phishing defense solution. With 50 percent of the Fortune 100 trusting our products, we surpassed several key business milestones in 2016 and expect to experience the same momentum in 2017 as organizations continue blending technology with human intelligence to detect cyber-attacks early in their lifecycle.”

PhishMe Highlights

350% Year-over-Year New Product Adoption Growth

Expanding on our flagship product, PhishMe Triage™ was another industry first and customers have responded enthusiastically with the product seeing 350 percent year-over-year growth in sales. Over 100 enterprise level organizations are actively using the product that has been available for just over 18 months. PhishMe Triage automates phishing incident response for employee-reported suspicious emails. Once deployed, the Triage impact is virtually instant, with many organizations detecting attacks in progress especially when enabled by PhishMe’s Intelligence offering. Customers have leveraged these technologies to not only improve operational efficiency of security operations teams, but more importantly detect phishing attacks that bypassed perimeter control systems within seconds.

Successful Funding Round Highlights Investor Confidence

Investors continue to demonstrate their confidence in PhishMe with the latest successful funding round raising $42.5 million and attracting a new investor, Bessemer Venture Partners. PhishMe’s Series C Funding, announced in July 2016, was led by Paladin Capital Group, an established, multi-stage private equity firm that initially invested in PhishMe in 2012. PhishMe has attracted more institutional capital than all of its direct competitors combined; a huge vote of confidence by the investment community in a time when raising capital has been challenging.

Global Expansion Strengthens Business Momentum

Driven by strong global demand, PhishMe continues to expand its footprint around the world opening new offices in Australia, Singapore, Dubai, and Saudi Arabia. PhishMe also expanded its European headquarters in London with a new office that houses more than 30 employees.

Expanded Relationships through Partnership Ecosystem

Since its inception in March 2016, PhishMe’s Technology Alliance Program (TAP) added 14 of the world’s leading security providers as partners to help customers maximize their return on investment. PhishMe has also expanded its channel program significantly in the last fiscal year adding top global distribution and reseller partners that offer only the best-in-class products to their customers.

Analyst Recognition of PhishMe Leadership

PhishMe’s innovative approach to tackling the number one attack vector — phishing — earned it a leadership position in the Gartner Magic Quadrant for Security Awareness Computer Based Training. PhishMe’s approach is more interactive than traditional vendors and the training materials are designed to modify behavior through learning and engagement. It’s an approach that has been proven to reduce the threat of employees falling victim to sophisticated cyber-attacks by up to 95%, and significantly increase reporting of suspicious emails by employees to the incident response teams. This approach led to PhishMe being recognized by Gartner for its completeness of vision and ability to execute.

Industry Awards Recognize Product and Company Innovation

PhishMe received a range of respected industry awards over the course of 2016, including the prestigious SC Magazine Award for “Best IT Security-Related Training Platform”. SC Magazine also inducted PhishMe in the esteemed Hall of Fame Innovators. The company also secured recognition from Deloitte and Inc. Magazine for the second consecutive year: inclusion in the Deloitte Fast 500 Fastest Growing Companies in North America and the Inc. 5000 list of fastest growing companies.