News & Events: Press Releases - February 19, 2008
Q1 Labs Adds 125 New Customers, Grows YoY Revenue by 100 Percent and Raises New Round of Financing
Series D Funding to Support Execution of Worldwide OEM Partnership with Nortel and Juniper in 2008
WALTHAM, Mass. - February 19, 2008 – Q1 Labs, a leading network security management company, today announced details about its exponential growth in 2007 which included 125 new customers, significant traction across major market verticals including Fortune 500 companies, and 100 percent revenue growth for the second successive year.
The company also announced that it has raised a Series D round of financing totaling $9 million which will be used to accelerate growth by supporting its worldwide OEM relationships with Juniper Networks, Nortel Networks, and Enterasys Networks. This new round of funding brings the total equity investment in Q1 Labs to $43 million.
Companies Embrace Network and Security Management Convergence
As both internal and external threats continue to rise and compliance regulations become prevalent across all markets, more companies are realizing that a silo approach to network and security monitoring is not enough to safeguard them. By attracting 125 new customers in 2007, combined with 100 percent year-over-year revenue growth, Q1 Labs' "command and control" approach across both the network and security infrastructure proves it is necessary to ensure appropriate log management, threat management, and compliance management strategies.
"Coming off of such an incredible year here at Q1 Labs, our goal in 2008 is to once again double our revenues with the help of our rapidly growing channels and recently announced OEM partners," said Shaun McConnon, chief executive officer at Q1 Labs. "Our growth and execution across customers, channel partners, and OEMs is the best indication that QRadar is fast becoming a standard for managing network and security information in enterprise environments."
In 2007, Q1 Labs secured many new US and global customers within retail, utilities, state and local government, education, and telecom to solve threat, compliance, and log management challenges. This new customer growth included enterprise-wide deployments at several Fortune 100 and Fortune 500 corporations including:
- A leading designer of branded women's and men's apparel
One of the world's largest enterprise software companies - A multi-billion dollar global defense and technology company
- A top 10 US provider of wireless and wireline communications services
- One of the world's largest restaurant companies
Series D Funding to Support Worldwide OEM Partnerships
At the end of 2007, Q1 Labs expanded its OEM partnerships to three, adding Juniper Networks and Nortel Networks to its existing relationship with Enterasys Networks. Enabling a broader competitive front against technology rival, Cisco MARS, QRadar solutions will now be delivered through the worldwide channels of these network and security vendors.
In order to support this burgeoning worldwide channel, Q1 Labs recently raised a Series D round of financing totaling $9 million that was lead by Globespan Capital Partners. Joining Globespan in this round of financing were other existing investors Menlo Ventures, BDC Venture Capital, Polaris Venture Partners, New Brunswick Investment Management Corporation as well as individual investors. This round brings Q1 Labs' total funding raised to date to $43 million.
"We are delighted with Q1 Labs' market execution and customer traction", said Dave Fachetti, managing director, Globespan Capital Partners. "The addition of these key OEM partners gives Q1 Labs' technology a very powerful worldwide channel. We look forward to 2008 being another year of record growth."