News & Events: Press Releases - July 22, 2008
Q1 LABS ACCELERATES MOMENTUM IN FIRST HALF OF 2008
More Than 100 Customer Wins, Explosive Revenue Growth, Increased Channel Partners, and Worldwide Expansion Key Driving Forces Behind Company's Success
WALTHAM, Mass. - July 22, 2008 – Recently named the "go to product" for security information and event management (SIEM) by the respected industry trade magazine Network World, Q1 Labs today announced details supporting its increased momentum during the first half of 2008.
Continuing on its path of accelerated growth from the previous year, the company disclosed it has secured more than 100 new customers and achieved 145 percent revenue growth compared with the same period of 2007.
Q1 Labs also recently announced its expansion into Europe, the Middle East, and Africa (EMEA) and Asia-Pacific (APAC) in support of its multi-channel sales strategy, including previously announced worldwide OEM agreements with Juniper Networks, Nortel Networks, and Enterasys, who are officially shipping their branded versions of QRadar, Q1 Labs' acclaimed network security management solution.
"Our philosophy from the very beginning has been simple: deliver complete network and security knowledge to our customers each and every day. Our continued focus and dedication to this philosophy has resulted in a significant increase in customer adoption and an annualized growth rate of 145 percent in the first half of this year alone," said Shaun McConnon, CEO, at Q1 Labs. "Our highly-leveraged business model allows our customers to procure the solution from their IT infrastructure provider, local VAR, or direct from Q1 Labs. And they can purchase the version of QRadar that best suits their environment and unique needs."
Multiple Vertical Industries Help Fuel Growth
In the first half of 2008, Q1 Labs secured more than 100 new U.S. and international customers spanning multiple vertical industries, including retail, defense, education, and state and local government, all of which were seeking a converged network security management solution that could address their threat, compliance, and log management challenges.
Some examples of new customer deployments include:
- An American leather goods retail company and the largest specialty retail jeweler in the country
- The pioneer in space exploration, scientific discovery, and aeronautics research
- A Department of Defense agency responsible for facilitating personnel security investigations and training
- A leading provider of analytical instruments, laboratory equipment, software, services, consumables, and reagents
- An international university with 21 facilities and professional schools for undergraduate and graduate levels
Distribution Channels Expand Rapidly Worldwide
In early 2008, Q1 Labs announced its Powered by Q1 Labs expanded OEM and partnership strategy which is designed to allow the company to work with leading infrastructure vendors to collaborate on technology, and leverage the OEM channel to increase adoption of QRadar worldwide. Enterasys, Juniper Networks, and Nortel Networks have all chosen Q1 Labs as their OEM partner for SIEM solutions and have officially begun selling QRadar under their own respective brands.
Additionally, Q1 Labs' Q-Alliance is a collaborative program that helps channel partners increase their businesses and expand their markets by selling Q1 Labs' products and services. The company added new 17 channel partners in the first half of 2008, and now has more than 140 globally.
Q1 Labs Tops Independent SIEM Bake Off
Q1 Labs most recently received industry recognition for its flagship, next-generation SIEM offering, QRadar, from Network World as part of that publication's 'Clear Choice Test' of SIEM solutions (June 30, 2008).
Among the six other SIEM products tested, QRadar came out on top. According to product reviewer Greg Shipley, "QRadar is a well-rounded security information and event management platform that became our 'go-to product' for validating most of our findings. It earned this status for two primary reasons. First, it offers the most amount of functional flexibility. And, second, it provides the most effective correlation rule set right out of the box. The Q1 Labs' product simply offered the greatest amount of visibility into our environment with the least amount of headache."
About Q1 Labs
Founded in 2001, Q1 Labs is a global provider of high-value, cost-effective network security management products. The growing company's flagship offering, QRadar, integrates previously disparate functions – including log management, network behavior analytics, and security event management – into a total security intelligence solution. QRadar provides users with crucial visibility into what is occurring with their networks, data centers, and applications to better protect IT assets and meet regulatory requirements. Headquartered in Waltham, Mass., U.S.A., Q1 Labs' customers include healthcare providers, energy firms, retail organizations, utility companies, financial institutions, government agencies, and universities, among others. For more information, visit www.Q1Labs.com, or call 781-250-5800.
Contact:
John H. Ricciardone
Director, Corporate Communications
Q1 Labs, Inc.
781-250-5835
john.ricciardone@Q1Labs.com