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While the majority of U.S. companies are slowly “inching” their way out of recession, ThreatMetrix™ is charging ahead. By any definition, 2012 was a banner year. Based on record revenue, billings and transaction volume, and the addition of hundreds of new customers, ThreatMetrix’s growth has been nothing less than phenomenal.
In 2012, the company acquired TrustDefender™, had a successful round of funding and made key additions to its management staff. Taken together, these factors were integral in helping to spur growth and ensure the company’s leadership position in the industry.
“The acquisition and successful integration of TrustDefender kicked off our most impressive year of growth to date,” said Reed Taussig, president and CEO, ThreatMetrix. “We’ve now delivered sixteen consecutive quarters of growth in customer billings. We look forward to another exceptional year protecting our customers from fraud, malware and the global threat of cyberterrorism in 2013.”
Significant advances in several key areas in 2012:
• Acquired TrustDefender: ThreatMetrix acquired TrustDefender™, a leader of secure browsing technology, to stop man-in-the-browser (MitB) attacks and prevent malware attacks for ThreatMetrix’s growing customer base.
• Secured New Customers: The company added more than 500 new customers, both directly and in conjunction with its extensive partner channel in 2012; the average new account value of these customers was up 50 percent over 2011.
• Expanded Presence and Marketshare in Financial Services: Customer billings and revenues for financial services increased from 20 percent of total contribution to more than 40 percent of total contribution in 2012. ThreatMetrix expects that the financial services market will contribute more than 60 percent of revenues in 2013.
• Experienced Record Transaction Volume: In 2012, ThreatMetrix experienced 500 percent year-over-year transaction volume growth.
• Achieved Record Recurring Revenue: The company’s recurring customer revenue in 2012 was 300 percent over what it was in 2011, a testament to the success ThreatMetrix customers are experiencing with its products.
• Released New Products and Features: Following the acquisition of TrustDefender, ThreatMetrix released the ThreatMetrix™ Cybercrime Defender Platform, which helps companies protect customer data and secure against fraud, malware, data breaches, MitB and Trojan attacks. The platform consists of advanced cybersecurity technologies, including TrustDefender™ ID, which is cloud-based, real-time device identification, malware protection with TrustDefender™ Cloud and TrustDefender™ Client, as well as TrustDefender™ Mobile for smartphone applications. In August, ThreatMetrix updated the platform to become the only solution on the market that provides virtual private network (VPN) and phishing detection with advanced device identification and malware protection to combat cybercriminals.
• Closed Series D Funding: ThreatMetrix secured $18 million in a Series D financing round led by August Capital. ThreatMetrix’s existing investors – Tenaya Capital, US Venture Partners and CM Capital – also participated in the investment.
• Hired Strategic Management: In 2012, Frank Teruel joined as vice president of finance and CFO and John Kirst joined as senior vice president of field operations. Andreas Baumhof, executive director, CEO and co-founder of TrustDefender, assumed the role of senior vice president of engineering and chief technology officer.
• Launched ThreatMetrix Labs: ThreatMetrix launched ThreatMetrix™ Labs in February, which generates in-depth reports on the latest capabilities of malware that targets financial institutions, merchants and online businesses.
• Granted Two New U.S. Patents: ThreatMetrix was granted two new patents by the United States Patent Office in 2012 to enhance cybercrime detection and prevention. For several years, patented technology and ongoing product enhancements have enabled ThreatMetrix to lead the industry with continuous innovation in cybercrime detection and prevention solutions.
• Hosted 2012 Fraud Fighters Summit: ThreatMetrix hosted its second annual Fraud Fighters Summit in October, uniting more than 200 industry leaders in the fight against cybercrime.
• Named to Wall Street Journal’s “Next Big Thing” List: In October, ThreatMetrix was named to the Wall Street Journal’s “Next Big Thing” list of the top 50 start-ups in the US. The third-annual ranking of venture-capital-backed U.S. companies was compiled from a list of more than 5,900 candidates.
“Cybercriminals have the financial services value chain in their crosshairs, and the threats to government and insurance institutions are rapidly mounting as well,” said Julie Conroy, research director, Aite Group. “Unique strains of malware topped 100 million in 2012, and the trajectory is growing at a frightening pace. It is incumbent upon financial institutions, merchants, and government entities to protect both themselves and their customers with a robust approach that includes multiple, complementary layers of security. As we’ve seen time and time again, it’s all too easy for fraudsters to circumvent any single point solution.”