Continued growth underscores AlgoSec’s commitment to innovation and leadership in application-centric security to drive business value
London: AlgoSec has announced a double-digit year-on-year annual recurring revenue growth and a gross dollar retention of over 90%. The company has consistently generated positive cash flow and remained debt-free since it was founded in 2004.
The company also saw an increase in multiple industry verticals, including Finance, Government, Telecommunications, Healthcare, Retail, Utilities and Transportation. These accomplishments are a testament to AlgoSec’s strong market position, customer satisfaction and application-centric approach to cybersecurity across the hybrid environment.
To effectively execute and meet the needs of the world’s largest organisations, AlgoSec has the highest number of employees and 70% more research and development engineers than any competitor.
According to Gartner, the fast-evolving threat environment is changing the cybersecurity industry, as a result of increases in generative AI, cloud adoption and regulations. As the cybersecurity industry continues to evolve and the needs of businesses change, AlgoSec remains committed to investing heavily in product innovation and development.
Stemming directly from these market shifts, AlgoSec recently launched the AlgoSec Horizon Platform, the industry's first application-centric security management platform for the hybrid network environment. The AlgoSec Horizon platform serves as a single source for visibility into security and compliance issues across the hybrid network environment to automatically discover and identify their business applications across multi-clouds and remediate risks more effectively.
“As a company led by its founders and focused on its customers, AlgoSec’s consistent growth showcases our ability to empower the most complex organisations to securely accelerate their application delivery,” said Chris Thomas, Chief Revenue Officer at AlgoSec. “Heading into our 21st year of business, we look forward to pushing these efforts even further to help organisations future-proof their network security through our unique application-centric approach.”
Additional 2024 AlgoSec milestones and company accomplishments include:
- Winning two Cisco Partnership Awards, recognising the value for securing application connectivity across hybrid networks
- Being recognised with Established Vendor Designation in 2024 Gartner® Peer Insights™ Voice of the Customer for Network Automation Platforms
- Listing as a 2024 SC Awards Finalist: Best Enterprise Security Solution for AlgoSec’s application-centric platform
- Launching the company’s AI-powered security platform to securely manage application-centric connectivity and remediate risk in real time
- Ranking as the #1 network security management solution in the market by real users on Gartner Peer Insights, G2 and Peerspot
