New Fortune 500 customers, strategic partnerships and expansion in new global markets and industries propel company as supply chain attacks intensify
Portland, OR – March 9, 2022 – Eclypsium®, the enterprise firmware security company, today announced another record-breaking quarter, with rapid growth across annual recurring revenue (ARR), customer acquisition and workforce expansion. During the fiscal year ended January 31 2022, Eclypsium grew new ARR by 620%, doubled its customer base and unveiled major enhancements to its cloud-based firmware security solution. The company also delivered high value research, uncovering three major vulnerabilities in the last quarter of 2021.
Leading the Research and Driving Action
27 out of 44 vulnerabilities actively exploited by ransomware are in the firmware embedded by OEMs and manufacturers within network devices. Cybersecurity and Infrastructure Security Agency (CISA) revealed a marked increase in firmware attacks, from 4 of the 12 most exploited vulnerabilities in 2020 being in firmware (33%) to 11 of 16 (69%) being in firmware in 2021. In the 2H of 2021, Eclypsium helped identify three critical classes of vulnerabilities in firmware and devices, including the bug that affected 128 Dell PC and tablet models, the flaws in Microsoft Windows that can allow an attacker to run malicious code during a device boot up, followed by the discovery of 300,000 MikroTik routers that were using firmware known to contain vulnerabilities. With this extensive, evidenced-based knowledge, Eclypsium is continuing to invest and lead threat discovery, and provide the solutions to better protect Fortune 500, global enterprises, and federal agencies from these threats.
“Ransomware gangs have rapidly adopted offensive firmware capabilities as one of their top weapons of choice, causing a significant new burden on global economies and national security. What was once considered, out of sight, out of mind, a nation-state concern – has now become one of the most routine forms of cyberattack,” said Yuriy Bulygin, CEO and Co-Founder of Eclypsium. “For years firmware was considered an unprotected attack surface and the supply chain, seen as a window left ajar. Our strong momentum shows a shift in mindset and underscores the urgency and action that organizations are taking to protect the most critical layers of their most critical devices.”
Customer Growth and Partnerships in Vital Markets
In light of the growing firmware attacks, Eclypsium continues to see explosive growth in firmware security. In the last six months of 2021, Eclypsium doubled its customer base compared to the same period in 2020, with 40% of new customers coming from the Fortune 500. The company currently works with global enterprises across multiple verticals that include several of the world’s largest financial services firms, technology and infrastructure providers, equipment manufacturers, and oil and gas providers.
Additionally, Eclypsium further expanded its presence in Asia Pacific, securing enterprise customers in Singapore and partnering with M.Tech, a prominent cybersecurity and network performance solutions provider. M.Tech is leading the distribution of Eclypsium across 16 countries in Asia Pacific, and is providing regional support to system integrators and resellers for Eclypsium products and services.
The company announced a strategic distribution agreement with Macnica. Macnica is a prominent advocate and accelerator of cybersecurity growth in Japan, serving as the country’s largest global technology solutions provider. Under this agreement, Macnica will leverage its technical capabilities, sales channels and proven track record to expand Eclypsium’s go-to-market reach in Asia Pacific. Specifically, Macnica will distribute Eclypsium’s Firmware Security Platform to its customers in the electronics and IT sectors.
New Platform Enhancements for Increased Fortification
In November 2021, the company released Eclypsium for Network Devices, a cloud-based firmware solution that allows organizations full visibility and control over their network device fleets, networking infrastructure, and device supply chains without installing agents on the devices themselves. Eclypsium’s Network Devices offering identifies critical network devices and their firmware and detects any compromise of integrity, unexpected implants, or backdoors. It also verifies embedded firmware to quickly discover any vulnerabilities and configuration problems and fortifies the devices through patching, configuration hardening, and system updates.
This new set of capabilities helped to drive a twenty-fold increase in the number of customer devices secured by Eclypsium in 2021, to more than 1.3 million devices.
Organizational Leadership and Workforce Expansion
Eclypsium appointed Jarrod Bogue as its first Chief Revenue Officer (CRO) to oversee the company’s revenue operations. Jarrod brings 20 years of experience spanning his time at Trend Micro, Tipping Point, ArcSight, Siemens, and Hewlett Packard Enterprises. Eclypsium also welcomed security veterans Arif Kareem to its Board of Directors and Brent Remai as an Advisor. Arif is currently the CEO of ExtraHop, a leading provider of cloud-native network detection and response, and Brent recently served as CMO at Tricentis, AWS Core Services, Bromium, FireEye and VP WW Marketing at McAfee.
Despite the pandemic and evolving workforce model, Eclypsium grew across all business functions and is on track to double its workforce in 2022 to support its rapid customer and partner growth.
Eclypsium is the enterprise firmware security company. Our comprehensive, cloud-based platform identifies, verifies, and fortifies firmware wherever it exists in your infrastructure and networks: in laptops, servers, network gear, and connected devices. The Eclypsium platform secures against persistent and stealthy firmware threats, provides continuous device integrity, delivers firmware patching at scale, and prevents supply chain implants. Protecting Fortune 500 businesses, global enterprises, and federal agencies, Eclypsium was named a Gartner Cool Vendor in Security Operations and Threat Intelligence, a TAG Cyber Distinguished Vendor, one of the World’s 10 Most Innovative Security Companies by Fast Company, a CNBC Upstart 100, a CB Insights Cyber Defender, and an RSACInnovation Sandbox finalist. For more information, visit eclypsium.com.