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SecureWorks' First Post-Merger Quarter Yields Integration Progress and Record Results
ATLANTA, GA - FEBRUARY 1, 2007. SecureWorks, the leading pure-play Managed Security Services Provider (MSSP), has exceeded expectations for the fourth quarter of the fiscal year 2006 ending December 31, 2006 - the first full quarter after merging with LURHQ Corporation on September 15, 2006.
Phase 1 of a 5-phase integration plan was completed on target integrating the iSensor into the Sherlock Security Management Platform. This offers the opportunity for former LURHQ clients to take advantage of internal and edge deployments of the leading intrusion prevention technology where we can offer even more control over countermeasure deployment. Phases 2-5 will occur throughout 2007 culminating in a single Security Management Platform for all SecureWorks clients enabling integrated workflow at three synchronous SOCs in Atlanta, Chicago and Myrtle Beach.
On the financial front, SecureWorks surpassed expectations for the combined company for the fourth quarter of 2006 with 125 new security services clients signed, bookings of $12.3 million ($49.2 million annualized), EBITDA of $1.4 million ($5.6 million annualized), and net income of $500,000 ($2.0 million annualized). Company leadership had high expectations for quickly achieving additive growth based on the complementary focuses of SecureWorks and LURHQ but initial results have exceeded even forecasted performance.
“I am extremely pleased with the way we have been able to integrate our client-centric cultures, move quickly with integration opportunities, and preserve the sales and service momentum as our two organizations merged,’ said Mike Cote, CEO and President of SecureWorks. “As anyone knows who has been through a merger, one of the biggest risks is that employees become distracted or worried and service is degraded. In our case, employees have stayed incredibly focused, the teams are working well together, client service has remained stellar and technology integration is well underway.’
This success perpetuates the rapid growth that has placed SecureWorks on the Inc. 500 and Deloitte Fast 500 lists for 2005 and 2006 culminating in 20 consecutive quarters of revenue growth. SecureWorks now has 1,650 clients and 7,500 devices under contract with visibility to over a million endpoints. The Sherlock Integrated Security Management Platform is processing over 1.3 billion security events daily and will remain the client portal and cornerstone of our three synchronous Secure Operations Centers for former LURHQ clients. Sherlock will become the management platform for all of SecureWorks' clients by the end of 2007.
About SecureWorks
With over 1,650 clients, SecureWorks has become the largest managed security services provider safeguarding more financial institutions than any other vendor. SecureWorks provides the most effective security services by leveraging our integrated security management platform, advanced security research, and 100% GIAC certified experts. By providing a full breadth of security services, we can offer managed, co-managed, monitored or self-service security solutions to meet the needs of Fortune 100 companies with large security teams as well as smaller companies with no security expertise. In addition, SecureWorks has helped companies pass over 2,400 compliance audits by providing comprehensive and straight-forward board and examination reports. SecureWorks won SC Magazine's 2006 MSSP of the Year and Best Intrusion Prevention awards, Frost & Sullivan's 2006 Entrepreneurial Company of the Year award and was named to the Inc 500 and Deloitte & Touche lists of fastest-growing companies for the past two years.
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Media Contacts
Elizabeth Clarke
SecureWorks
404.486.4492
eclarke@secureworks.com