A screenshot of Alert Logic's log manager control panel
(WEB HOST INDUSTRY REVIEW) — Log management, intrusion detection and cloud security solutions provider Alert Logic (www.alertlogic.com) announced on Monday that it has closed a $12.6 million funding round and has released its Q1 2011 results.
The Series E funding round was led by existing investors Updata Partners, Covera Ventures, DFJ Mercury and Access Venture Partners, as well as several members of the Alert Logic’s management team.
“After doubling the size of our company in less than two years and building a customer base of over 1,200 customers representing $20 million in annual recurring revenue, it is clear our business model works,” Gray Hall, president and CEO at Alert Logic said in a statement. “Our customers and partners are telling us that our current SaaS delivery model and service provider channel gives us an ideal foundation on which to build more Security-as-a-Service solutions and drive these solutions through the rapidly growing hosting/cloud market.”
Alert Logic says it will use the additional capital to expand its business model through a strategic channel of service provider partners. The company also plans to broaden its product and service portfolio. Recently, Alert Logic established a partnership with Namtek Corp.
“Alert Logic sits at the nexus of two of the strongest trends in IT: the proliferation of security and compliance mandates such as PCI, and the migration of infrastructure to the cloud,” Carter Griffin, general partner at Updata Partners stated. “With their proven solutions and an incumbent position in some of the largest and fastest growing service providers in the world, Alert Logic has a head start and is poised to extend its leadership position in this space.”
Alert Logic says its GAAP revenue growth in Q1 was stronger than any previous quarter in its nine year history. The company say its total Annualized Recurring Revenue was $20 million.
About Nicole Henderson
Nicole Henderson writes full-time for the Web Host Industry Review where she covers daily news and features online, as well as in print. She has a bachelor of journalism from Ryerson University in Toronto, and has been writing for the WHIR since September 2010. You can find her on Twitter @NicoleHenderson.
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