Arxan Reports Strong Global and Financial Growth for First Half of 2019
Application Protection Leader Reports 28% Growth in New Bookings
San Francisco, CA – July 31, 2019 – Arxan Technologies, the trusted provider of application protection solutions, announced today continued positive growth and company performance results for the first half of 2019, experiencing 28% year over year growth in new bookings, 76% upsell growth with existing customers, and a healthy net customer retention rate of 107%. The company now has more than 250 global enterprise customers in over 30 countries and protects more than one billion application endpoints worldwide.
The company’s extensive growth and success is a result of the high demand for comprehensive application protection and the introduction of innovative solutions such as Arxan for Hybrid, Arxan Rapid Mobile and Web App Protection and Arxan Threat Analytics.
“Enterprises have now realized that applications are their most vulnerable endpoint, as bad actors are attacking them to steal IP, customer data, and as a way to gain access to back-end systems and enterprise APIs,” says Joe Sander, CEO, Arxan. “Our success in the first half of 2019 is a direct result of increasing recognition of the significance of this issue in the industry and the trust we’ve built in protecting our customers who want to ensure that no applications are deployed without Arxan protection in place. Our reputation as an innovative leader in the application security market also allows us to continue to add new customers via customer referrals and recommendations.”
Additional first half 2019 highlights include:
- Recognized for the third time as a Representative Vendor in the Gartner Market Guide for In-App Protection report, formerly the Market Guide for Application Shielding report
- Release of Aite Group’s report, In Plain Sight: The Vulnerability Epidemic in Financial Services Mobile Apps
- Expanded deeper into core markets, including notable customer additions in financial services, medical device / healthcare, digital media and gaming
Alissa Knight, Senior Analyst for the Aite Group has done extensive vulnerability research into application and API vulnerabilities, recognizing it as a new emerging attack surface as the number of API breaches continues to rise. “During my research I discovered 97% of mobile financial apps reviewed were exposed and vulnerable to attacks and contained hard-coded API keys, tokens, and credentials. APIs and the failure of organizations to secure them properly continues to create a proliferating threat,” says Knight. “This is an increasing issue as organizations use the wrong technologies to secure their APIs and push mobile apps out to marketplaces without in-app protection and code obfuscation that must be addressed. The alarming rate at which customer PII and payment card data is being stolen have caused governments around the world to respond since corporations aren’t doing it, creating new regulations and laws like the European General Data Protection Regulation (GDPR) or the new California Consumer Privacy Act (CCPA) that contain the teeth needed to impose stiff fines and penalties against organizations who fail to do so.”
Arxan boasts a sustained 60 percent Net Promoter Score (NPS), which is well beyond the 41 percent industry average, and indicates a high customer satisfaction rate with the company’s products and services. The company anticipates ongoing growth for the second half of 2019 with the addition of new clients, as it continues to push innovation and lead the app security market.