Lookout Builds Momentum With Continued Strong Results
Record growth fueled by new product innovation, acquisitions, strategic partnerships and increasing demand for a unified security platform to streamline data protection
SAN FRANCISCO, June 21, 2022 /PRNewswire/ -- Lookout, Inc., a leader in endpoint and cloud security solutions, today announced strong momentum after growing enterprise annual recurring revenue (ARR) by 56% year-over-year for FY 2022 ending January 31, 2022, while substantially increasing its customer count. The Company also secured debt financing for up to $150 million from funds and/or accounts managed by BlackRock to support its continued growth.
Demand for Lookout's new Security Service Edge (SSE) solution is contributing to its growth as organizations seek a platform approach to securing access to SaaS apps, private apps and the global web. By combining Cloud Access Security Broker (CASB), Zero Trust Network Access (ZTNA), and Secure Web Gateway (SWG) natively in a single platform, Lookout's unified model offers the best security and overall user experience. According to Gartner, by 2025, 80% of organizations seeking to procure SSE-related security services will purchase a consolidated SSE solution rather than stand-alone cloud access security broker, secure web gateway, and ZTNA offerings, up from 15% in 2021.1
"Our strong results demonstrate significant progress towards the strategic plan we outlined at the start of the year. We're demonstrating the ability to deliver organic growth while simultaneously expanding our portfolio through acquisition," said Jim Dolce, Lookout CEO. "At the same time, we're extending our market reach through strategic partnerships that provide access to new customer opportunities."
A Carefully Crafted Acquisition Strategy
Less than one year following Lookout's March 2021 acquisition of CipherCloud, Gartner released its 2022 Gartner® Magic Quadrant™ for Security Service Edge in which Lookout earned a place in the Visionary category. The related 2022 Gartner Critical Capabilities for SSE ranked Lookout as a top-three vendor across four predefined use cases.2
In May 2022, the Company closed the acquisition of Slovakia-based SaferPass, a provider of secure online identity solutions for businesses and consumers. The SaferPass technology will be integrated into the Lookout consumer and small business products to enhance existing features while driving engagement and retention. The Company plans to leverage millions of existing mobile endpoints and its strong carrier relationships to accelerate traction in the market.
Valuable Business Partnerships
In May 2022, Ivanti integrated Lookout CASB and SWG with its Neurons for Zero Trust Access (ZTA) to help customers achieve complete threat prevention and data security while following Zero Trust Access secuity principles. Neurons ZTA is an extension of Ivanti's VPN solution acquired from Pulse Secure in December 2020. Pulse Secure provides VPN terminations for more than 24,000 enterprises across nearly 25 million endpoints today.
In June 2022, VMware added Lookout's Mobile Threat Defense to its Workspace ONE digital workspace platform. VMware and its distribution partners will sell the resulting solution into new and existing Workspace ONE accounts. VMware has a sizable installed base of approximately 20 million Workspace ONE mobile endpoints.
Also, in June 2022, Juniper Networks added Lookout CASB with Data Loss Prevention (DLP) capabilities to its Juniper Secure Edge solution. When combined with Juniper's unique SD-WAN solution driven by Mist AI, Juniper is the first in the market to offer a full-stack SASE solution with visibility into both the edge and the data center.
Last year Lookout released its new Secure Web Gateway (SWG), the final component needed to complete its SSE platform trilogy. The Company remains committed to delivering a complete SSE platform that natively combines CASB, ZTNA and SWG with an emphasis on data protection to safeguard sensitive information. Since all traffic flows through a common intermediary "proxy" server, IT administrators can apply a cohesive package of advanced data security controls, including Data Loss Prevention (DLP), User and Entity Behavior Analytics (UEBA) and Endpoint Detection and Response (EDRM), with a common set of IT security policies.
The Company also continued to enhance its market-leading Mobile Threat Defense solution – Lookout Mobile Endpoint Security – with the release of two new innovative features: Mobile Endpoint Detection and Response (mEDR) and Protective DNS for iOS and Android platforms. Mobile EDR is used to detect and investigate threats on mobile endpoints through real-time continuous monitoring and endpoint data analytics. Protective DNS encrypts DNS queries and implements safeguards to prevent users from accessing domains associated with phishing, malware, botnets, and other high-risk categories before a connection to the endpoint can be established.
Lookout's demonstrated track record of continuous innovation creates value for customers while helping the company achieve sustainable competitive advantage.
2022 Industry Accolades To Date
"We're proud of the outcomes we've delivered through the first half of the year and confident that we're building the capabilities and culture to deliver on our long-term commitments. The momentum we're seeing is a testament to strong teams, customer focus, high-quality offerings, and strategic clarity. We'll remain focused on creating value for all stakeholders, including our customers, employees, and shareholders," concluded Dolce.
Lookout is a leader in endpoint and cloud security solutions. Our mission is to secure and empower our digital future in a privacy-focused world where mobility and cloud are essential to all we do for work and play. We enable consumers and employees to protect their data, and to securely stay connected without violating their privacy and trust. Lookout is trusted by millions of consumers, the largest enterprises and government agencies, and partners such as AT&T, Verizon, Vodafone, Microsoft, Google, and Apple. Headquartered in San Francisco, Lookout has offices in Amsterdam, Boston, London, Sydney, Tokyo, Toronto and Washington, D.C. To learn more, visit www.lookout.com and follow Lookout on its blog, LinkedIn, and Twitter.
GARTNER and Magic Quadrant are registered trademarks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
© 2022 Lookout, Inc. LOOKOUT®, the Lookout Shield Design®, LOOKOUT with Shield Design®, SCREAM®, and SIGNAL FLARE® are registered trademarks of Lookout, Inc. in the United States and other countries. EVERYTHING IS OK®, LOOKOUT MOBILE SECURITY®, POWERED BY LOOKOUT®, and PROTECTED BY LOOKOUT®, are registered trademarks of Lookout, Inc. in the United States; and POST PERIMETER SECURITY ALLIANCE™ is a trademark of Lookout, Inc. All other brand and product names are trademarks or registered trademarks of their respective holders.
1 Gartner, "Magic Quadrant for Security Service Edge," John Watts, Craig Lawson, Charlie Winckless, Aaron McQuad, February 15, 2022.
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