EiQ Networks Closes 2016 With 138% Year-over-year Growth Driven by Continued Adoption of SOCVue Security as a Service

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Cybersecurity Services Leader Adds 35 New Partners to Channel Program While Increasing Customer Base by 141%

EiQ Networks

“In 2016, our team processed more than 10 billion security events per day and investigated thousands of alerts and suspicious incidents – saving hundreds of hours per customer per month," said EiQ's Founder, CEO, and Chairman, Vijay Basani.

EiQ Networks, a pioneer in hybrid security as a service, today announced it finished 2016 with record numbers. Organizations across a variety of vertical markets are using SOCVue® Security Monitoring and SOCVue Vulnerability Management services to identify and analyze threats, mitigate risk, and meet compliance mandates. EiQ’s SOCVue customer base grew by 141% while more than 50% of customers subscribed to multiple services in 2016. The company’s annual recurring revenue increased by 138% (year-over-year), with EiQ’s partners -- located in the U.S. and throughout the world -- contributing 15% of the total.

Additional highlights from 2016 include:

  • Appointed Chief People Officer Bob Quinn and continued investment in the company culture, talent acquisition, and talent management
  • Grew overall employee count by 24%
  • Added 35 new channel partners, including ACCi, BFG Cyber Security Solutions, Netswitch, Altech, Innovatec, Softlogic, and Novigotek, all announced in Q4 of 2016
  • Released eight new updates to the Amazon AWS-based SOCVue Security Operations and Analytics Platform (SOAP)
  • Launched SecureVue® Cloud on Amazon AWS, a fully managed cloud-native SIEM and Log Management solution built on the latest big data technologies, which delivers a faster, affordable, and highly scalable solution that eliminates the need to purchase and maintain hardware or employ dedicated SIEM/Log Management administrators
  • Announced a new partnership with HEAT Software to deliver comprehensive cloud-based Patch Management as a service
  • Achieved SSAE16 SOC2 Compliance, which verifies that EiQ has well-established security controls and security best practices to manage customer data

EiQ remains committed to making continuous enhancements to its innovative Security Operations and Analytics Platform (SOCVue), industry best customer experience and success, offering affordable pricing, expanding its team, and making strategic investments. EiQ helps small to medium-sized enterprises (5,000 employees or less) with proactive threat detection, policy violations, vulnerabilities, and timely remediation guidance to mitigate cyber attacks while protecting valuable intellectual property, customer data, PII, PHI, and trade secrets.

“In 2016, our team processed more than 10 billion security events per day and investigated thousands of alerts and suspicious incidents – saving hundreds of hours per customer per month and continually improving their cybersecurity and compliance posture, while providing remediation guidance to mitigate cyber risk,” said EiQ’s Founder, CEO, and Chairman, Vijay Basani. “As more and more companies realize that it takes constant vigilance and knowledge of the cybersecurity landscape, which requires staying up to date on current threats, they understand that they need a trusted partner, like EiQ, to proactively monitor, analyze, and mitigate threats and vulnerabilities 24/7 on their behalf.”

EiQ’s SOCVue is the only subscription hybrid security as a service that combines people, process, and technology to deliver a cost-effective information security program, including:

  • Proactive and Continuous Critical Security Controls Auditing
  • Fully Managed and Co-managed SIEM & Log Management
  • Automated Patch Management
  • Continuous Vulnerability Management
  • 24x7x365 Security Monitoring by Trained EiQ SOC Security Analysts
  • Incident Analysis, Notification, and Remediation Guidance
  • Compliance Reporting

About EiQ Networks
EiQ, a pioneer in hybrid security as a service, is transforming how mid-market organizations build enterprise-class security programs. Acting as an extension of our customers’ IT teams, EiQ provides continuous security operations based on best-of-breed technology at a fraction of the cost of alternative solutions. EiQ is a trusted advisor to organizations that need to improve their IT security and compliance posture and protect against cyber threats and vulnerabilities. For more information, visit: https://www.eiqnetworks.com.

Legal Disclaimer
© 2017 EiQ Networks, Inc. All Rights Reserved. EiQ, EiQ Networks, the EiQ logo, the SOCVue logo, SecureVue, ThreatVue, SOCVue, ComplianceVue, ForensicVue, and Continuous Security Intelligence are trademarks or registered trademarks of EiQ Networks, Inc. in the US and/or other countries. All other product names and/or slogans mentioned herein may be trademarks or registered trademarks of their respective companies. All information presented here is subject to change and intended for general information.

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Lori Scribner
Scribner Communications
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