While 2020 presented many macro challenges, it was a momentous year of growth, change, and opportunity for PKWARE—including acquisitions, expanding our customer base, supporting groundbreaking Microsoft encryption technology, and much more. In short, as more people lived, worked, studied, and entertained themselves remotely, securing data wherever it resides became a business imperative.
From a business perspective, PKWARE increased annual recurring revenue by over 66% over the previous year, driven by the addition of 170 new customers across a range of industries. And as customers increasingly shift from annual contracts to hybrid or subscription models, PKWARE was prepared with our product and business model to more than double (125%) our subscription revenue over the previous year—a trend we expect to continue going forward.
Some of our new customers include: regional and multinational financial services and payment cards corporations, pharmaceutical and health information technology providers, a leading utility company, insurance providers, and a federal executive department. Additionally, several of PKWARE’s existing customers expanded their partnership with us to enhance their data security strategy and meet compliance goals.
PKWARE had several notable milestones in 2020, including:
- Thompson Street Capital Partners: PKWARE was acquired by Thompson Street Capital Partners, a private equity firm based in St. Louis, which is allowing us to expand and grow our data protection platform and continue providing mission-critical data security solutions. With this acquisition, Spencer Kupferman was appointed as PKWARE’s new CEO.
- Dataguise Acquisition: We acquired Dataguise, which expands our footprint in the data discovery and masking space as we now serve more than 1,000 customers across the globe. It also expanded our global footprint to include Dataguise’s offices in the US, India, Europe, and Canada.
- Microsoft DKE: Customers now have access to Microsoft’s new Double Key Encryption (DKE) capability under the Azure Shared Responsibility Model within PKWARE’s data security solutions. With this capability, customers have even more control over the security of their data and sensitive information. DKE allows PKWARE to manage one of two needed keys for customers to decrypt sensitive files, while Microsoft holds the other.
A key driver of our continued momentum is our talented and committed team, which grew 186% over the past year. As PKWARE continues to grow and expand, we are also hiring for several positions in product development, sales, and other areas of the company. Consider joining our growing and successful team! View open positions here.
We have even more exciting things planned for 2021. As the world adjusts to the post-pandemic new normal of increasingly remote workers and distributed data and systems, PKWARE will continue its growth with data security automation, compliance solutions, and more.
Looking for ways to better secure your organization’s sensitive and personal data this year? Contact us for more information on how we can help.