Securonix Wins In $4B Market As Splunk Stock Hits New Highs
Securonix Winning New SIEM Customers
Securonix is growing much faster than Splunk — albeit from a smaller base. Its platform offers customers a cloud-native SIEM service that enables organizations to defend their businesses from cyber threats. Securonix’s platform meets this need through “detection and response, attack contextualization, log management and around the clock monitoring,” according to its CEO Sachin Nayyar.
The company said it is growing at triple-digit rates. “Between 2018 and 2020, we grew at over 500% and in 2020 we expect to grow at 150% to between $65 million and $75 million in annual recurring revenues. Unlike Splunk, we offer predictable pricing based on the number of users. We are replacing ArcSight, IBM, and Splunk due to our better pricing, and our analytics-driven, purpose-built application in eight of 10 proofs of concept [in which we compete,]” Nayyar told me in a May 14 interview.
Booz Allen and Verizon VZ recently partnered with Securonix.
Booz Allen is using Securonix as part of a cloud-based SIEM service that it’s offering, according to a May 14 press release. Compared to “traditional SIEM providers,” Booz Allen concluded that Securonix would enable it to offer customers more cost-effective protection against threats with a lower rate of false positive threat alerts, less time-consuming deployments, and lower maintenance costs.
Verizon selected Securonix to provide SIEM services as part of its managed security service. As Felipe Boucas, Director of Verizon Enterprise Solutions, told me in a May 22 interview, “We did an extensive evaluation of all the SIEM players. We picked Securonix because it is a cloud-based software as a service, its analyzes data and quickly generates insights, and its pricing is flexible — offering monthly prices or per-user prices rather than on the basis of data usage — the incumbent’s pricing approach.”
Securonix has the potential to improve the execution of its vision. With 4.6 out 5 stars from 19 customers, Gartner posted a March 2020 customer review which noted, “Securonix has promise, however the product is buggy and critical features that worked one day will suddenly stop working without explanation. Many of the data sources listed, while extensive, do not work ‘out of the box’ and require in most cases customizations from the ‘content’ team.”
Securonix says it has since solved this customer’s problem. As Nayyar said in a May 27 email, “The customer who gave this review is a new mid-market customer, who we since helped to connect to its environment within two weeks. We’ve spoken to the customer — they are now comfortable with how Securonix is working for them.”