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eIQnetworks Grows 60%+ In the Past Year

July 1, 2009

On Monday, eIQ announced our fiscal year 2009 results, which ended on April 30. You can check out the release to see the details. No, we didn’t talk about specific sales numbers (private companies don’t do that), but we are happy to announce 60%+ growth – in the worst economic situation of our time.

Significant company growth is not the result of any one employee or department. It’s the result of the many who have contributed to grow eIQnetworks’ business. Over the past year, eIQ has made significant investments in people and our products. We raised money from Venrock, a top tier security investor to allow us to continue investing in the business and allow us to play with the big boys in the space. We believe security and compliance management is a universal requirement and we have laid the foundation to ensure we can meet the need.

Over the past year, we’ve moved to an enterprise-centric strategy. The rest of the market is chasing the SMB segment. Why is this happening? Basically because it’s hard to really solve the problems of large enterprises. They have very large and very complicated environments and that requires a different kind of security and compliance management platform. So as opposed to building enterprise-class solutions, the other guys are turning tail and looking for simpler environments where they can be successful.

Our mantra is gaining traction because it’s clear that there are too many ways to “fool” a product that only looks at logs. And best of all, we think we are only scratching the surface on helping customers improve their security operations and automate their compliance responsibilities. There is much work to be done, so with that I’ll get back to it.

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