NEW YORK, Aug. 30, 2022 (GLOBE NEWSWIRE) -- Coro, the end-to-end cyber security platform for mid-market organizations and lean IT teams, announced continued momentum with climbing revenues in 2022, driven by its steady growth across key industry verticals, the introduction of a free lifetime detection service for cyber threats, and outstanding growth of its channel partner program. The company’s continued innovation has also received wide industry accolades. In April, Crunchbase recognized Coro as the only company in the cyber security sector on its emerging unicorn board and in July, CRN featured the company as one of the 10 hottest cyber security companies in 2022, and VentureBeat listed Coro as one of the top 10 AI solutions in 2022. Coro also received six awards from prestigious tech reviewer and portal G2.
Continued Growth
As one of the fastest growing cyber security companies today, Coro has seen significant momentum with 300% year-over-year growth for each of the past three years and into the first half of 2022. Despite turbulent times across all sectors of the economy, Coro is bucking the trend and is on the way to exceeding 2022 revenue objectives, having grown by 125% quarter over quarter in 2022. This growth is driven by steady expansion into existing verticals, including financial services, technology, healthcare, and forays into new verticals including K-12 education, trucking, transportation and logistics, and manufacturing. Coro’s performance is also bolstered by a sustained uptick in its channel partner program offerings and strong team traction in the Chicago region.
Earlier this year, Coro announced $80M in funding, led by Balderton Capital with participation from existing investor Jerusalem Venture Partners (“JVP”), and a rapid expansion in the Chicago market with a new, expanded office space and hiring and reskilling local workers via its innovative training Incubiz program.
“In a time when many cyber security companies are struggling and reducing staff, Coro continues to grow,” said Guy Moskowitz, CEO of Coro. “Our strategy of focusing on mid-market and SMBs and offering an affordable, all-in-one cyber security solution is a winning combination. We are beyond proud of our 96% customer retention rate. As we continue to hire and grow, we are empowering channel partners to diversify — the previously untapped, unprotected mid-market is the new frontier for growth for managed services providers and master agents across the country.”
The typical mid-market company can expect to face between 56,000 and 86,000 cyber-attacks this year. Not only has the number of attacks grown from 2021, but the sophistication of attacks is also growing. Coro developed its powerful cyber security platform to address the noticeable cyber security gaps in the mid-market and SMB segments. It is the first SaaS cyber security solution designed specifically to protect all aspects of a mid-sized business — including users, devices, email, and cloud applications — in one easy-to-use, affordable platform.
In addition, Coro now offers free lifetime detection for major cyber security threats to any mid-market business. Despite cyber security attacks being up 600% since the start of the pandemic, nearly 40% of companies are not fully utilizing cyber threat detection tools due to lack of skilled professionals. Coro aims to fill this gap by bringing new levels of transparency to mid-market and SMB customers with its simple and free threat detection service. This new free lifetime threat detection service enables growing businesses to get a holistic view of their company’s risk profile to make more informed decisions about their cyber security protection investments.
Coro’s Growing Partner Program
Since the launch of its channel partner program in late 2021, Coro has made big strides in attracting and signing up new partners, which include managed service providers (MSP) and master agents. MSPs, which traditionally have shied away from offering cyber security solutions to non-enterprise customers due to the need for extensive training and investment, have been confidently promoting Coro’s simple and powerful platform approach. As part of the Coro Partner Program, partners secure 20% lifetime residual income and can sell Coro’s solution as either a branded or white-label offering.
In the first half of 2022 alone, Coro signed more than 20 new partners, including master agents like AppSmart, Avant, Jenne, Sandler Partners, TCG, Telarus, and new MSPs such as Davis & Hanley Network Solutions, FlexWorx, Net-Tech, and Tutient.
“The importance of data as an asset makes cyber security a high-level priority for every technology conversation and engagement, which is why partnering with Coro is significant,” said Ryan Yakos, senior vice president for the Midwest Region at Sandler Partners, the fastest-growing distributor of technology, connectivity, and cloud services in the country. “Coro’s mission is to protect the unprotected. They’ve created a unique, comprehensive cyber security tool that is easy to use and affordable for everyone, giving our partner agents the ability to provide a full-service solution to a market they weren’t selling to prior.”
Industry Accolades
Coro has been the recipient of several esteemed awards in 2022, including two Global InfoSec Awards for Cutting Edge Cybersecurity-as-a-Service (CaaS) and Market Leader SMB Cybersecurity; a 2022-2023 Great Place to Work Certification; one of VentureBeat’s top 10 AI solutions in 2022; and six G2 Badges (which are based on customer reviews). Most recently, the company was recognized as a Fortune 100 Best Medium Workplace.
“The fact that not only are industry experts recognizing Coro’s solutions as best-in-class, but our own users are lauding the technology really humbles us,” added Moskowitz. “We’ve always kept the customer first in mind as we’ve grown and are pleased that they are seeing the value and ROI in our all-in-one solution.”
To learn more about Coro’s end-to-end cyber security solution, its continued growth, or its Partner Program, visit https://www.coro.net/.
About Coro
Coro is one of the fastest growing security solutions for the mid-market, providing all-in-one protection that empowers organizations to defend against malware, ransomware, phishing, and bots across devices, users, and cloud applications. More than 5,000 businesses depend on Coro for holistic security protection, unrivaled ease of use, and unmatched affordability. Built on the principle of non-disruptive security, the Coro platform employs innovative AI technology to identify and remediate the many security threats that today's distributed businesses face, without IT teams having to worry, investigate, or fix issues themselves. Investors in Coro include Balderton Capital, JVP, MizMaa Ventures, and Ashton Kutcher’s Sound Ventures.
For more information, please visit Coro at coro.net, or via LinkedIn, Twitter, or Facebook.
Media contact:
Andrea Schnorr
Scratch Marketing + Media for Coro
coronetpr@scratchmm.com
