VANCOUVER, British Columbia, June 22, 2017 (GLOBE NEWSWIRE) -- Premier Managed Services Provider (MSP), VirtualArmour International Inc. (the “Company”) (CSE:VAI) (3V3.F), is pleased to provide a corporate update on the Company's progress in the first six months of 2017.
Corporate Strategy and Growth:
During Q1, 2017 VirtualArmour increased revenue growth by 88% over the same period the previous year and continued to experience strong performance through Q2 with the on-boarding of several new clients on average three year terms as well as through the expansion of services to a portion of existing clientele. The increase in demand for Managed and Professional Services is indicative of a trend towards outsourcing to third-party experts versus recruiting specialist talent and building out in-house network security teams.
VirtualArmour saw 100% client protection against the May ‘WannaCry’ ransomware attack that infected over 400,000 computers across 150 countries, and provided in depth analysis of the attack for leading tech media company, IDG.
During Q2, VirtualArmour was recognized on the Cybersecurity 500 as one of the hottest cybersecurity companies to watch in 2017.
Juniper Networks recognized the Company as ‘Partner of the Year’ in the Innovation category for its development of solutions which expertly integrate Juniper technologies.
Most recently, the company was ranked number seven in Branham’s Top 25 Movers and Shakers list for 2017. The annual Branham300 report ranks private and public companies in Canada.
Client Acquisition:
VirtualArmour has had a strong start to 2017, adding over 10 new clients across multiple industry sectors including healthcare, technology, medical research and non-profit. The majority of new contracts were multi-year and included the securing of Managed and Professional Services as well as hardware and software.
VirtualArmour saw 100% customer retention during Q1 and Q2, 2017.
Operational and People Changes:
During Q1 and Q2, 2017, the company continued to scale its operational capabilities through the addition of new engineering and technical staff in both its US and UK operations. This expanded depth in specialist talent aligns with the current growth trajectory and ensures service levels continue to be above market standards.
On the management side, the Company added a VP of Customer Experience with responsibilities to expand services with current clients and develop new programs to maintain VirtualArmour’s market differentiation.
Industry Overview:
According to Cybersecurity Ventures most recent quarterly report, global cybersecurity spending is predicted to exceed $1 trillion cumulatively over the next five years, from 2017 to 2021. In 2004, the global cybersecurity market was worth $3.5 billion. In 2017 spending will reach $120 billion.
Opportunities for specialist service providers in the cybersecurity sector have grown in line with the increased volume of cyber-attacks being encountered by businesses, non-profits, and government institutions and covered by global media. This shift has not only led to increasing enterprise budgets being allocated to cyber protection but also increased interest in investment opportunities in what is a high growth sector.
Cybersecurity Ventures Research Report - http://cybersecurityventures.com/cybersecurity-market-report/
About VirtualArmour
VirtualArmour is an international cybersecurity and Managed Services provider that delivers proprietary solutions to help businesses build, monitor, maintain and secure their networks.
The Company maintains 24/7 client monitoring and service management with specialist teams located in its US and UK-based security operation centers (“SOC”). Through partnerships with best-in-class technology providers, VirtualArmour delivers only leading hardware and software solutions for customers that are both sophisticated and scalable, and backed by industry-leading customer service and experience. VirtualArmour’s proprietary CloudCastr client portal and prevention platform provides clients with unparalleled access to real-time reporting on threat levels, breach prevention and overall network security.
VirtualArmour services a wide range of clients - which include those listed on the Fortune 500 - within several industry sectors, in over 30 countries, across five continents. Further information about the Company is available under its profile on the SEDAR website, www.sedar.com, on the CSE website, www.thecse.com, and on its website www.virtualarmour.com
Forward-Looking Information:
This press release may include forward-looking information within the meaning of Canadian securities legislation. The forward-looking information is based on certain key expectations and assumptions made by the management of VirtualArmour. Although VirtualArmour believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information as VirtualArmour cannot provide any assurance that it will prove to be correct. These forward-looking statements are made as of the date of this press release and VirtualArmour disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.