NEW YORK, May 24, 2023 (GLOBE NEWSWIRE) -- Today, HYPR, The Passwordless Company™ announced record growth in Q1 annual recurring revenue (ARR), user deployments and pipeline acceleration. Experiencing its highest performing Q1 this year, HYPR surpassed previous ARR achievements in the company’s decade-long history. As of Q1 2023, HYPR also tripled the number of users actively deployed year over year, expanded its partner ecosystem and extended its product leadership.
Recent findings from the State of Passwordless Security Report 2023 reveal that three out of the four top attack vectors are connected to authentication and that MFA flood or push attacks have more than doubled in the last year. This dynamically escalating threat environment, combined with recent guidance by CISA and other regulatory bodies calling for urgent adoption of phishing-resistant passwordless authentication methods, is fueling demand for HYPR as the recognized passwordless leader and longtime champion of FIDO standards.
“As one of the original passkey providers, we have been on a decade-long mission to eliminate passwords,” said Bojan Simic, co-founder, CEO and CTO of HYPR. “We are excited to mark our highest performing Q1 in company history. This is not only an indicator of our success but, more importantly, a reflection of our customers’ successes. We are proud to serve a growing customer community, including some of the most prominent global brands and 2 of the top 4 US-based global banks, and deeply value their trust and advocacy.”
Customer and Partner Ecosystem Growth
HYPR has experienced sizable customer growth fueled by its expanded partner ecosystem and the $25 million Series C1 investment led by Advent International, one of the largest global private and growth equity firms. Building upon last year’s growth of 145% net retention and Q1 performance, HYPR is well on its way to maintaining its industry leading customer net revenue retention. This growth is due to expanded customer investments and positions HYPR to be the de facto passwordless provider for financial services organizations. Furthermore, customer deployment success has accelerated, at scale, with enterprise organizations being able to activate more than 400K users in one month.
Leadership Appointments and Industry Recognition
HYPR is proud to announce that Anthony Belfiore has joined their Board of Directors. Anthony brings more than 25 years of experience as a dynamic security and technology business leader most recently serving as the Chief Security Officer at Wiz. Previously, Anthony was the CSO at Aon, the CISO at JPMorgan Chase and held numerous executive positions at major global Financial Services organizations responsible for their IT risk and security services.
“I am delighted to join HYPR’s Board and support them on their mission to radically modernize, simplify, and strengthen authentication security to stay ahead of today’s rapidly evolving threat landscape. As a CISO myself, I understand how critical it is to eliminate complexity and reduce security risk at the same time. HYPR is leading the passwordless revolution and I am excited to play a role in their continued success.”
Additionally, HYPR named Matt Hartley as CRO. Matt has more than 20 years experience building go-to-market strategies and high performance sales teams at both established and startup organizations. Matt's proven leadership capabilities are poised to help HYPR realize the next stage of growth.
“HYPR’s approach to authentication stands apart in the marketplace and demonstrates how we support the most strategic cyber resilience and user experience goals in the organization. We’ve demonstrated the ability to rapidly scale in some of the most complex and frequently-attacked environments,” said Matt Hartley. “I am honored to join the HYPR leadership team and to help create next-level growth for the company and exceptional business value for customers.”
Evidence of its commitment to excellence, HYPR has earned prestigious, third-party validations, certifications, and industry recognition. Having completed Trusight’s comprehensive risk management assessment, HYPR has been validated as meeting rigorous requirements for financial institutions. HYPR also successfully completed third-party testing of ADA compliance and is GAAP audit compliant as well. Additionally, HYPR is FIDO Certified and is audited for SOC2 Type 2, ISO 27001, ISO 27017 and ISO 27018 certifications. Furthermore, HYPR was named the best passwordless solution as the Cybersecurity Excellence Awards gold winner.
Drumbeat of Product Innovation
Building upon the March 2023 Enterprise Passkeys announcement, HYPR is now fully operational with both synced and device-bound passkeys, as the gold standard endorsed by FIDO and leading platform vendors, with large scale customer deployments rapidly underway. Customers of HYPR are now deploying a recently released capability named, HYPRspeed™, that significantly reduces the number of authentication actions while delivering the highest levels of security assurances. Additionally, predictable monthly product releases deliver updates that help customers adhere to the latest regulatory guidance and security framework best practices.
About HYPR
HYPR fixes the way the world logs in. HYPR’s True Passwordless™ MFA platform decouples authentication from the organization’s identity providers and eliminates the traditional trade-off between security and user experience by providing uncompromising assurance and an intuitive, simple experience. By eliminating the password with deployments taking hours rather than weeks or months, organizations decrease the risk of a cyber attack, improve the user experience, and lower operational costs.
Welcome to The Passwordless Company®. Additional information is available at https://www.hypr.com.
Media:
Carol Dullmeyer
carol.dullmeyer@hypr.com
206.979.5001
