Company named to elite Fortune Cyber 60 list; expands executive bench;
delivers nearly 250% year-over-year ARR growth
PALO ALTO, Calif., Jan. 10, 2024 (GLOBE NEWSWIRE) -- Legit Security, the leading application security posture management (ASPM) platform that enables secure application delivery, today announced that 2023 delivered the most successful year in the company’s history, including most recently being named to the Fortune Cyber 60 list of the most important venture-backed startups.
Legit’s platform enables security leaders, including CISOs, product security leaders and security architects, to gain comprehensive visibility into risks across the development pipeline from the infrastructure to the application layer. With a crystal-clear view of the development lifecycle, customers ensure that the code deployed is traceable, secure, and compliant.
Key milestones Legit achieved in 2023 include:
- Achieved nearly 250% ARR (annual recurring revenue) growth in 2023 and secured a net retention rate of 190% while doubling the company’s customer base.
- Continuing to grow the company’s team in both Israel and the United States, including expanding its Tel Aviv office and opening a new office in Boston.
- Being named to the Fortune Cyber 60 list of the most important venture-backed startups. For the inaugural list, Lightspeed Venture Partners partnered with Fortune to identify the top companies that offer enterprise-grade cybersecurity solutions. Legit was included in the “growth stage” category for its notable growth in 2023.
- Expanding the company’s executive bench with the addition of Aaron Cote as chief revenue officer (CRO), Dave Howell as chief marketing officer (CMO), and Erez Rosenfeld as vice president of finance. All report to Roni Fuchs, Legit’s chief executive officer (CEO) and co-founder.
- Announcing a $40 million Series B investment round led by CRV with participation from Cyberstarts, Bessemer Venture Partners and TCV.
- Being named as a “sample vendor” in several Gartner research reports, including “Innovation Insight for Application Security Posture Management,” Emerging Tech Impact Radar: Security” (supply chain security), “Hype Cycle for Application Security, 2023 (ASPM),” and “How to Select DevSecOps Tools for Secure Software Delivery.”
- Launching a collaboration with CrowdStrike to offer customers an integrated solution encompassing both Legit’s platform and CrowdStrike’s cloud security posture management (CSPM) platform, ensuring the cloud environments are optimally configured and safeguarded.
“It is clear that the fundamental approach to application security must change because the problems organizations face go well beyond what can be solved through yet another scanning tool,” said Fuchs. “I’m proud of the success the team achieved in 2023. It’s a testament to the fact that customers need the ability to understand the entire software pipeline to drive an effective security program.”
For more information, please visit: https://www.legitsecurity.com/. To learn about career opportunities with Legit, visit https://www.legitsecurity.com/careers.
About Legit Security
Legit Security provides an application security posture management platform that secures application delivery from code to cloud and protects an organization's software supply chain from attacks. The platform’s unified application security control plane and automated SDLC discovery and analysis capabilities provide visibility and security control over rapidly changing environments and prioritize security issues based on context and business criticality to improve security team efficiency and effectiveness.
