Record 2011 for Entrust
says it has posted record results for 2011, surpassing its financial goals for the third consecutive year as a private company.
The identity-based security ID company achieved record orders of approximately US$120 million. Core to its strategic model shift, Entrust’s subscription products now account for the majority of total orders and revenue.
“This was a tremendous year for Entrust as we continue to align our identity-based security products and services to meet the needs of our customers,” says Bill Conner, president and CEO, Entrust. “Our record orders, earnings and deferred revenue demonstrate the importance of identity-based security, placing the company in a tremendous position for 2012. Our scalable, secure, software platform is also strongly positioned to support customers as their businesses embrace mobility and cloud capabilities.”
In 2011, Entrust’s total orders grew by more than 14%, with orders for products increasing by 21%and subscription products by 41%. Entrust credited the record number of orders to its expansion ofits comprehensive line of identity-based security products, including the Entrust IdentityGuard software authentication platform, SSL certificates and management services, hosted PKI offerings and the continued strength of support renewals.
Subscription revenue streams now account for more than 68% of Entrust’s total orders and 63% of its total revenue. They achieved record renewal rates in 2011 with the company’s customers renewing more than 98% of subscriptions. The company credits these industry-leading renewal rates to the quality of its products, excellent sales teams and outstanding customer support.
“Entrust continues to be one of the top-performing properties in the Thoma Bravo family,” says Scott Crabill, Thoma Bravo managing partner and chairman of Entrust’s Board of Directors. “For the third consecutive year Entrust has surpassed our financial expectations. We are very pleased with the company’s transition to subscription revenue and the high quality of services they provide to their customers.”
Driven by the continued growth of Entrust IdentityGuard and Entrust PKI, the Dallas-based security firm landed a record number of transactions in 2011. Strong authentication and fraud detection sales — primarily in the enterprise, government and financial verticals — increased by 20% in 2011. Overall transactions for Entrust IdentityGuard were up by 28% for the year.
According to Entrust, the strength of its PKI products and services was underpinned by the financial and government verticals for eID projects and the continued innovation and growth of the company’s managed service (SaaS) PKI. Entrust Managed Services PKI bookings increased by 82% in 2011 and Entrust Certificate Services (SSL) posted another record year with a 19% growth in bookings. Growth its Entrust’s managed and SSL offerings was the result of customers migrating to the cloud, adding additional licences, winning new customers and providing integrated solutions across different cloud-based offerings.
The company says highlights of the year include:
- Introducing Entrust IdentityGuard (10.1) which brings together security solutions for physical, logical and mobile access;
- Finalising a US$4.5 million hosted PKI agreement with the US General Services Administration (GSA) to secure smart card credentials to help meet HSPD-12 requirements;
- Announcing that Entrust-secured INTERPOL smart card credentials enjoyed swift global adoption and were recognised by 31 countries by November 2011;
- Selection of its PKI-based national ID technology by United Arab Emirates to enhance security of citizens and expatriates;
- Selection of the firm in May 2011 to deploy ePassport architecture for Denmark’s EAC project, an important milestone that highlighted that half of the world’s EAC projects were secured by Entrust technology;
- Announcing the launch of a hard token replacement programme to help organisations comply with 2011 FFIEC guidance;
- Expanding IdentityGuard to offer government-strength security for enterprises via the PIV-I standard, which provides advanced physical and logical access integration.