eIQnetworks grows 60%+ in past year
July 1, 2009
On Monday, eIQ announced our fiscal year 2009 results, which ended on April 30. You can check out the release to see the details. No, we didn’t talk about specific sales numbers (private companies don’t do that), but we are happy to announce 60%+ growth – in the worst economic situation of our time.
Significant company growth is not the result of any one employee or department. It’s the result of the many who have contributed to grow eIQnetworks’ business. Over the past year, eIQ has made significant investments in people and our products. We raised money from Venrock, a top tier security investor to allow us to continue investing in the business and allow us to play with the big boys in the space. We believe security and compliance management is a universal requirement and we have laid the foundation to ensure we can meet the need.
Over the past year, we’ve moved to an enterprise-centric strategy. The rest of the market is chasing the SMB segment. Why is this happening? Basically because it’s hard to really solve the problems of large enterprises. They have very large and very complicated environments and that requires a different kind of security and compliance management platform. So as opposed to building enterprise-class solutions, the other guys are turning tail and looking for simpler environments where they can be successful.
Our mantra that “log data is not enough” is gaining traction because it’s clear that there are too many ways to “fool” a product that only looks at logs. And best of all, we think we are only scratching the surface on helping customers improve their security operations and automate their compliance responsibilities. There is much work to be done, so with that I’ll get back to it.
July 6, 2009 at 1:31 AM
weird… why are you announcing apr 1 numbers in july and why dont you announce quarterly numbers but yearly? i have never seen anything like that.
i have worked for a few startups like eiq and we would always come up with weird press releases and come up with numbers like 50% growth etc etc … it was pretty much a game and waste of time. before we knew it we ran out of cash and had to get more money … 5 rounds i think.
July 6, 2009 at 8:49 AM
eIQ’s fiscal ends April 30. So those results are for the fiscal year ending April 30, 2009. Being a private company, we are under no obligation to announce any financial results. The point is to show the increasing momentum eIQ has and that we are growing at well above the industry growth rate.
July 7, 2009 at 10:59 PM
right but – if there is no independent validation why even claim such things – as most people will not take it seriously. most of the tech firms are not showing any growth at all … except maybe you -:) funny
July 14, 2009 at 10:25 AM
While I appreciate the troll…
Being a private company is not the same thing as having “no independent validation” of financial results. Like many other private companies, eIQ maintains an indepedent auditor. And of course, concerns of “not being taken seriously” were significantly offset by the $10m in funding eIQ closed from Venrock earlier this year.
Also, I’m a bit confused: you state “tech firms are not showing any growth at all…”, but in your reply to the “SIEM Still Struggles” post, you state, “arcsight and q1 seem to be doing great”. Umm… which one is it?