Lookout, a provider of endpoint and cloud security solutions, reported that it grew enterprise annual recurring revenue (ARR) by 56% year over year for its fiscal 2022 ending Jan. 31, 2022, while increasing its customer count. The company also secured debt financing for up to $150 million from funds and/or accounts managed by BlackRock to support its continued growth.
Demand for Lookout’s new security service edge solution is contributing to its growth as organizations seek a platform approach to securing access to SaaS apps, private apps and the global web. By combining cloud access security broker, zero trust network access and secure web gateway natively in a single platform, Lookout’s unified model offers the best security and overall user experience. According to Gartner, by 2025, 80% of organizations seeking to procure SSE-related security services will purchase a consolidated SSE solution rather than stand-alone cloud access security broker, secure web gateway, and zero trust network access offerings, up from 15% in 2021.
“Our strong results demonstrate significant progress towards the strategic plan we outlined at the start of the year. We’re demonstrating the ability to deliver organic growth while simultaneously expanding our portfolio through acquisition,” Jim Dolce, CEO of Lookout, said. “At the same time, we’re extending our market reach through strategic partnerships that provide access to new customer opportunities.”
