the super 70 - digital guardian · critical technology. emerging cloud-centric security vendors,...

Cybersecurity, Data Management & Comm InfrastructureFEBRUARY 2018

FOR DISCLOSURE AND FOOTNOTE INFORMATION, REFER TO JMP FACTS AND DISCLOSURES SECTION.

THE SUPER 70 THE HOTTEST PRIVATELY HELD CYBERSECURITY, DATA MANAGEMENT, AND COMM INFRASTRUCTURE COMPANIES

Erik Suppiger [email protected]

(415) 835-3918

Patrick Walravens [email protected]

(415) 835-8943

Greg McDowell [email protected] (415) 835-3934

Michael Berg [email protected] (415) 835-3914

Copyright: iStock/zhudifeng

Cybersecurity, Data Management & Comm Infrastructure

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TABLE OF CONTENTS

Executive Summary ................................................................................................................................. 3

Top Trends and Technological Changes ................................................................................................. 4

Funding Trends ..................................................................................................................................... 11

Index by Venture Capital Firm .............................................................................................................. 17

Actifio ..................................................................................................................................................... 23

Alert Logic .............................................................................................................................................. 24

Alienvault ............................................................................................................................................... 25

Arxan ..................................................................................................................................................... 26

Aryaka ................................................................................................................................................... 27

Avast ...................................................................................................................................................... 28

BeyondTrust .......................................................................................................................................... 29

Big Switch Networks, Inc. ...................................................................................................................... 30

Bitglass .................................................................................................................................................. 31

Bitsight Technologies ............................................................................................................................. 32

Centrify .................................................................................................................................................. 33

Checkmarx ............................................................................................................................................ 34

CloudPassage ....................................................................................................................................... 35

Cloudian ................................................................................................................................................ 36

Cloudflare .............................................................................................................................................. 37

Code42 .................................................................................................................................................. 38

Cohesity ................................................................................................................................................. 39

Core Security ......................................................................................................................................... 40

Countertack ........................................................................................................................................... 41

CrowdStrike ........................................................................................................................................... 42

Cumulus Networks ................................................................................................................................. 43

Cybera ................................................................................................................................................... 44

Cybereason ........................................................................................................................................... 45

Cylance .................................................................................................................................................. 46

Datera .................................................................................................................................................... 47

Digital Guardian ..................................................................................................................................... 48

Dome9 Security ..................................................................................................................................... 49

Duo Security .......................................................................................................................................... 50

eero ....................................................................................................................................................... 51

Endgame ............................................................................................................................................... 52

ExtraHop ................................................................................................................................................ 53

Fidelis Cybersecurity ............................................................................................................................. 54

Firemon ................................................................................................................................................. 55

ForgeRock ............................................................................................................................................. 56

HackerOne ............................................................................................................................................ 57


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iboss ...................................................................................................................................................... 58

Illumio .................................................................................................................................................... 59

Ivanti ...................................................................................................................................................... 60

Kaminario .............................................................................................................................................. 61

knowbe4 ................................................................................................................................................ 62

Kudelski Security ................................................................................................................................... 63

Lieberman Software ............................................................................................................................... 64

Lookout .................................................................................................................................................. 65

Malwarebytes ........................................................................................................................................ 66

Metaswitch Networks ............................................................................................................................. 67

Netskope ............................................................................................................................................... 68

Optiv ...................................................................................................................................................... 69

Phishme ................................................................................................................................................. 70

Ping Identity ........................................................................................................................................... 71

Pivot3 ..................................................................................................................................................... 72

RedSeal ................................................................................................................................................. 73

RiskIQ .................................................................................................................................................... 74

Rubrik .................................................................................................................................................... 75

Scality .................................................................................................................................................... 76

SentinelOne ........................................................................................................................................... 77

Silver Peak Systems .............................................................................................................................. 78

Skybox Security ..................................................................................................................................... 79

Solarflare Communications .................................................................................................................... 80

StackPath .............................................................................................................................................. 81

Tanium ................................................................................................................................................... 82

Tenable .................................................................................................................................................. 83

Tufin ....................................................................................................................................................... 84

vArmour ................................................................................................................................................. 85

Vectra Networks .................................................................................................................................... 86

Veeam ................................................................................................................................................... 87

Venafi .................................................................................................................................................... 88

Watchguard ........................................................................................................................................... 89

Webroot ................................................................................................................................................. 90

WhiteHat Security .................................................................................................................................. 91

Zerto ...................................................................................................................................................... 92

Analyst Biographies ............................................................................................................................... 93

Covered Public Companies Mentioned .................................................................................................. 95


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EXECUTIVE SUMMARY

Welcome to the fourth annual JMP Securities Super 70 report (formerly named Fast 50 and Super 60).

In this report, we highlight what we believe to be the hottest, most strategically positioned private

companies in the Cybersecurity, Data Management & Communications Infrastructure industries.

For the book’s cover, we selected a photograph of the Great Wall of China because we think it is

analogous to the current state of IT infrastructure in many respects. The Great Wall was a powerful

infrastructure solution that profoundly changed security, communications, and commerce throughout its

many centuries of operation. However, the Great Wall lacked the flexibility to remain useful in modern

times as it does not easily support new functionality, it is expensive to maintain, and it lacks mobility.

As a result, much of the Wall has been destroyed or is in a state of decay.

Similarly, aging IT infrastructure from just a few years ago which lacks the flexibility to support new

functionality and is expensive to maintain has rapidly become obsolete as a renaissance in IT has

disrupted many IT paradigms. More specifically, the advent of cloud, mobile, virtualization, Internet of

Things (IOT), and many other new technologies have placed demands on systems that legacy solutions

simply cannot meet. Undertaking the onerous task of modernizing IT infrastructure not designed for the

new era is a futile task, similar to upgrading the Great Wall. And while both the Great Wall and legacy IT

infrastructure can be patched and repaired to portray the image of security and robustness, they will

never be able to meet modern day needs. We see the sunrise on the cover as representative of a new

day and age for cybersecurity, data management, and networking technologies, which when

implemented can create a dynamic, strong, and secure IT infrastructure.

Similar to building the Great Wall, the road ahead for members of our Super 70 will often be

treacherous and challenging, and only those with the strongest foundations will sustain and thrive.

However, in our opinion, the need to improve IT infrastructure now is apparent with the dramatic

increase in funding from 2016. We believe a global adoption of digital transformation has worked in the

favor of strong privately-held companies by increasing the rate of innovation and accelerating the pace

of deployments for next-generation infrastructure technologies in enterprises across all industries. In our

view, this has created opportunities for next-gen vendors to succeed as the demand for technologies at

the forefront of innovation becomes ever greater.

In addition, we believe the agility of our Super 70 companies to iterate new products and respond to

changing technology dynamics position them well to take share from incumbents. With a strong

operational foundation and sustainable technological differentiation, we believe our Super 70

companies are disrupting the technology titans that have dominated the legacy landscape, but lack the

vision, agility, or perseverance to adapt to current market trends. As a result, we think our Super 70

companies are better positioned than ever before to dominate global markets in the long term.


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TOP TRENDS AND TECHNOLOGICAL CHANGES

Cybersecurity

Several trends emerged in 2017 which led to a recovery in cyber security spending during the year,

demonstrating a strong recovery from a weak 2016. We believe the healthy growth rates in 2017

(especially compared to 2016) were driven by a few factors, highlighted by further awareness of

breaches at the executive and board levels. As hackers continued to develop more sophisticated attack

protocols, there were several ubiquitous threats to cyber security in 2017, including: phishing attacks,

ransomware, and business email compromise (BECs). The attacks in 2017 were some of the largest

the cyber security world has ever seen, from the Equifax data breach of over 145 million customers, to

WannaCry, which infected more than 400,000 machines, to the Uber breach, where key executives

were exposed for not disclosing a massive breach in 2016. These public-facing breaches have shed

light on the need to secure IT infrastructure across a perpetually growing surface area, especially with

the rapid adoption of cloud architectures, IoT devices, mobile devices, and virtual technologies. We also

think many organizations delayed some spending in 2017 as IT teams sifted through regulatory

requirements from the impending implementation of the General Data Protection Regulation (GDPR) in

Europe. However, we believe GDPR will provide a catalyst for 2018 as companies begin spending on

projects to achieve or maintain compliance with the new regulations.

There was a much healthier spending environment in cybersecurity in 2017; a trend we believe will

endure in 2018. With the strong spending level, we think several trends that emerged in 2017 will

continue to meaningfully impact the market in 2018, highlighted by IPO activity, technology

convergence, and vendor consolidation. With cybersecurity budgets still tightly restricted and monitored,

IT teams must continue to do more with less. In response, technology vendors are committing more

resources to developing platforms that can be easily deployed, but are also highly automated, requiring

less human capital to operate. However, as more established vendors develop broad platform solutions,

the market will likely demand broadly integrated product portfolios, which we believe will lead to

increased vendor consolidation in 2018.

While we think there will be significant technology convergence and vendor consolidation with

established security vendors, we see a handful of strong emerging companies that are well positioned

to take their next-gen technologies mainstream. In our view, some of the emerging market opportunities

where vendors have developed highly-differentiated technologies include next-gen endpoints, identity

and access management (IAM), application and cloud security, and network security. In Figure 1 we

detail key trends that gained momentum in 2017, which, in our opinion, will continue to shape the

market in 2018.


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FIGURE 1. Top Trends in Cybersecurity

Source: JMP Securities LLC and Company Reports

Key technology changes in cybersecurity

Rapid adoption of next-generation endpoint. Emerging vendors further established positions in the

endpoint market in 2017, with six vendors in our Super 70 generating revenues of $100M+. We believe

these private vendors are developing innovative technologies in areas where large incumbent vendors

are behind the curve. In our view, vendors that are able to leverage both endpoint detection and

remediation (EDR) and endpoint protection capabilities (EPP) will be the ones to gain the most traction

in 2018. Several vendors, such as CrowdStrike and Cylance have already made significant strides in

the use of machine learning (ML) to optimize their EDR capabilities for enterprise-grade endpoint

protection, while Malwarebytes and Avast have made similar strides on the consumer and SMB side.

All of these vendors have attained revenues >$100M with double-digit revenue growth in 2017. We feel

these vendors will need to continue to utilize their advanced technologies and growing scale to maintain

disruption in a market where entrenched endpoint vendors, such as Symantec, McAfee, Trend Micro,

and Sophos compete, and large network-based security vendors, such as Palo Alto Networks, Check

Point, FireEye, Fortinet, and Cisco are using their tight customer relationships and brand awareness to

leverage a footprint with their own solutions.

Identity and Access Management (IAM) at the core. As hackers contend with advancements in

threat protection, they are increasingly exploiting human vulnerabilities through the use of email

phishing attacks. Identity and access management is a group of technologies used to protect user

identities, and IAM has broadly become central to security architectures. Two primary forms of

protection are privileged account management (PAM) and (encryption) certificate management,

highlighted by vendors such as BeyondTrust and Venafi, with the former achieving >$100M in revenues

and both companies growing revenue in the double-digits.

We believe the majority of breaches use compromised privileged accounts, and a rapidly growing

proportion of breaches use forged certificates. Emerging vendors are developing broader IAM platforms

or are partnering with other point solutions, to provide a suite of integrated IAM capabilities. For

example, Centrify, a vendor with revenues >$100M and growing >25%, provides a suite of services,

including ID-as-a-Service (IDaaS), PAM and enterprise mobility management (EMM). We think these

emerging vendors are well positioned to grow in 2018 as digital transformation forces customers to

seek next-generation IAM solutions.

Continued rise of Next‐Gen Endpoints Private endpoint vendors continuing to gain significant market share.

IAM is the New Core of the Security Stack Identity is becoming a central part of cybersecurity as the perimeter disappears

Securing the Cloud Rapid adoption of cloud services means it must be secured.

Platform Consumption Growing cutomer preferene to have a one stop shop solution.

Simplified Products With strict budgets security products must be easy to manage with low OpEx

Securing an Expanding Edge IoT and mobile devices are expanding exponentially raising new security requirements.

Gaining Visibility & Control Massive public breaches and growth in data demonstrate necessity to see entire network.


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Securing applications and the cloud. As companies embrace digital transformation, the development

of software is central to their value proposition, and securing software applications has become

business critical. The advent of the DevOps model has resulted in software development becoming an

agile process, with extremely rapid development cycles, which requires security to be an integral

component of the development process. As a result, application security vendors, such as Checkmarx

with revenues of more than $50 million, are benefiting from accelerating demand for solutions that

embed security into the development process.

With the rapid adoption of cloud hosting services, such as AWS, Microsoft Azure, and Google Cloud,

the need to secure cloud content and deliver it in a reliable and secure manner has surfaced as a

critical technology. Emerging cloud-centric security vendors, such as CloudPassage, Dome9 Security,

and vARMOUR, have experienced sharp demand, and more established application security vendors,

such as Alert Logic, with revenues >$100 million, have seen the cloud services portion of the business

drive growth.

Securing the delivery of data has also become a central aspect of ensuring that the content gets to the

end user with content distribution network (CDN) vendors, such as StackPath, differentiating their

transport service from security services. These vendors offer denial of service (DDoS) protection with

web app firewall (WAF) capabilities, and they leverage a global footprint to build an extensive

knowledge base of threat intelligence.

Gaining visibility & control. Virtually all major attacks occur over an extended period, with the

breaches typically going undetected for 3-6 months. Visibility into suspicious activity has been impeded

by increasing IT complexity as organizations embrace cloud architectures, mobile devices,

virtualization, and an array of other technologies that require separate tools and procedures for

management. Accordingly, visibility across networks, endpoints, data centers, and applications has

become a key focus for large organizations which have global networks with endpoints numbering in

the tens to hundreds of thousands.

Tanium, which has revenues of well over $100 million, has tackled the visibility problem by developing a

lightweight agent on the endpoint which has enabled it to attract several hundred of the largest

organizations in the world, and has propelled Tanium to become a standard in the financial services

industry.

Other emerging vendors, such as FireMon, RedSeal, Skybox, and Tufin, each of which are projecting

revenues of at least $50 million in 2018, use analytics to provide visibility into the customer’s security

infrastructure. Similarly, vendors such as Tenable and AlienVault analyze log data from an array of IT

devices to provide broad visibility into breach activity and to prioritize suspicious activity. Vendors such

as ExtraHop and Vectra focus on network traffic flows to identify suspicious activity in real time and to

provide context around the activity. The need for visibility and control gained considerable momentum in

2017, and we believe all of the vendors noted have strong prospects in 2018.


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Networking

Network requirements are continually evolving, driven by several IT trends, including migration toward

the cloud and adoption of new networking architectures. To accommodate rapid architectural changes,

we believe networks are shifting toward more open and programmable solutions. In tandem with a

broader trend toward subscription-based pricing models, organizations are increasingly demanding new

consumption models for networks which limit capital expenditures (capex). In addition, network

administrators are seeking new architectures that simplify deployment and operations.

FIGURE 2. Top Trends in Networking


Key technology changes in networking

SD-WAN gaining traction. Enterprise data center networking has improved significantly, driven by

more efficient architecture offerings from companies such as Arista Networks. Enterprises are moving

from rigid and difficult-to-manage, three-tier network architectures to flatter "leaf-spine" architectures

that require significantly lower management overhead. Enterprises are now seeking to gain the same

operational efficiencies and cost savings with broader internet connections by deploying software-

defined WAN (SD-WAN) solutions. SD-WAN offerings enable enterprises to augment traditional private

MPLS networks with cheaper public internet bandwidth, which is particularly useful for distributed

enterprises that have several branch offices. Managing internet connections to branch offices can be

highly complex and often requires significant management overhead. SD-WAN centralizes the

management of WAN services, typically using a cloud, dramatically simplifying management. There are

several SD-WAN vendors targeting the space, and our due diligence suggests there are a few that have

rapidly reached impressive scale. Given the highly-attractive ROI associated with SD-WAN, adoption

has accelerated as enterprises have gained comfort with reliability of the offering.

Networking vendors continue to move to security. As highlighted in our report last year, we believe

networking vendors are increasingly leveraging their position to deliver advanced analytics and data

security. We think rapid growth in both the data analytics and security markets is motivating networking

vendors to bolster monitoring capabilities, and increasingly, to position their products as security

solutions. A number of our Super 70 networking companies have significantly evolved product offerings

to better address analytics and security use cases, and we believe these companies will continue to

shift focus to these areas. Larger networking incumbents are also emphasizing security capabilities as

key differentiators, and we expect these vendors to continue to disproportionately invest in their security

practices through organic R&D investment and/or strategic M&A.

Move to Software Enterprises are demanding software/services and consumption based pricing in place of h/w in order cut capex and TCO.

Migration to Subscription Pricing Vendors are shifting their business models to offer subscription pricing, even in scenarios involving hardware-based deployments.

Positioning for Growth in Security Network vendors are increasingly positioning their products as security solutions in order to gain exposure to the security market.

Bolstering Traffic Analytics Network vendors are leveraging their position in the network to deliver increased monitoring and analytics capabilities.

Evolution of WAN Optimization WAN optimization is evolving beyond improving application communications to improving broadband and cloud performance.

Network Function Virtualization (NFV) Service Providers are virtualizing network devices (i.e routers) in order to contain costs and increase flexibility.

Adoption of Private Cloud Private cloud adoption is expanding and converged infrastructure makes it manageable for mid and large enterprise accts.

Open Source is Growing The open source community has grown rapidly, and enterprises have become more dependent on open source software.

High Performance Networks Applications are migrating to more distributed architectures which creates a need for very high-speed connectivity.


8

As an example, Gigamon, which is traditionally known as a network packet broker (NPB) company, has

shifted its business to security. We also note that Cisco has bolstered its security practice and has

suggested that security is a top priority in terms of investment. We expect this trend to continue to play

out in 2018.

Adoption of cloud is an agent for change. The adoption of the cloud is driving a paradigm shift in

networking. For public cloud providers, the network must be highly available, scalable, and simple to

administer. These requirements are driving increased adoption of data center architectures that

integrate with multiple vendor solutions (“open”) and are programmable. In the enterprise, IT

organizations are attempting to replicate the cloud delivery model internally by building private clouds,

which are essentially public clouds residing inside the corporate data center. Both public and private

clouds require re-architecting the network to achieve automation, ease of use, and faster time-to-

market. These needs are influencing demand for networking technologies that promote increased

automation and limit total cost of ownership (TCO).

Enterprises also need better access to cloud services directly from remote and branch offices (ROBO).

Today, traffic from ROBOs is typically backhauled to the corporate data center over an expensive

MPLS link, increasing cost and introducing latency. SD-WAN vendors are seeking to improve this issue

by enabling ROBOs to directly access cloud data centers over public broadband links.


9

Data management

The $40B data management market remains in a state of constant disruption. It continues to shift

toward next-generation vendors as enterprises increasingly demand better performance, flexibility,

agility, and total cost of ownership (TCO). New architectures and business models are reshaping the

way data management is procured and deployed. While the shift to hyperscale public cloud persists,

next-generation data management vendors continue to post robust growth rates, highlighting the large

opportunity in on-premise data center infrastructure. Hyperconverged infrastructure (HCI) has taken

center stage in the primary storage market, and all-flash arrays (AFAs) are quickly becoming the de-

facto standard for three-tier architectures.

As in the primary storage market with HCI and AFA, we see a similar, if not more pronounced,

disruption ramping in the secondary storage market in 2018. There are several startups targeting this

space, and we believe the technical differentiation between vendors remains relatively significant. In our

opinion, startup vendors in this category will seek to dramatically improve data management by

breaking down silos associated with traditional secondary storage environments, such as

backup/recovery, archiving, application test/development, and analytics. We continue to see new

entrants with rapid growth emerge in the secondary storage market, whereas the primary storage

market seems to be consolidating around category leaders.

FIGURE 3. Top Trends in Data Management


Key technology changes in data management

Below we describe what we see as the most significant technological changes occurring in the data

management industry. In our view, these trends are driving the need for new infrastructure deployment

models, and facilitating market demand for innovative technologies.

Secondary storage is being disrupted. Much of the innovation in the storage market over the last decade has been in primary storage, with vendors such as Nimble Storage, Pure Storage, Nutanix, and XtremIO coming to market with innovative offerings that disrupted the status quo. However, the secondary storage market has largely been untouched. Up until the past five years, the secondary storage market had not seen significant innovation since the introduction of Data Domain in the early 2000s. However, several startups targeting secondary data management have come to market, often led by highly successful industry veterans in the data center infrastructure space. In our view, there is significant white space in the secondary storage market, especially for vendors with strong cloud integration stories.

Hyperconverged Infrastructure Hyperconverged took center stage in 2016 with the IPO of Nutanix and we believe the market will remain in hypergrowth mode.

Flash is Becoming the De‐Facto Standard Coined the year of all‐flash, 2017 has proven to be a strong year for AFA adoption ‐ flash for secondary storage is on the horizon.

Renaissance of Secondary Storage Enterprises are rethinking secondary storage which is driving strong growth for several startups targeting this category.

Weaving a Fabric With Public Cloud Storage vendors are taking advantage of the demand for public cloud by providing an easier on‐ramp to cloud from on‐premise.

Ransomware Driving Demand for Backup The proliferation of ransomware in FY17 has driven corresponding demand for backup and business continuity.

The Trend to SW‐Only Offerings Storage vendors are evolving their hardware offerings to deliver software‐only versions, which are growing in popularity.

Object Storage Rapid growth in unstructured data, combined with the new innovations have driven an expanded interest in object storage.

Migration to Cloud Next‐gen storage players are building products that are better suited for cloud adoption, giving them an advantage in the cloud era.

Disruption from Dell/EMC Acquisition Channel checks suggest there have been early indications of disruption in the EMC channel, creating opportunity for competitors.

Improving Data Services for Test/Dev Attaining copies of data for application test and development is a challenge ‐ several startups are looking to solve this.


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Providing a fabric between on-premise and cloud. Another key trend is the growing demand for integration between on-premise data centers and public cloud services, particularly as offered by hyperscalers, such as AWS and Azure. One of the biggest barriers to cloud adoption is the challenge of migrating data and applications to the cloud from on-premise data centers. Data has gravity - as evidenced by Amazon's Snowball program, which utilizes full-size shipping trucks to transport data stored on physical storage devices. Application migration can be uncertain and time-consuming, as cloud infrastructure utilizes dissimilar interfaces and software to manage applications. Enterprises are also wary of vendor lock-in as cloud providers make it challenging to move data off of their cloud once it has been moved there, according to our checks. Our discussions indicate that most mid-to-large enterprises will leverage a hybrid cloud architecture, with both on-premise and cloud. Based on this assumption, we believe there will be strong demand for solutions that can bridge the two architectures.

Several vendors are attempting to address this need by providing a fabric that seamlessly delivers data and workloads between on-premise and public cloud. VMware announced this capability in 2016 by making vSphere available in AWS (general availability in the back half of 2017). NetApp has been delivering its data fabric solution for the past year, and Nutanix offers seamless application mobility between on-premise and cloud. Within our Super 70 group, there are several private companies that highlight cloud migration as a core competency. While monetization strategies are still evolving, we believe the vendor(s) that lead in providing this fabric will elevate their strategic relevance and significantly increase their total market opportunity. In our view, providing a fabric positions the vendor(s) to layer on additional data services that run across both on-premise and cloud. We look for progress in this category as a key factor in assessing the long-term growth potential of our Super 70 vendors and in our public company coverage universe.

Software-only becomes more important with cloud adoption. We have seen software continue to play a larger role in the data center infrastructure space. Vendors are beginning to morph hardware-based solutions into software-only offerings. While enterprises continue to demand integrated hardware solutions, the cloud is making software-only more attractive. Enterprises are increasingly utilizing x86 servers to perform data management functionality, with the underlying software provided by ISVs. This is especially prevalent in the HCI space. Nutanix has shifted to a software-only business model, and SimpliVity (acquired by HPE in February 2017) has moved well over 50% of its business to a software-only model. Longer term, we think a strong software-only offering will become more important as cloud adoption increases. Enterprises want a common management interface between on-premise and public cloud. In order to provide this functionality, vendors need to offer viable software-only solutions that can run consistently across on-premise and cloud application environments. In our view, vendors that have proven their ability to run on standard x86 at scale will have an advantage as cloud migration efforts continue.

Improving data services for application developers. Technology users, whether enterprise or consumer, have come to expect a rapid pace of application development from their vendors. Accordingly, application developers are striving to dramatically increase the speed at which they develop and test new features and applications. One of the most significant bottlenecks of application development is the delivery of data services for developers. Simply delivering copies of production data to developers requires significant changes to the underlying infrastructure, increasing costs, and hampering test/development speed. In line with the DevOps movement, data management vendors are attempting to streamline data delivery to application developers, so that they are able to more rapidly develop, test, and deploy applications.

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14

FIGURE 8. 2017 Funding by Category ($ in millions)


FIGURE 9. Company Distribution by Category


494415

150 158

345

119

0

100

200

300

400

500

600

Application and CloudSecurity

Endpoint Security Network Security Identity and AccessManagement

Data Management Networking

Security

Endpoint Security Application and Cloud Security

Avast Fidelis Alert Logic Illumio

Code42 Lookout Arxan KnowBe4

Countertack Malwarebytes BitGlass Kudelski Security

Cybereason SentinelOne BitSight Netskope

Cylance Tanium CheckMarx Phishme

Digital Guardian Webroot CloudPassage RiskIQ

Endgame Dome9 Security Stackpath

HackerOne vArmour

iBoss Whitehat

Network Security Identity and Access Management

Alien Vault Skybox BeyondTrust Ivanti

Cloudflare Tenable Centrify Lieberman

Extrahop Tufin Core Security Optiv

Firemon Vectra Crowdstrike Ping Identity

Redseal Watchguard Duo Venafi

Forgerock

Networking

Aryaka Eero

Big Switch Networks Metaswitch

Cumulus Silver Peak

Cybera Solarflare

Data Management

Actifio Pivot3

Cloudian Rubrik

Cohesity Scality

Datera Veeam

Kaminario Zerto


15

Revenue range

For each of our Super 70 companies, we have included an estimate of 2017 revenues in the ranges of

<$25 million, $25-$50 million, $50-$100 million, and >$100 million. Many of our Super 70 companies

are SaaS companies with rapid growth, thus billings can be much higher than revenues.

FIGURE 10. Number of Super 70 Companies by Revenue Range


FIGURE 11. Super 70 Companies by Revenue Range, 2017


>$100 million $50‐$100 million $25‐$50 million <$25 million Not Disclosed

Alert Logic Actifio Arxan Big Switch Eero

Avast ExtraHop BitSight BitGlass

BeyondTrust Fidelis Cloudian Datera

Centrify Alienvault CloudPassage Dome9

Cloudflare Aryaka Countertack HackerOne

CrowdStrike CheckMarx Cumulus Lieberman Software

Cylance Code42 Cybera vArmour

Duo Security Cohesity Cybereason

ForgeRock Core Security Endgame

Ivanti Digital Guardian iBoss

Kaminario Firemon Illumio

Kudelski Security KnowBe4 Pivot3

Malwarebytes Lookout RedSeal

Metaswitch Netskope Scality

Optiv Phishme SentinelOne

Ping RiskIQ Vectra

Silver Peak Rubrik

StackPath Skybox

Tanium Solarflare

Tenable Tufin

Veeam Venafi

Watchguard WhiteHat

Webroot Zerto

1

7

16

23 23

0

5

10

15

20

25

Not Disclosed <$25M $25‐$50M $50‐$100M >$100M


16

In our view, the increasing adoption of new data center architectures and the cloud is driving demand

for solutions that are purpose-built for today’s IT environments. As a result, innovative startup vendors

are well positioned to take share from slower moving incumbents with outdated architectures. We view

our Super 70 companies as some of the most innovative and promising in networking, security, and

storage. As the market shifts, we believe these companies will have a strong opportunity to represent

the next-generation of IT infrastructure vendors.

We hope this report is helpful. Please feel free to reach out to our team with any questions.

The JMP Securities Cybersecurity, Data Management, and Communications Infrastructure team.

Erik Suppiger [email protected]

415-835-3918

Patrick Walravens [email protected]

415-835-8943

Greg McDowell [email protected]

415-835-3934

Michael Berg [email protected]

415-835-3914


17

INDEX BY VENTURE CAPITAL FIRM

83 North ExtraHop BlackRock Funds

Actifio Illumio Illumio

Zerto Lookout Blackstone

ABRY Partners Tanium Cylance

Stackpath Andy Bechtolsheim BPI France

Accel Partners Datera Scality

Cohesity Appian Ventures Broadband Tower, Inc.

CrowdStrike Ping Identity Scality

ForgeRock Argonaut Private Equity Brookline Venture Partners

Illumio Pivot3 Digital Guardian

Lookout Artis Ventures Capital One

Netskope Cohesity Cylance

SentinelOne Silver Peak Systems Capricorn Investment Group

Tenable Ascent Venture Partners Tegile

Vectra Fidelis Cybersecurity Carmel Ventures

Webroot August Capital Skybox

Accton Technology Tegile Catalyst Investments

Big Switch Networks Avista Partners Tufin

Adams Street Partners Ping Identity CE Ventures

Cybera Baidu Kaminario

Adara Ventures CloudFlare Chrysalis Ventures

AlienVault Battery Ventures Cybera

Advanced Technology Ventures Cohesity CID Group

Actifio Cumulus Networks Big Switch Networks

Alcatel‐Lucent RiskIQ CIRTech Fund

CounterTack Zerto Kaminario

Aldrich Capital Partners Benchmark Capital Cisco

Optiv Duo Security Citi Ventures

PhishMe HackerOne Tanium

Altos Ventures Skybox City National Bank

White Hat Security CloudPassage Claritas Capital

AME Cloud Ventures Silver Peak Systems Cybera

Vectra Networks Bessemer Venture Partners CM Capital Investments

Andreessen Horowitz Endgame Columbia Capital

Actifio Optiv Endgame

Cumulus Networks PhishMe Core Capital Partners


18


Zerofox EDF Ventures Scality

Correlation Ventures Arxan Garage Tech Ventures

AlienVault Edgemore Capital White Hat Security

Courian Corporation Endgame Gencast Ventures

Core Security EPIC Ventures Zerofox

Covera Ventures EQT Ventures Datto

Alert Logic HackerOne Illumio

Cross Creek Fairhaven Capital Partners Ping Identity

Tegile CounterTack General Electric Pension Trust

CRV Digital Guardian Digital Guardian

Cybereason Fidelity Ventures Geodesic Capital

Zerto Cloudian Netskope

CVC Capital Partners CloudFlare Tanium

Avast Malwarebytes Georgian Partners

DAG Ventures Ping Identity RiskIQ

Vectra Networks First Round GGV Capital

Data Collective eero AlienVault

Illumio Formation 8 Globespan Capital Partners

SentinelOne Illumio Kaminario

Deutsche Telekom Capital Partners Fortinet Goldman Sachs

Aryaka Centrify Cloudian

Lookout Foundation Capital CounterTack

DFJ ForgeRock iboss

Cylance Venafi Lookout

DHVC Founders Equity Partners Google Capital

Cohesity Cylance CloudFlare

Dragoneer Investment Group Francisco Partners CrowdStrike

HackerOne Metaswitch Duo Security

Draper Fisher Jurveston WatchGuard Granite Hill Capital Partners

Ping Identity Frank Slootman SentinelOne

Draper Nexus Rubrik Greylock Partners

Cylance Franklin Templeton Actifio

Duff Ackerman & Goodrich LLC Tanium Lookout

Silver Peak Systems Future Fund Rubrik

Dunrath Capital Bitglass Silver Peak Systems

Arxan Galileo Partners Skyhigh Networks


19


Harmony Partners Cloudian Cylance

Zerto Venafi Ping Identity

Highland Capital Partners InterWest Partners Kleiner Perkins Caufield & Byers

Malwarebytes Aryaka AlienVault

Zerofox Pivot3 Endgame

Horizon Ventures Investor Growth Capital Lazarus

White Hat Security White Hat Security Kaminario

HP Ventures Iris Capital Dome9

Scality Scality Leapfrog Ventures

IA Ventures IVP Red Seal

Vectra Networks Rubrik Legend Ventures

Icon Ventures Zerto Arxan

Redseal J&W Seligman Lightspeed Venture Partners

ICONIQ Capital Silver Peak Systems CloudPassage

Netskope JP Morgan Netskope

Idinvest Partners Illumio Rubrik

Scality Jackson Square Ventures Skybox

Index Ventures AlienVault LLR Partners

Big Switch Networks JAL Ventures Digital Guardian

Centrify Dome9 Lockheed Martin

eero Jerry Yang Cybereason

Lookout Illumio Madrona Venture Group

Inflection Point Ventures JMI Equity ExtraHop

Fidelis Cybersecurity Code42 Marc Benioff

Innovation Network Corporation of Japan White Hat Security HackerOne

Cloudian John Thompson Illumio

Insight Venture Partners Illumio Mark Leslie Ventures

CheckMarx Rubrik Rubrik

Tenable Khosla Ventures Marker LLC

Veeam Big Switch Networks Tufin

Institutional Venture Partners Cylance Maryland Venture Fund

AlienVault Datera Fidelis Cybersecurity

Tanium Lookout MassMutual

Intel Capital Rubrik Digital Guardian

AlienVault Vectra Networks RiskIQ

Big Switch Networks KKR MATH Venture Partners


20


Red Seal HackerOne Pinnacle Ventures

Mayfield Fund Zerofox Dome9

Centrify Next47 Silver Peak Systems

Webroot CounterTack Pitango Venture Capital

Menlo Ventures Digital Guardian Kaminario

eero Nexus Venture Partners PJC

Scality Aryaka Fidelis Cybersecurity

Mercury Fund North Bridge Venture Partners Playground Global

Alert Logic Acitfio eero

Meritech Capital Partners Norwest Venture Partners Pradeep Sindhu

CloudPassage Bitglass Datera

ExtraHop NTT Docomo Presidio Ventures

ForgeRock Centrify Aryaka

Tegile Ofer Hi‐Tech Providence Equity Partners

Mesirow Financial CheckMarx Skybox

Pivot3 Omnes Capital Qualcomm Ventures

Mithril Capital Management Scality Cloudflare

Lookout OnPoint Technologies Cohesity

Mitsui Global Investment CounterTack Lookout

CounterTack Opus Capital QuestMark Partners

Kaminario Dome9 Venafi

Mofet Technology Fund Origin Partners Rackspace

Skybox Venafi CrowdStrike

Mohr Davidow ORR Partners Radar Partners

Aryaka Dome9 Duo Security

Morgan Stanley OVP Venture Partners Razor's Edge Ventures

Lookout Red Seal CounterTack

Morgenthaler Ventures Paladin Capital Group Red Abbey Venture Partners LP

Big Switch Networks Arxan Zerofox

MSD Capital LP Endgame Redpoint Ventures

Big Switch Networks Optiv Big Switch Networks

Musea Ventures PhishMe Duo Security

CloudPassage Pelion Venture Partners eero

Neotec Capital Riesgo Venafi SentinelOne

AlienVault Pine River Capital Management LP Rembrandt Venture Partners

New Enterprise Associates Tegile Skybox Security


21


RTP Ventures CounterTack Webroot

Zerto Social Capital Technology Venture Partners

S3 Ventures Netskope CloudFlare

Pivot3 SoftBank TechOperators

Salesforce Ventures Cybereason Endgame

CheckMarx Dome9 TenEleven Ventures

Skyhigh Networks Solstice Capital CounterTack

Samsung Ventures Arxan Cylance

Centrify Sound Ventures Ping Identity

Datera SentinelOne Tenaya Capital

Netskope Spark Capital CloudPassage

Ping Identity Cybereason Kaminario

Sasquehanna Growth Equity Special Situations Funds Skyhigh Networks

Skybox Security Digital Guardians The Westly Group

Sequoia Capital Split Rock Partners SentinelOne

Cohesity Code42 Thrird Point Ventures

Cumulus Networks Startup Capital Ventures Aryaka

Kaminario White Hat Security SentinelOne

Metaswitch Networks Sumeru Equity Partners Thomvest Ventures

Skyhigh Networks Cybera Skyhigh Networks

Shasta Ventures Summit Partners Tiger Global Management

CloudPassage Avast Actifio

eero RiskIQ SentinelOne

Sigma Partners Sutter Hill Ventures Top Tier Captial Partners

AlienVault Red Seal AlienVault

Centrify SV Angel Endgame

Silicon Valley Bank Cumulus Networks Cumulus Networks

Kaminario Sway Ventures Toronto Dominion Bank Group

Ping Identity T. Rowe Price Digital Guardian

Silver Lake Waterman Tanium TPG

Big Switch Networks TDF Ventures Tanium

Venafi Arxan Triangle Peak Partners

Sinewave Ventures Technology Crossover Ventures Ping Identity

SentinelOne Actifio Trident Capital

Singtel Innov8 Datto AlienVault

Bitglass ExtraHop Arxan


22

Trinity Ventures

Aryaka

Cohesity

TriplePoint Capital

Big Switch Networks

True Ventures

Duo Security

Tudor Equity Growth

Fidelis Cybersecurity

Union Square Ventures

CloudFlare

Venrock

Redseal

Veritas Capital

BeyondTrust

VMware

W Capital Partners

Ping Identity

Warburg Pincus

CrowdStrike

Waterwood Group

Kaminario

Welsh, Carson, Anderson & Stowe

Alert Logic

Western Digital Capital

Cohesity

Wing Venture Capital

Cohesity

Cumulus Networks

Wipro Ventures

Vectra Networks

XT Investments

Checkmarx


Cybersecurrity, Data Manaagement & Co

ACTIFIO

Founded: 200Revenue: $50 Company Supartners in moapplications ainfrastructure, cloud. Actifio centric, SLA-dit more econofor any use, an Products/Sercopy data alloallows for theavailability is backup and lothe same prodClone, LiveClo Key Officers:Ash Ashutosh Jim SullivanDevelopment David Chang –Brian Reagan Edward Durkin Board of DireAsh Ashutosh Peter Levine –Rick Kimball –Bob Hower – AJit Saxena – FErez Ofer – 83Bill Burgess – Headcount: 3 Open PositioU.S. based: 16International: 1Sales: 15 Other: 15

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ummary: Actifiore than 37 couand infrastructu

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– Founder & Cn – Preside

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o helps over untries around ure. Actifio’s Vmatic improvemed data managh that lets custse it when andere.

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CEO ent, Cloud

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ctifio.com 0.7500

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hnology decouy, agility, and radically simp

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24

ALERT LOGIC

Founded: 2002 Revenue: >$100M

www.alertlogic.com 713.484.8383

1776 Yorktown, Suite 150 Houston, TX 77056

Company Summary: Alert Logic provides a holistic SaaS solution for comprehensive application security in cloud and hybrid environments. In contrast to point solutions from competitors, Alert Logic offers a full suite of services that secure the entire application environment, regardless of where the applications reside. The company’s partner network of cloud-hosting providers allows customers to seamlessly add on security services in a highly scalable and easily consumed manner. A key driver of growth has been Alert Logic’s purpose-built security services for AWS, which in just a few years has become a large portion of the company’s bookings. The growth of the business has been driven by cloud adoption by customers, which is predicted to be the majority of the company’s business shortly. Products/Services: With Alert Logic, customers receive a full suite of services, including advanced security tools to monitor the infrastructure of the user’s network, vulnerability management for AWS, a fully outsourced and managed SaaS delivery model, and integrated 24/7 security operations center services to monitor and provide guidance. Although most often seen in cloud environments, Alert Logic can be deployed in any environment, including on-premise. Key Officers: Gray Hall – Chairman & CEO Blake Allen – SVP and General Counsel Misha Govshteyn – SVP, Products & Marketing Tim Alguire – CFO Prabuddha Biswas – CTO Dave Colesante – COO Greg Davis – EVP Global Sales & Field Marketing Tom Veronie – CIO Marc Willebeek-Lemair – Chief Strategy Officer Board of Directors: Gray Hall – Chairman & CEO, Alert Logic Tony de Nicola – Co-President, Welsh Carson Mike Donovan – GP, Welsh Carson Jim Lewandowski – Former CEO, FireMon Raymond Ranelli – Senior Operating Executive Steve Munford – Former CEO, Sophos Headcount: ~700 Open Positions: 40 U.S. based: 20 International: 20 Sales: 3 Other: 37

Competition: Imperva Splunk SecureWorks TrendMicro Total Funding: $387M Key Investors: Covera Ventures Mercury Fund OCA Ventures Welsh, Carson, Anderson & Stowe

Source: Company website, all revenues are CY-17


25

ALIENVAULT

Founded: 2007 Revenue: $50M-$100M

www.alienvault.com 650.713.3333

1875 S. Grant St., #200 San Mateo, CA 94402

Company Summary: AlienVault provides a cost efficient and simple unified threat detection and compliance management solution for the mid-market. The company’s Unified Security Management products (USM) leverage device monitoring and event management, along with other security technologies to provide a comprehensive threat detection and management solution with a single pane of glass that takes only 10 minutes to run. In recent years, AlienVault has developed an inside sales organization focused on driving high-velocity sales. The sales model has enabled AlienVault to cost-effectively target the mid-market, while other vendors have struggled to serve the market economically. The company also leverages an MSSP (Managed Security Service Provider) channel that is growing rapidly, with over 100 MSSP partners. AlienVault experienced organic growth of ~55% in CY17. Products/Services: AlienVault offers two USM products: USM Appliance for on-premise, and USM Anywhere for cloud and on-premise environments. The USM Appliance is an all-in-one platform designed to provide Day One protection against today’s security threats. The USM Appliance can easily and quickly identify threats and respond by continuously delivering threat intelligence from the AlienVault Labs Security Research Team and its Open Threat Exchange (OTX), while providing essential security aspects. Last year AlienVault launched a cloud and on-premise product called USM Anywhere which has grown rapidly, as it is highly scalable and centralizes five security capabilities in a single console. It also provides a continuous stream of intelligence from the AlienVault Labs Security Research Team and OTX to update the user with the newest data. The USM Anywhere platform leverages AlienApps, modular software components integrated into the platform that extend, orchestrate, and automate functionality between the security controls in the USM Anywhere console and other third-party security tools. Key Officers: Barmak Meftah – President & CEO Andy Johnson – CFO Roger Thornton – CTO Rita Selvaggi – CMO Marcus Bragg – Chief Revenue Officer John McLeod – Chief Information Security Officer Shanel Vandergriff – SVP, Marketing Board of Directors: J. Alberto Yépez – Chairman, MD, Trident Capital Ted Schlein – MD, Kleiner Perkins Caufield & Byers Barmak Meftah – President & CEO, AlienVault Glenn Solomon – Partner, GGV Capital Alberto Gomez – Managing Partner, Adara General Peter Pace – Former Chairman of the Joint Chiefs of Staff, U.S. Armed Forces Kenneth Goldman – Former CFO, Yahoo! John M. Jack – Partner, Andreessen Horowitz Headcount: ~400 Open Positions: 38 U.S. based: 23 International: 15 Sales: 18 Other: 20

Competition: HP IBM LogRhythm Splunk Intel-McAfee Total Funding: $118M Key Investors: Adara Ventures Correlation Ventures GGV Capital Intel Capital Institutional Venture Partners Jackson Square Ventures Kleiner Perkins Caufield & Byers Neotec Capital Riesgo Sigma Partners Top Tier Capital Partners Trident Capital



26

ARXAN

Company Summary: Arxan provides application security and solves complex management problems that arise from edge devices running in untrusted environments. Mobile, Javascript, and open IoT platform applications are especially vulnerable to code-based attacks, subsequently causing IP and licensing risk. In addition, Arxan also seeks to secure desktop applications from computer-based cyber hacks and protect servers beyond the traditional firewall. Arxan’s technology is currently running on over 500 million devices worldwide. Products/Services: Arxan delivers a variety of security products, including mobile, IoT, desktop, Javascript, and server security. These products protect a company’s brand by eliminating the possibility of IP and licensing attacks and securing valuable data. The technology protects the code by making it tamper-resistant and tamper-aware. It is also very resilient against continual attacks, as it is able to self-repair. Arxan’s application protection is highly-scalable and easily customizable to each user’s needs. Key Officers: Joe Sander – CEO Dick Davidson – CFO James Love – Sr. VP WW Sales Sam Rehman – CTO Board of Directors: Alex Gounares – CEO, Polyverse Corp Tom Heiser – Advisor, TA Associates Alex Melamud – Advisor, TA Associates Tom Mendoza – Vice Chairman, NetApp Joe Sander – CEO, Arxan Kenneth Schiciano – Advisor, TA Associates Headcount: 120 Open Positions: 19 U.S. based: 14 International: 5 Sales: 0 Other: 19

Competition: WhiteCryption Total Funding: Acquired by TA Associates in 2013 for $132M Key Investors: Dunrath Capital EDF Ventures Legend Ventures Paladin Capital Group Solstice Capital TDF Ventures Trident Capital


www.arxan.com Phone not listed

650 California St., Ste 2750 San Francisco, CA 94108



ARYAKA

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09 0M-$100M

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28

AVAST

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30

BIG SWITCH NETWORKS, INC.

Founded: 2010 Revenue: <$25M

www.bigswitch.com 650.322.6510

3965 Freedom Circle #300 Santa Clara, CA 95054

Company Summary: Broadly considered one of the pioneers of software-defined networking (SDN), Big Switch Networks is taking hyperscale networking design concepts developed by Web 2.0 leaders and developing solutions for the broader enterprise, cloud provider, and service provider markets. By combining commodity OEM/ODM Ethernet switch hardware (“bare metal switches”) with Big Switch’s SDN software, customers are able to better automate data center operations and reduce costs. Products/Services: Big Switch provides SDN software solutions for data center networks. The company’s product strategy is two-pronged, with products (Big Monitoring Fabric) that provide visibility across physical and virtual SDN environments and products (Big Cloud Fabric) that create SDN switching fabrics designed to dramatically improve network agility, management, and cost. Big Monitoring Fabric delivers granular visibility into network flows for monitoring tools, from vendors such as Riverbed, and provides integration into security solutions, such as FireEye and Symantec. Big Monitoring Fabric can direct traffic to security devices such that enterprises are able to maximize total cost of ownership (TCO) of their security investments. Key Officers: Douglas Murray – CEO Wendell Laidley – VP, Finance & CFO Kyle Forster – Co-founder Prashant Gandhi – VP, Product Management & Chief Product Officer Gregg Holzrichter – VP, Marketing and CMO Susheel Chitre – VP, Business Development Joe Palazola – VP, WW Operations Jeffrey Wang – VP, Engineering Board of Directors: Douglas Murray – CEO, Big Switch Networks Bruce Armstrong – Operating Partner, Khosla Ventures Kyle Forster – Co-Founder, Big Switch Networks Bill Meehan – Lecturer, Stanford University Graduate School of Business Gary Morgenthaler – Partner, Morgenthaler Mike Volpi – Partner, Index Ventures Dan Warmenhoven – Former CEO, NetApp Headcount: 115 Open Positions: 33 U.S. based: 27 International: 6 Sales: 5 Other: 28

Competition: Cumulus Networks Gigamon Juniper Networks Total Funding: $119M Key Investors: Accton Technology CID Group Index Ventures Intel Capital Khosla Ventures MSD Capital LP Morgenthaler Ventures Redpoint Silver Lake Waterman TriplePoint Capital



BITGLASS

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32

BITSIGHT T

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CENTRIFY

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34

CHECKMA

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35

CLOUDPASSAGE


www.cloudpassage.com 800.838.4098

180 Townsend St., Third Floor San Francisco, CA 94107

Company Summary: CloudPassage’s Halo service provides fast and scalable security and compliance automation. The company offers solutions across public and private clouds, virtual machines, servers and containers. The Halo platform is able to support DevOps speed and scale up to massive cloud deployments. Its robust APIs are easy to integrate so end-users can customize policies for managing workloads. Products/Services: CloudPassage Halo is an on-premise and cloud solution comprised of three packages that can be purchased separately or in combination: Halo Protect, Halo Segment, Halo Detect. Halo Protect reduces the software attack surface of workloads by ensuring proper security configuration, discovering software vulnerabilities, and controlling administrative access. Halo Segment reduces the network attack surface through traffic discovery, host firewall orchestration, and multi-factor network authentication. Halo Detect alerts IT admins if any workloads have been compromised by monitoring whether important files have changed and important server log files. Recently, the company released Container Secure, which provides full lifecycle security and compliance across all container deployments. Key Officers: Robert Thomas – CEO Carson Sweet – Co-founder & CTO Vitaliy Geraymovych – Co-founder & SVP, Advanced Engineering David Appelbaum – CMO Bernard Batang – SVP, Operations Steve Shevick – CFO Sohail Perekh – EVP, Engineering Mark Stephenson – EVP, Sales Board of Directors: Kevin Harvey – Founder, Benchmark Capital Larry Link – Former SVP WW Sales, Palo Alto Networks Brian Melton – MD, Tenaya Capital Ravi Mhatre – Founder & MP, Lightspeed Venture Partners Jason Pressman – Investor, Shasta Ventures Carson Sweet – CTO, CloudPassage Robert Thomas – CEO, CloudPassage Headcount: ~140 Open Positions: 7 U.S. based: 7 International: 0 Sales: 0 Other: 7

Competition: Cisco Illumio vArmour VMware Total Funding: $115M Key Investors: Benchmark Capital Lightspeed Venture Partners Meritech Capital Musea Ventures Shasta Ventures Tenaya Capital


36

CLOUDIAN

Founded: 201Revenue: $25 Company Susolve the issuplatform uses globally. Its Hytelecom compand surveillanc Products/Serto start small platform has uwithin the medAPI, enterprisdeveloped forappliance, a sfrom the AWS Key Officers:Michael Tso –Gary OgasawaJon Ash – VP,Jon Toor – CMHiroshi Ohta –Shinya Motoha Board of DireMichael Tso –Hiroshi Ohta –Johnathan EpsGregory BryanKen YasunagaEvan Powell – Headcount: 1 Open PositioU.S. based: 13International: 2Sales: 1 Other: 14

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37

CLOUDFLARE


www.cloudflare.com 888.993.5273

101 Townsend Street San Francisco, CA 94107

Company Summary: Cloudflare provides a CDN service that protects websites from all manner of attacks, while simultaneously optimizing performance. The company connects more than 7 million sites over a network with 15 terabytes of capacity that spans 137 data centers in 58 countries. The company’s differentiated performance and security services have enabled Cloudflare to rapidly emerge as a key leader in the delivery of web content as it serves more traffic than Twitter, Amazon, Apple, Instagram, Bing, and Wikipedia combined. More specifically the company eliminates the need for customers to use 3rd party solutions, such as physical or virtual appliances, by providing its own value-added performance services which accelerate customer applications, enhance mobile content delivery and ensures application reliability. Similarly, Cloudflare’s security services organically provide protection against distributed denial of service (DDoS) attacks, prevents customer data breaches and blocks malicious bot abuse. The company serves customers ranging from the small enterprise to the Fortune 500 with notable customers including Cisco, Nasdaq and LogMeIn. Products/Services: Cloudflare offers a range of products to provide secure CDN capabilities. On the CDN side, it has a core CDN service, as well as web optimization, Argo smart routing for reducing internet latency, and Cloudflare Stream to combine video, encoding, global delivery, and player functions. Additionally, the company offers a range of security products to ensure safe delivery of its content. These products include distributed denial of service (DDoS) protection, rate limiting, web app firewall (WAF), SSL/TLS decryption, and an analytics platform on top of everything. Key Officers: Matthew Prince – CEO & Co-founder Lee Holloway – Lead Engineer & Co-founder Michelle Zatlyn – User Experience & Co-founder Thomas Seifert – CFO Board of Directors: Bryan Roberts – Partner, Venrock Carl Ledbetter – Managing Director, Pelion Venture Partners Matthew Prince – CEO, Cloudflare Michelle Zatlyn – Founder and Head of User Experience, Cloudflare Scott Sandell – Partner, New Enterprise Associates Headcount: 575 Open Positions: 121 U.S. based: 79 International: 42 Sales: 36 Other: 85

Competition: Akamai Technologies Amazon Web Services F5 Networks Imperva (Incapsula) Limelight Networks StackPath Total Funding: $182M Key Investors: Baidu Fidelity GV Greenspring Associates Microsoft Ventures New Enterprise Associates Pelion Venture Partners Qualcomm Ventures Union Square Ventures Venrock


38

CODE42

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COHESITY

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CORE SEC

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CROWDST

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CUMULUS NETWORKS


www.cumulusnetworks.com 650.383.6700

185 E. Dana Street Mountain View, CA 94041

Company Summary: Cumulus Networks is a developer of Linux operating system software that runs on top of industry standard networking hardware that is used in web-scale data centers. The company is enabling data center networks to benefit from the same economics and innovation that Linux enabled in the server industry. The architecture has been adopted by many hyper-scale service providers but has not been economical for traditional enterprise organizations. Notalby, the architecture provides significant operational benefits such as network automation and Cumulus is developing software applications that will run on its switches, such as telemetry. Cumulus is deployed on over one million switch ports across a global network of more than 800 customers, including one-third of the Global 50. Dell is a strong partner, providing integrated switching hardware to 175 customers and taking the platform to market globally. Cumulus’s largest vertical market is telecom service providers and other verticals include healthcare, financial services, and SaaS providers. Products/Services: Cumulus Linux is an open network operating system that allows customers to automate, customize, and scale using web-scale principles. It is a flexible open network operating system that sits on top of bare metal switches. NetQ is a telemetry-based fabric validation system that ensures proper network behavior, allows for web-scale operations, and seamlessly integrates with Cumulus Linux for a closed loop solution. Its most recent product, Cumulus Express is a turnkey solution to put the Cumulus Linux OS on network to allow for web-scale networking. Key Officers: Josh Leslie – CEO JR Rivers – Co-founder & CTO Ami Bandani – VP, Marketing Andrew Harding – VP, Products Jim McNicholas – CFO Dinesh Dutt – Chief Scientist Shrijeet Mukherjee – VP, Engineering Ron DiBiase – VP, Sales Sandy Palicio – VP, HR Board of Directors: Josh Leslie – CEO, Cumulus Networks JR Rivers – Co-founder & CTO, Cumulus Networks Nolan Leake – Co-founder, Cumulus Networks Peter Levine – GP, Andreessen Horowitz Scott Tobin – GP, Battery Ventures Alex Benik – Partner, Battery Ventures Bill Coughran – Partner, Sequoia Capital Lisa Edgar – MD, Top Tier Partners Headcount: 130 Open Positions: 8 U.S. based: 8 International: 0 Sales: 1 Other: 7

Competition: Arista Networks Cisco Juniper Networks Total Funding: $129M Key Investors: Andreessen Horowitz Battery Ventures Sequoia Capital SV Angel Top Tier Capital Partners Wing Venture Capital Telstra Ventures



44

CYBERA


www.cybera.com 866.429.2372

9009 Carothers Parkway, Suite C5 Franklin, Tennessee 37067

Company Summary: Cybera offers an SD-WAN solution that is differentiated by its ability to deliver applications and services to remote sites. The company offers devices that connect to Cyber’s cloud and can be managed by Cybera or by the customer. Applications provided include firewall, antivirus, and user provisioning. The platform is designed to enable customers to operate their own applications on the network. Cybera secures enterprise-grade network applications and services accessible to all distributed locations - large or small. No matter how many sites a customer may have, implementing the company’s solution is faster, easier and costs less than conventional WANs. Cybera expanded to edge operations for business continuity so applications and connected devices do not have to be limited to basic business and can include IoT devices, surveillance, guest services as well as a wide variety of third-party applications. Products/Services: Cybera’s SD-WAN operates as a secure application network overlay that consolidates multiple network functions over any new or existing network connection. Cybera utilizes a customer premise device (CPE) at the customer site, which then connects to its points of presence (POPs) deployed across the globe, with the entire solution being managed remotely in the Cybera cloud. The SD-WAN operates as a secure applications network overlay that allows customers to consolidate multiple network functions over a low-cost broadband connection. This lowers network complexity and costs and significantly reduces the number of network devices and connections needed at each site. Key Officers: Andrew Lev – CEO Cliff Duffey – President & Founder Jon Howard – CFO Kristen Hudson – VP, Business Process and PMO Jeff Manning – EVP, Worldwide Sales Ron Robinson – SVP, Sales Jayesh Patel – SVP, Business Development Board of Directors: Andrew Lev – CEO, Cybera Cliff Duffey – President & Founder, Cybera Paul Mercadante – MD & Co-founder, Sumeru Equity Partners Ajay Shah – Senior Operating Partner, Sumeru Equity Partners Sanjeet Mitra – MD & Co-founder, Sumeru Equity Partners Ellen Carnahan – Principal, Machrie Enterprises George H. Spencer – Consultant, Adams Street Partners Headcount: 130 Open Positions: 10 U.S. based: 10 International: 0 Sales: 1 Other: 9

Competition: Cisco Cloudgenix Juniper VeloCloud Viptela Total Funding: $38M Key Investors: Adams Street Partners Chrysalis Ventures Claritas Capital Sumeru Equity Partners



CYBEREAS

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46

CYLANCE


www.cylance.com 88-802-9358

18201 Von Karman Ave., Suite #700 Irvine, CA 92612

Company Summary: Cylance is revolutionizing cybersecurity with products and services that proactively prevent, rather than reactively detect the execution of advanced persistent threats and malware. The technology is deployed on over ten million endpoints and protects hundreds of enterprise clients worldwide including Fortune 100 organizations and government institutions. The company is certified to replace traditional anti-virus solutions provided by larger players, such as Symantec and McAfee. After shipping product for just over three years, Cylance has garnered over 3,800 customers, and in 2017 revenue grew 177%. Products/Services: CylancePROTECT is 100% predictive and prevents cyberattacks from being successful by providing a proactive security posture with higher efficacy than traditional antivirus. CylancePROTECT leverages artificial intelligence, algorithmic science, and machine learning to provide seamless and silent pre-execution attack prevention that is 99.9% effective with zero reliance on signatures, the cloud, or reputation lookups. Lightweight agent uses only 1-3% of PC processing power - 10 times fewer system resources than traditional endpoint security solutions - to provide superior, preventive protection. Key Officers: Stuart McClure – Founder & CEO Ryan Permeh – Founder & Chief Scientist Rahul Kashyap – Global CTO Daniel Doimo – President & COO Brian Robins – CFO Malcom Harkins – Chief Security and Trust Officer Vina Leite – Chief People Officer John Giacomini – EVP, Global Sales, Operations Shaun Walsh – SVP, Marketing Christopher Bray – SVP/GM Consumer Board of Directors: Alex Doll – Founder & Managing Partner, TenEleven Ventures Patrick Heim – CISO & Operating Partner, ClearSky Security Fund Mark Bailey – Co-founder & MD, DFJ Growth Brian Contos – CISO & VP Security Strategy, Verodin Headcount: 800 Open Positions: 72 U.S. based: 63 International: 9 Sales: 28 Other: 44

Competition: CrowdStrike Intel/McAfee Invincea Palo Alto Networks Cisco Symantec Tanium Cybereason Carbon Black Total Funding: $177M Key Investors: Blackstone Capital One DFJ Draper Nexus Founders Equity Partners Khosla Ventures KKR TenEleven Ventures



DATERA

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DOME9 SE

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DUO SECURITY


www.duo.com 866.760.4247

123 N. Ashley St., Suite 200 Ann Arbor, MI 48104

Company Summary: Duo Security provides cloud-based, trusted access including two-factor authentication for companies of all sizes. Duo’s authentication solution is differentiated by its ease of use, with most customers getting the service up and running in one day. The company is benefiting from explosive growth in demand for securing user identities, as attackers are increasingly targeting individuals. Roughly half of its business comes from displacing legacy solutions, but Duo is also expanding its market with new users. Notably, Duo makes authentication more viable for mid-market users, a segment of the market that is increasingly attacked by cyber threats. Duo is experiencing explosive growth as it has achieved triple digit growth in the past several years. Products/Services: Duo Security offers a comprehensive security solution that uses two-factor authentication to confirm the identity of the user and the health of their device before they connect to an on-premise or cloud-based application. The platform also enables the user to enforce stricter use and access policies, allowing customers to tailor it to their specific environment. For trustworthy devices, Duo uses Endpoint Remediation to allow the user to block any malicious devices from accessing data through application deployment. It can also be used to require users to update their software to ensure the utmost protection.

Key Officers: Dug Song – CEO & Co-founder Jon Oberheide – CTO & Co-founder Raffaele Mautone – CIO Syndey Carey – CFO Paul DiMarzo – EVP, Corporate Development Lisa Paul – VP, Customer Success Jim Cyb – SVP, Worldwide Sales Jeff Wiss – VP, Corporate Marketing Board of Directors: Not Listed Headcount: 600 Open Positions: 88 U.S. based: 84 International: 4 Sales: 35 Other: 53

Competition: EMC/RSA Symantec Intel CA Vasco Okta Total Funding: $119M Key Investors: Radar Partners True Ventures Benchmark Google Ventures Redpoint Ventures



EERO

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EXTRAHOP

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54

FIDELIS CYBERSECURITY

Founded: 2002 Revenue: $50-$100M

www.fidelissecurity.com 800.652.4020

4500 East West Highway, #400 Bethesda, MD 20814

Company Summary: Fidelis provides integrated network and endpoint security for automated detection and response. On the network security side, Fidelis offers best-in-class advanced threat protection (APT) capabilities, protecting enterprises from both inbound and outbound threats. Fidelis’ endpoint security offering correlates against its intelligence, threat reputation services, and third-party threat intelligence feeds to determine which endpoints are compromised. Fidelis also offers a broad array of incident response services to complement its protection capabilities. After having spun out of General Dynamics, the company targets the large enterprise and its customer base consists of several hundred global organizations.

Products/Services: Fidelis offers two platforms: Fidelis Network and Fidelis Endpoint. With Fidelis Network, enterprises can detect the tools and tactics of advanced attackers, including advanced malware, exploits, and command and control activity that typically bypass traditional network security systems. Fidelis Endpoint identifies compromised endpoints and automates investigation and response by eliminating time-consuming manual steps, enabling a more rapid triage of security incidents. Both platforms offer network and endpoint integration, valuable context with every alert and automated remediation. Incident response services from Fidelis are available 24/7, and include threat triage, readiness assessments, compromise assessments, SOC development, PCI assessment, and security program review.

Key Officers: John McCormack – President & CEO David Macey – SVP, WW Sales & Marketing Kurt Bertone – CTO Ian Gillott – CIO Gerald Mancini – SVP, Engineering Board of Directors: Not listed Headcount: 325 Open Positions: 4 U.S. based: 4 International: 0 Sales: 1 Other: 3

Competition: FireEye Forcepoint Intel/McAfee Palo Alto Networks Symantec Cylance Carbon Black Total Funding: $24M – Acquired by Marlin Equity Partners in May 2015 Key Investors: Ascent Venture Partners Inflection Point Ventures Maryland Venture Fund PJC Tudor Growth Equity



FIREMON

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FORGERO

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HACKERO

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IBOSS

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59

ILLUMIO


www.illumio.com 669.800.5000

160 San Gabriel Dr. Sunnyvale, CA 94086

Company Summary: Illumio delivers adaptive security that works across the largest data centers and cloud computing environments, including some of the largest financial institutions. Illumio allows customers to gain live visibility, adaptive micro-segmentation, and instant encryption without dependencies on the network or hypervisor because its software is entirely decoupled from the underlying infrastructure. Adaptive segmentation filters traffic to enforce security policies, allowing performance boosts within a cloud environment. Illumio essentially delivers a local firewall that is built into the OS of every workload in the data center. Because Illumio is not beholden to the underlying infrastructure, customers can more easily implement and manage the firewall with centralized policies that are appropriate for customer environments.

Products/Services: Illumio is the only company that can deliver customers a picture of a single navigable view that crosses all data center, private cloud, public cloud environments, and all workloads and network flows. Illumination builds a live interactive map of all application dependencies. The Illumio Adaptive Security Platform (ASP) provides adaptive segmentation that adjusts to the environment in real time; coordinated enforcement of policies set in place in the workload, network, and cloud; visibility of traffic flows throughout all applications; encryption of data in motion; modeling of policy to understand a change in policy’s impact on the network and application functionality; and auto-discovery and segmentation policy recommendations. Key Officers: Andrew Rubin – Founder & CEO PJ Kirner – Founder & CTO Emily Couey – VP of People Ben Verghese – VP, Engineering Jim Yares – SVP, Global Field Operations Board of Directors: Andrew Rubin – CEO, Illumio Alan S. Cohen – CCO, Illumio Steve Herrod – MD, General Catalyst Partners John Jack – Board Partner, Andreessen Horowitz Joe Lonsdale – Founder & MD, Formation 8 John W. Thompson – Chairman of the Board, Microsoft Headcount: 200 Open Positions: 35 U.S. based: 28 International: 7 Sales: 5 Other: 30

Competition: Cisco CloudPassage RedSeal vArmour VMware Total Funding: $267.5M Investors: Accel Partners Andreessen Horowitz BlackRock Funds Data Collective Formation 8 General Catalyst J.P. Morgan Jerry Yang John W. Thompson Marc Benioff



60

IVANTI


www.ivanti.com 888.253.6201

698 W. 10000 South, Ste 500 South Jordan, Utah 84095

Company Summary: Ivanti arose out of the merger of HEAT Software and LANDESK in January 2017. Ivanti offers IT solutions centered on the individual user to increase productivity and maintain efficiency while diminishing IT security risk. The company focuses on organizations and prioritizing control of service delivery, simplifying the service management process, and gaining visibility into the programs and intricate networks inherent in complex organizations. Ivanti seeks to integrate people and technology to deliver the best service performance. The company’s product offering automates processes allowed for IT organizations to reallocate resources away from administrative work, thereby reducing G&A expenses. Products/Services: Over time, Ivanti has acquired new technology through HEAT and LANDESK’s respective acquisitions. Ivanti offers a suite of security products, including those for systems management, IT asset management, IT service management, improvement in the cloud, IT security solutions and patch management. The core of its focus lays in the identity and privileged asset products, and in unifying IT teams. Key Officers: Steve Daly – President & CEO Mark McBride – EVP & CFO Tom Davis – EVP & CTO Steve Morton – EVP & CMO Mitch Rowe – EVP, Global Software Sales Steve Workman – VP, Corporate Strategy & Planning Prajval Parthasarathy – GM & CPO, Cloud Products Board of Directors: Not Listed Headcount: 2,000+ Open Positions: 78 U.S. based: 36 International: 42 Sales: 23 Other: 55

Competition: Tanium Ziften Technologies CrowdStrike Carbon Black BeyondTrust ServiceNow BigFix Total Funding: $2.6B Key Investors: Not Listed



61

KAMINARIO


www.kaminario.com 877.982.2555

75 Second Avenue, Ste. 620 Needham, MA 02494

Company Summary: Kaminario is an all-flash array (AFA) vendor that leverages a unique storage architecture in its K2 platform to deliver flexible and cost-efficient flash storage. Kaminario’s storage arrays offer unique scaling benefits that provide customers the flexibility and agility to dynamically grow the datacenter according to their needs. Gartner rates the K2 platform the highest in three of five Critical Capabilties use cases, demonstrating the value-add of Kaminario. Because of its unique architecture, Kaminario is able to guarantee storage costs of less than $1/GB, which rivals the upfront cost of HDD-based storage systems. According to preliminary estimates from Gartner, Kaminario generated over $100 million in sales in 2017. Products/Services: Kaminario’s storage arrays are built on its Scalable Performance and Resilience Architecture (SPEAR), which is designed to harness the power of flash with storage efficiency features such as in-line selective deduplication, in-line compression, thin-provisioning, a robust RAID scheme, and highly efficient metadata management. Leveraging SPEAR, Kaminario allows enterprises to both scale-out and scale-up, enabling independent linear growth of capacity and performance according to datacenter needs. In May 2014, Kaminario introduced its fifth generation AFA named K2. Due to its SPEAR architecture, Kaminario was able to rapidly incorporate the latest and most cost-efficient SSDs into its K2 platform, which enabled the company to achieve unprecedented storage economics of less than $1/GB of usable flash capacity, for a predicted five-year savings and benefits of ~$564k. Key Officers: Eyal David – CTO Marty Sanders – CTO, North America Josh Epstein – CMO Guy Tanchuma – CFO Dani Golan – Founder & CEO Itay Shoshani – Chief Revenue Officer Reuven Losh – COO Todd Gresham – VP, Corporate Development Eyal Gordon – Chief Architect Board of Directors: Dani Golan – Founder & CEO, Kaminario Haim Sadger – Sequoia Capital Seed Fund Aaron Mankovski – Pitango Venture Capital Gil Mandelzis – Traiana, Inc. Thomas Banahan – Tenaya Captial Inc. David Fachetti, CPA – Globespan Capital Management LLC Headcount: 250+ Open Positions: 11 U.S. based: 4 International: 7 Sales: 6 Other: 5

Competition: EMC NetApp IBM HPE Hitachi Data Systems (HDS) Pure Storage Total Funding: $224.5M Key Investors: CE Ventures CIRTech Fund Globespan Capital Partners Lazarus Mitsui Global Investment Pitango Venture Capital Sequoia Capital Silicon Valley Bank Tenaya Capital Waterwood Group


62

KNOWBE4

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64

LIEBERMAN SOFTWARE


www.liebsoft.com 800.829.6263

1875 Century Park East Ste. 1200 Los Angeles, CA 90067

Company Summary: Lieberman Software is a leader in Privileged Credential Management, providing Automated Privileged Identity Management, Secure Privileged Access Management, Orchestrated Intrusion Remediation, and Security Configuration Reporting & Repair. The company uses a continuous discovery technology to automatically detect devices and users as they log on and off a network. By knowing exactly where users are entering the network, Lieberman Software can monitor and detect potential threats and deploy account propagation to prevent service disruptions.

Products/Services: Lieberman’s RED Suite is comprised of a variety of technologies, including identity management, COM management, task management, services management, and systems management. The suite restructures a poorly built environment in minutes to deploy a safer and simpler network. It also automates privileged identity and access management to control systems and identities that are vulnerable to attacks. Finally, it creates a closed loop environment using its pre-built applications, including SIEMs, advanced analytics, and vulnerability scanners to detect and deter threats and intrusions in real time. Key Officers: Philip Lieberman – President & CEO Jack Jaffe – SVP, Sales Richard A. Weeks – VP, Channel Sales & BD Chris Stoneff – VP, Technical Management Jane Grafton – Director of Marketing Board of Directors: Not Listed Headcount: 60 Open Positions: Not Listed U.S. based: International: Sales: Other:

Competition: BeyondTrust CyberArk Thycotic Quest Software Total Funding: Not Listed Key Investors: Not Listed



LOOKOUT

Founded: 200Revenue: $50 Company SumBluetooth techmobile securitintelligence deassesses the hto 94.5M+ appenterprise custheir networks

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MALWARE

Founded: 200Revenue: >$1 Company Sumfirst version oendpoints. Masolution amoninstalled on mmore than 10product, with recent growth

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Key Officers:Marcin KleczySteven De MaMark Patton – Justin Dolly – Pedro BustamRaj Mallempat Board of DireMarcin KleczyCorey Mulloy –Alexander EckBrooke SeaweJustin SomainDoug SwansoScientific ConsGary Steele – Headcount: 4 Open PositioU.S. based: 21International: 9Sales: 12 Other: 18

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08 100M

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alwarebytes eveg small and m

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nski – CEO arco – SVP, Sa

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METASWIT

Founded: 198Revenue: >$1 Company Stelecommunicadecades. It wacompany is gecore carrier nesoftware. It gehas made sevoperations into Products/Serproducts, Appbinary productThe company particularly wedeveloping unproviding HD Metaswitche’swith native dia Key Officers:Martin Lund – Graeme MacAMartin Taylor –Tom Cronan –Roger Heinz –Ian Maclean –Henock GesseAlastair Mitche Board of DireChris Mairs – Deep Shah – CJason Brein – Jim Goetz – PSteve MullaneIan Ferguson –Martin Lund – Graeme MacA Headcount: 7 Open PositioU.S. based: 5 International: 7Sales: 5 Other: 7

omm Infrastruc

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81 100M

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68

NETSKOPE

Founded: 201Revenue: $50 Company Sumitigates the enforcement fapplications ana significant violations. Nemitigate risk, p Products/SerThe Netskopeplatform steerpremise and sanctioned or Index, providinwith five key locations, perfprevention (DLcapabilities to security vendo Key Officers:Sanjay Beri – Ravi Ithal – ChLebin Cheng –Krishna NarayAmol Kabe – VSteve MalmskChris Andrews Board of DireSanjay Beri – Eric Wolford –Enrique SalemArif Janmoham Headcount: 4 Open PositioU.S. based: 29International: 1Sales: 5 Other: 39

E

12 0M-$100M

ummary: Netsrisk of “Sha

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mpetition: yhigh Networkserva (Skyfencee Coat rosoft bsense aler

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69

OPTIV


www.optiv.com 303.298.0600

1125 17th Street, Suite 1700 Denver, CO 80202

Company Summary: Optiv is a pure-play cybersecurity systems integrator that offers a multitude of services, including identity and access management (IAM), third-party risk management, threat and vulnerability management, and managed security services. Recently, Optiv was acquired by private equity firm KKR & Co., which will enable internal expansion, global expansion and partnership expansion. IAM is its fastest growing segment of the business, but the company is still working on expanding its other products. Optiv targets mostly enterprises, and aims to be the most advanced, most trusted and most comprehensive single source for all things cybersecurity. Products/Services: Optiv serves as a cybersecurity provider for organizations by using a programmatic approach to solving clients’ needs. Its solutions include: cloud security, enterprise security architecture, advanced threat, IoT, identity, security intelligence, and third-party risk management. Within third-party risk management, Optiv offers the Optiv Evantix 5.0, a comprehensive platform to manage a customer’s entire third-party portfolio. The platform allows for visibility, consistency and integratable management of third-party applications, and visualizes how it fits into the enterprise’s system. Optiv carries a full suite of security products, allowing the customer to tailor these products to their precise needs. Key Officers: Dan Burns – CEO David Roshak – CFO Nate Brady – Chief Accounting Officer David Castignola – EVP, WW Sales Anirban (Oni) Chakravartti – SVP, WW Partner Solutions William Croutch – SVP & General Counsel Peter Evans – CMO Paul Lehman – CIO Stu Solomon – SVP, Security Solutions & Ops Board of Directors: Not Listed Headcount: 1,700 Open Positions: 100 U.S. based: 98 International: 2 Sales: 18 Other: 82

Competition: Deloitte Cyber Security IBM Security Secureworks Total Funding: Acquired by KKR & Co. on December 5, 2016 Key Investors: Not Listed


70

PHISHME

Founded: 201Revenue: $50 Company Suchanged muchwas formed wproducts that and midmarkeand has exper Products/SerIntelligence, aemployed by user’s email pseemingly maPhishMe Intellanalysts to dfindings in plaproduct, the findings to com Key Officers:Rohyt Belani –Aaron Higbee Jim Hansen – Mel Wesley – Gordon LawsoWade Weeks – Board of DireRohyt Belani –Aaron Higbee Nick Lantuh NetWitness CoKevin Mandia Christopher St Headcount: 3 Open PositioU.S. based: 34International: 7Sales:11 Other: 30

11 0M-$100M

ummary: Overh since 2000.

with a mission totrain employee

et customers. Prienced growth

rvices: PhishMand PhishMe T1,400 enterpris

provider (ex. Oalicious mail religence eliminaissect and ide

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PING IDEN

Founded: 200Revenue: >$1 Company Suemployees anenable Ping taccess manaenterprise accwell as cloud-and it is recog Products/Serbe deployed aproving its sucsign-on in ordemonitors user ensures securenterprise’s un Key Officers:Andre Durand Patrick HardinRaj Dani – CFBrian Bell – CMSteve Shoaff – Board of DireHerald Chen –Dain DeGroff Partners Alex Doll – MaAndre Durand Blake Heston –Rob KettersonDavid Orfao – Dave Power – Headcount: 5 Open PositioU.S. based: 41International: 1Sales:4 Other: 55

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rvices: Ping Idas SaaS, softwccess in large er to access dibehavior to ea

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72

PIVOT3


www.pivot3.com 512.807.2666

221 W. Sixth Street, Ste. 750 Austin, Texas 78701

Company Summary: Pivot3 improves the simplicity and economics of the enterprise datacenter with next-generation hyperconvergence infrastructure (HCI). By combining storage, compute, networking, and virtualization on commodity hardware, Pivot3’s software-defined platforms allow IT to run multiple, mixed workloads on a single infrastructure while guaranteeing performance to the applications that matter most. The company launched the latest release of its HCI platform in mid-2017 with support for NVMe and the product fueled a sharp acceleration in Pivot3’s growth. The company’s agile infrastructure bolsters performance, scale and efficiency so enterprises can keep pace with the demands of digital transformation. With over 2,000 customers in 54 countries and over 18,000 hyperconverged deployments in multiple industries such as healthcare, government, transportation, security, entertainment, education, Pivot3 has emerged as a key up-and-comer in the rapidly growing HCI market. Products/Services: Being one of the first hyperconverged players to market, Pivot3 offers a mature and proven technology and it has entrenched itself as a leading provider in the security video storage market. The company is differentiated in its ability to efficiently store data across nodes, reducing data storage costs. Its Global architecture spreads data across virtual machines (VMs), rather than requiring data residency at the VM-level, enabling increased flexibility, better data resiliency, improved scale, and data efficiency with two great software product lines, Pivot3Acuity, its HCI platform, and vStac, its storage, computing and networking virtualization platform. In addition, the NexGen platform adds hybrid and all-flash arrays, and a storage orchestration solution that enables centralized management of storage infrastructure. Key Officers: Ron Nash – CEO Bill Galloway – Founder, VP & CTO Bill Stover – VP & CFO John Spiers – EVP, Strategy Bruce Milne – VP & CMO Jamie Lerner – VP & COO Carlo Garbagnati – VP, Engineering Board of Directors: Ron Nash – Chairman & CEO, Pivot3 Steven Mitchell – MD, Argonaut Private Equity Donna Troy – Independent Board Member Al Higginson – Director, F5 Networks Brian Smith – MD, S3 Ventures Marc Zionts – CEO, Automated Insights Headcount: 210 Open Positions: 12 U.S. based: 12 International: 0 Sales: 6 Other: 6

Competition: EMC NetApp IBM Hitachi Data Systems (HDS) Nutanix SimpliVity Total Funding: $253M Key Investors: Argonaut Private Equity Interwest Partners Mesirow Financial S3 Ventures Source: Company website, all revenues are CY-17


REDSEAL

Company Suexternal attaccreating a netproactively secompliance. Rexposed if anpositioned as half commercintegrations, a Products/Serunderstandablvaluable netwonetwork devicpreviously unkpractices. Oncproviding all dwhich rates thintegrates with Key Officers:Ray Rothrock Sundar Raj – VHom BahmanyGord Boyce – Steve TimmerDr. Mike LloydBob Finley – CJulie Parrish –Kurt Van Etten Board of DireRay Rothrock Mark Achler – Tench Coxe – Bill FuncannonSteve GoldberJoe Horowitz –Rhonda MacLPete Sinclair –Robert Locke, Headcount: 1 Open PositioU.S. based: 1 International: 0Sales: 1 Other: 0

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ummary: RedSck path to theitwork map thatecure against RedSeal focusen attack transpa platform for ial. RedSeal hnd tailored use

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RISKIQ

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RUBRIK

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SENTINELO

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SILVER PE

Founded: 200Revenue: >$1 Company Suenterprises aneffective sourhardware appWAN) solutionThe adoption growth over thSD WAN businto augment orand relativelyNetworks, to in Products/SerOptimization sappliances forpolicy managewith several clto cost effectivthe industry’s hypervisor. Key Officers:David HughesDamon Ennis Chris Helfer – Eric Yeaman –John VincenzoPat Gilbreath –Shayne StubCloud Board of DireJohn CaddedGoodrich LLC Roger Evans –Robert FinoccDavid HughesAndy Rachleff Headcount: 2 Open PositioU.S. Based: 29International: 7Sales: 25 Other: 11

EAK SYSTEM

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SKYBOX S

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SOLARFLA

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STACKPAT

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oper-focused cseamlessly traes in cloud enftLayer which p

rvices: The Stacrease securityity services: Dep authenticati-scale connectces are integrss security that

– Chairman & – CFO

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82

TANIUM


www.tanium.com 510.704.0202

2200 Powell St., 5th Floor Emeryville, CA 94608

Company Summary: Tanium’s software collects and processes data from billions of events across endpoints in real time, providing real-time security, endpoint management, and visibility in large scale, enterprise IT environments. This allows IT managers to identify and respond to threats within seconds or minutes, as opposed to traditional requirements for hours or days. Tanium provides IT operators with 15-second visibility and control over any endpoint in even the most complex networks. With Tanium's search bar, users are able to use "plain English" (rather than scripting language) to query hundreds of thousands of endpoints in real time, allowing questions to be asked that were previously impossible at scale. The company offers a suite of modules that enables it to target market opportunities in both security and IT operations, as well as to generate significant follow-on business from its customer base of large enterprise organizations. In light of heightened security concerns and Tanium’s unique market position, the company has experienced a sharp acceleration in growth over the past three years and has grown headcount from 50 to ~500 during that time. The company has also raised over $300M in funding, despite operating on a breakeven basis. Products/Services: Tanium offers a suite of solutions, known as Tanium 7, for security and incident response, audit and compliance, and endpoint management. With Tanium's unique architecture, most communication is client-to-client rather than client-server, which dramatically simplifies large scale deployments and enables rapid response times, making decisions practically live. As a result, Tanium can be managed using a single server for up to hundreds of thousands of seats and large-scale deployments take days instead of months. Tanium offers unprecedented speed, scale, and simplicity. Key Officers: David Hindawi – Co-founder & Executive Chairman Orion Hindawi – Co-founder & CEO Chris Bream – CTO Bina Chaurasia – Chief People Officer David Damato – CSO Anirma Gupta – General Counsel Fazal Merchant – COO and CFO Charles Ross – CCO Mark Wayland – CRO Board of Directors: David Hindawi – Co-founder, Tanium Orion Hindawi – Co-founder & CTO, Tanium Steven Sinofsky – Board Partner, Andreessen Horowitz Gordon Davidison – Board Partner, Fenwick & West LLP Nathan Brill – CEO, Executive Press Morten Simonsen – Principal, Nor-Cal Invest LLC Anthony Belfiore – Chief Security Officer, Aon Maggie Wilderotter – Former CEO, Frontier Communications Headcount: ~500 Open Positions: 131 U.S. based: 120 International: 11 Sales: 27 Other: 104

Competition: CrowdStrike FireEye Intel/McAfee Symantec Total Funding: $406M Key Investors: Andreessen Horowitz Citi Ventures Franklin Templeton Investments Geodesic Capital Institutional Venture Partners TPG T. Rowe Price



TENABLE

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TUFIN

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85

VARMOUR


www.varmour.com 650.564.5100

800 W. El Camino Real #300 Mountain View, CA 94040

Company Summary: Founded in 2011, vArmour delivers agentless integrated security services to automatically discover application communications, optimize policy modeling and protect critical application and workloads across multi-clouds. vArmour’s DSS Distributed Security System is deployed across the world’s largest banks, telcos, governmental agencies, healthcare providers and retailers. Sitting as a virtual machine (VM) on top of any hypervisor, vArmour’s platform is able to see traffic flow through as well as gain application level knowledge, in addition to network information, all without a single agent. The company is currently working on making the solution easily downloadable from its website. Products/Services: vArmour offers three sets of products: security policy management, software based segmentation and microsegmentation, and cyber deception. The security policy management tool provides policy creation and maintenance across multi-clouds with full Layer 7 visibility, intent based policy templates and pre-deployment policy validation all to help understand application dependencies and accelerate and validate policy creation. Microsegmentation secures workloads and applications across all envrionments and helps enterprises become operationally efficient. Lastly, vArmour’s cyber deception product proactively defends networks, detects threats and streamlines incident response times. Key Officers: Timothy Eades – CEO Roger Lian – Co-founder and VP, Engineering Michael Shieh – Co-founder and CTO Keith Stewart – VP, Product and Strategy Marc Woolward – CTO Mark Weatherford – SVP, Chief Cybersecurity Strategist Board of Directors: Timothy Eades – CEO, vArmour Roger Lian – Co-founder, vArmour Corey Mulloy – General Partner, Highland Capital Partners David Stevens – Investor Lane Bess – COO, Zscaler Pravin Vazirani – LP, Menlo Ventures Mohsen Moazami – GP, Columbus Nova Technology Partners Meg McCarthy – EVP Ops, Aetna Gary Moore – Advisor Headcount: 100 Open Positions: 3 U.S. based: 3 International: 0 Sales: 1 Other: 2

Competition: Fortinet Checkpoint Cisco Palo Alto Networks Total Funding: $83M Key Investors: Redline Capital Menlo Ventures Highland Capital Partners Allegis Capital Columbus Nova Technology Partners Citi Ventures Telstra Ventures



86

VECTRA NETWORKS


www.vectranetworks.com 408.326.2020

560 S. Winchester Blvd. San Jose, CA 95128

Company Summary: Vectra Networks focuses on securing the cloud and data center through its AI platform which automates real-time threat hunting to effectively detect attackers in the network before they cause damage. It has recently focused on monitoring and analyzing traffic of IoT devices, an area that previously lacked strong security and is becoming increasingly vulnerable to network breaches. Vectra services mostly enterprises and covers them holistically.

Products/Services: The Vectra AI has full visibility and can stop cyber-attacks from users and IoT devices to data centers and the cloud. Vectra AI leverages human proficiency and machine-learning to provide accurate and automated threat detection, triage and correlation across the enterprise to significantly reduce time spent finding attacks and costs. It continuously tracks data traffic on every physical or virtual host with an IP address, leaving nothing uncovered. The AI platform can seamlessly integrate into pre-existing security services and provide additional threat intelligence, yet the platform also incorporates native security for the private cloud using vSensors, Vectra’s virtual sensors, which ensure complete visibility into all traffic and all workloads and detect compromised data. The Vectra Threat Labs provide cybersecurity research that analyzes and determines the cause for unexplained phenomena. Key Officers: Hitesh Sheth – President & CEO Oliver Tavakoli – CTO Howie Shohet – CFO Kevin Moore – SVP, WW Field Operations Mike Banic – VP, Marketing Jason Kehl – VP, Engineering Kevin Kennedy – VP, Product Management Gerard Bauer – VP, EMEA Sales Board of Directors: Hitesh Sheth – President & CEO, Vectra Charlie Giancarlo – Senior Advisor, Silver Lake Partners Brad Gillespie – GP, IA Ventures Jim Messina – Founder & CEO, Messina Group Eric Wolford – Venture Partner, Accel Partners Headcount: ~130 Open Positions: 13 U.S. based: 11 International: 2 Sales: 2 Other: 11

Competition: Darktrace Cybereason Cylance CrowdStrike Total Funding: $86.5M Key Investors: Accel Partners AME Cloud Ventures DAG Ventures IA Ventures Khosla Ventures Wipro Ventures



87

VEEAM


www.veeam.com +41.41.766.71.31

Linden Park, Lindenstr. 16, CH-6340 Baar, Switzerland

Company Summary: Veeam offers a next-generation, virtualized backup solution that enables enterprises to modernize their data storage infrastructure. With Veeam’s Availability Orchestrator’s unique architecture, winning the Developers’ Choice Award in 2017, Veeam is able to deliver recovery time and point objectives (RTPO) of less than 15 minutes for all applications and data, compared to traditional solutions that offer RTPO of hours or days. Products/Services: Veeam Availability Suite combines the industry-leading backup, restore, and replication capabilities of Veeam Backup & Replication with the advanced monitoring, reporting, and capacity planning functionality of Veeam ONE. Veeam Availability Suite delivers an all-encompassing backup solution to reliably ensure and manage VMware vSphere and Microsoft Hyper-V environments, providing enterprises with a high availability data center. Veeam also offers an availability orchestrator to manage an enterprise’s backup and disaster recovery. Veeam’s solutions are largely sold as on-premise perpetual licenses; however, the company is increasingly migrating toward cloud-based subscription deployments. Key Officers: Peter McKay – President & Co-CEO Kate Hutchinson – CMO Jeff Giannetti – SVP, Americas Sales Olivier Robinne – SVP, EMEA Shaun McLagan – SVP, APJ Austin Martin – VP, Strategy and Planning Funda Saltuk – Chief HR Officer Board of Directors: Ratmir Timashev – Co-founder and SVP Marketing and Corporate Development, Veeam Andrei Baronov – Co-founder & Co-CEO, Veeam William H. Largent – Chairman of the Finance and Compensation Committees, Veeam Peter McKay – Co-CEO and President, Veeam Headcount: >2,000 Open Positions: 141 U.S. based: 73 International: 68 Sales: 94 Other: 47

Competition: Actifio Barracuda Networks Commvault EMC Veritas Total Funding: Largely self-funded Key Investors: Insight Venture Partners


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89

WATCHGUARD


www.watchguard.com 206.613.6600

505 Fifth Avenue South, #500 Seattle, WA 98104

Company Summary: WatchGuard provides multifunction network security and wireless LAN (WLAN) solutions for small and medium-size businesses (SMBs), with leading visibility and scalability. With its highly modular platform, WatchGuard is able to rapidly add new features and modules that consistently keep its solution up to date with an ever-changing threat landscape, having deployed nearly a million appliances worldwide. Watchguard’s products are delivered as an integrated solution that is cost-effective and maximizes productivity. Products/Services: WatchGuard offers next-generation firewall (NGFW), unified threat management (UTM), and wireless LAN (WLAN) products. The company focuses on its UTM line, which includes 19 physical appliances, including three appliances with embedded wireless capabilities and four virtual appliances. Recent releases include an emerging cloud-based reporting and monitoring solution (WatchGuard Dimension), a DLP, cloud-based sandboxing modules, and wireless access point management. Key Officers: Prakash Panjwani – CEO Richard Barber – CFO Corey Nachreiner – CTO Wayson Vannatta – CIO Sean Price – SVP, WW Sales Jack Waters – SVP, Engineering Michelle Welch – SVP, Marketing Andrew Young – SVP, Product Management Shari McLaren – SVP, Customer Services and Support Board of Directors: Benjamin Ball – Founder, Francisco Partners Alex Beregovsky – MD, Vector Capital Prakash Panjwani – CEO, Watchguard Alex Slusky – Founder & Managing Partner, Vector Capital Headcount: >500 Open Positions: 37 U.S. based: 16 International: 21 Sales: 10 Other: 27

Competition: Checkpoint Cisco Dell (SonicWALL) Fortinet Total Funding: Acquired by Francisco Partners for an undisclosed amount Key Investors: Francisco Partners


90

WEBROOT

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91

WHITEHAT SECURITY


www.whitehatsec.com 408.343.8300

3970 Freedom Cir. Santa Clara, CA 95054

Company Summary: Named as a leader in Gartner’s Application Security Testing (AST) Magic Quadrant, WhiteHat Security approaches website security through the eyes of the attacker by combining threat research professional services with a robust security testing SaaS platform. Staffing 160 people in its own dynamic threat research center, WhiteHat Security is able to validate vulnerabilities, perform research, and train developers on how to avoid coding vulnerabilities in future development. Products/Services: WhiteHat Security’s flagship product, WhiteHat Sentinel, is a SaaS platform that enables businesses to quickly deploy an application vulnerability management program at any stage of a website’s development. Leveraging WhiteHat’s Threat Research Center, teams of expert attackers assess websites to identify and report weaknesses by using a four-step approach: asset identification, vulnerability management, reporting, and protection. WhiteHat also has a Static Application Security Assessment (SAST) solution as part of the platform which scans the user’s entire source code and provides secure code to replace the faulty code they discovered, using data from its Threat Research Center. The company also offers an enterprise source code app called SCA, which decomposes an app to identify its components and determine any vulnerabilities. In Sentinel, it also includes Mobile Application Security Testing and Computer-Based Training administered by its 91M collected attack vectors archived from a scanner device. Key Officers: Craig Hinkley – CEO Terry Murphy – CFO Shivajee Samdarshi – SVP, Engineering Ryan O’Leary – Chief Security Research Officer Matthew Handler – Chief Revenue Officer Brent R. Wahl – SVP, Operations Carla Wasko – VP, People, Place & Culture Board of Directors: Peter Arrowsmith – Investor, JMI Craig Hinkley – CEO, WhiteHat John Hall – MD, Horizon Ventures Brian Mulvey – IT Team, Investor Growth Capital Ho Nam – General Partner, Altos Ventures Headcount: 320 Open Positions: 23 U.S. based: 19 International: 4 Sales: 6 Other: 17

Competition: HP IBM Qualys Veracode Total Funding: $51M Key Investors: Altos Ventures Garage Technology Ventures Horizon Ventures Investor Growth Capital JMI Equity Startup Capital Ventures



92

ZERTO


www.zerto.com 617.993.6331

27-43 Wormwood St. #530 Boston, MA 02210

Company Summary: Zerto offers enterprise-class disaster recovery and business continuity software for virtualized data centers and cloud environments. As enterprise organizations migrate applications to virtualized or cloud-based infrastructure, traditional array-based business continuity/disaster recovery solutions frequently become more complex and difficult to scale. However, Zerto’s hypervisor-based solution is optimized for a virtual paradigm and provides greater flexibility, better asset utilization, and reduced operational and maintenance costs. The company’s DRaaS business has served as a growth engine, launching it to obtain over 5,000 customers. Products/Services: Zerto offers Disaster Recover products on-premise and in the cloud – private, public, or a hybrid of both. The company’s award-winning, hypervisor-based, replication software enables alignment for business continuity and disaster recovery plans with IT strategies. By using hypervisor-based data replication, businesses can reduce disaster recovery complexity and hardware costs and still protect mission-critical virtualized applications. Key Officers: Ziv Kedem – Co-founder & CEO Oded Kedem – Co-founder & Chief Architect Gil Levonai – CMO Paul Zeiter – President Roy Golding – CFO Shlomi Oren – SVP, Engineering Robert Strechay – SVP, Product Avi Raichel – CIO Liat Nachmani – SVP, Human Resources Board of Directors: Jacques Benkoski – Investor, USVP Oded Kedem – Co-founder & Chief Architect Zerto Ziv Kedem – Co-founder & CEO, Zerto Mark Leslie – Lecturer, Stanford Graduate School of Business, former VMware board member Erez Ofer – Partner, Greylock Partners Scott Tobin – General Partner, Battery Ventures Ken Goldman – CFO, Yahoo Headcount: 500 Open Positions: 74 U.S. based: 33 International: 41 Sales: 9 Other: 65

Competition: EMC IBM NetApp PureStorage VMware Veeam Total Funding: $130M Key Investors: 83North Battery Ventures CRV Harmony Partners IVP RTP Ventures U.S. Venture Partners



93

ANALYST BIOGRAPHIES

Erik Suppiger Managing Director [email protected] 415-835-3918

Erik Suppiger is a Managing Director and senior research analyst

covering Internet security, communications infrastructure, and storage.

Prior to joining JMP, Erik was a managing director and senior analyst at

Signal Hill Capital covering Internet infrastructure technology and

services. He was previously a managing director and senior analyst at Pacific Growth Equities and a

senior analyst at J.P. Morgan and its predecessor, Hambrecht & Quist, following the networking and

security sectors. Early in his career, Erik focused on the communications sector as a member of the

Deutsche Bank DMG Technology Group.

Erik ranked third among all stock pickers in the Software category of the 2014 StarMine Analyst

Awards. In the 2010 StarMine Analyst Awards, he ranked as the top stock picker in both the

Communications Equipment category and the Internet Software & Services category. Also in 2010,

Erik placed first in the Telecommunications Equipment category and second in the Internet &

Computer Services category in the annual “Best on the Street” analyst survey conducted by The Wall

Street Journal. In 2005, he placed second in the Communications Equipment category in the “Best

Brokerage Analysts” rankings released by Forbes.com in conjunction with StarMine.

Erik holds a B.S. in business administration from the Boston University School of Management

Patrick D. Walravens Director of Technology Research Senior Analyst, Software [email protected] 415-835-8943

Pat Walravens joined JMP Securities in November 2001 and serves as

Director of Technology Research and a Senior Research Analyst covering

Software.

Prior to joining JMP, Pat spent five years at Lehman Brothers, where he served as a Senior

Research Analyst in the equities group and a Vice President in the Technology Investment Banking

group. Previously, Pat practiced corporate law with the firm of Cooley Godward Kronish, where he

represented emerging technology companies and venture capital investors.

Pat ranked among the top three analysts in the software industry for stock picking, according to

StarMine results published in Forbes in 2007. Pat is frequently quoted and interviewed by the media,

including the Wall Street Journal, BusinessWeek, Forbes, CNBC, and Bloomberg.

Pat received an MBA from the Anderson School of Management at UCLA and a JD from the UCLA

School of Law, where he received Order of the Coif. Pat holds a BA in economics from Stanford

University, where he served as an undergraduate teaching assistant in the computer science

department.


94

Greg McDowell Managing Director [email protected] 415-835-3934

Greg McDowell joined JMP Securities in December 2007 and serves as a

Managing Director in Equity Research covering Software.

Prior to joining JMP, Greg spent nine years at Oracle in various Account

Executive and Finance positions. While at Oracle, Greg was responsible for its Application solutions,

including e-Business Suite and PeopleSoft solutions, and Oracle's core technology solutions,

including database software, business intelligence software, and middleware software.

Greg received an MBA from the Smith School of Business at the University of Maryland and a BA

from the University of California at Davis.

Michael Berg Associate [email protected] 415-835-3914

Michael Berg is an Associate covering cybersecurity, data management, and

networking vendors.

-

Michael joined JMP in 2017 after working in the finance division with the CFO and VP of Finance at

biotech startup, Intarcia Therapeutics. While at Intarcia, Michael was responsible for analyzing

departmental spend and preparing reports for senior management and the board. Michael also

spearheaded a project to automate and modernize Intarcia’s expense tracking and analysis process.

Michael holds a B.S. in Finance from Cal Poly San Luis Obispo, and is a CFA level 3 candidate. We would also like to thank our intern Lindsey Dale for her significant contribution to the Super 70.


95

COVERED PUBLIC COMPANIES MENTIONED

Company Ticker Rating Price Target Analyst

Alphabet Inc. GOOGL MO $1,275 Ronald Josey Amazon.com, Inc. AMZN MO $950 Ronald Josey Arista Networks ANET MO $115 Erik Suppiger Check Point Software Technologies CHKP MP NA Erik Suppiger Cisco Systems CSCO MP NA Erik Suppiger FireEye, Inc. FEYE MP NA Erik Suppiger Fortinet, Inc. FTNT MO $41 Erik Suppiger Nutanix, Inc. NTNX MO $38 Erik Suppiger Palo Alto Networks, Inc. PANW MO $175 Erik Suppiger Pure Storage, Inc. PSTG MO $19 Erik Suppiger VMware, Inc. VMW MP NA Patrick Walravens


96

JMP FACTS AND DISCLOSURES

Analyst Certification: The research analyst(s) who prepared this report does/do hereby certify that the views presented in this report are in accordance with

my/our personal views on the securities and issuers discussed in this report. As mandated by SEC Regulation AC no part of my/our

compensation was, is or will be directly or indirectly related to the specific views or recommendations expressed herein. This certification

is made under the obligations set forth in SEC Regulation AC. Any other person or entity may not use it for any other purpose. This

certification is made based on my/our analysis on the date of this report’s publication. I/We assume no obligation to update this

certification to reflect any facts, circumstances or events that may subsequently come to my/our attention. Signed Erik Suppiger, Patrick

Walravens, Greg McDowell, and Michael Berg.

JMP Securities Disclosures: JMP Securities currently makes a market in the securities of Amazon.com, Inc., Arista Networks, Inc., Check Point Software

Technologies Ltd., Cisco Systems, Inc., FireEye, Inc., Fortinet, Inc., Alphabet Inc., Nutanix, Inc., Palo Alto Networks, Inc., Pure Storage,

Inc. and VMware, Inc.

JMP Securities expects to receive OR intends to seek compensation for investment banking services from Amazon.com, Inc., Arista

Networks, Inc., Check Point Software Technologies Ltd., Cisco Systems, Inc., FireEye, Inc., Fortinet, Inc., Alphabet Inc., Nutanix, Inc.,

Palo Alto Networks, Inc., Pure Storage, Inc. and VMware, Inc. in the next 3 months

JMP Securities Investment Opinion Definitions: Market Outperform (MO): JMP Securities expects the stock price to outperform relevant market indices over the next 12 months.

Market Perform (MP): JMP Securities expects the stock price to perform in line with relevant market indices over the next 12 months.

Market Underperform (MU): JMP Securities expects the stock price to underperform relevant market indices over the next 12 months.

JMP Securities Research Ratings and Investment Banking Services: (as of February 21, 2018)

JMP Rating Regulatory Equivalent

# Co’s Under

Coverage % of Total

Regulatory Equivalent

# Co’s Under

Coverage % of Total

# Co’s Receiving

IB Services

in Past 12 Months

% of Co’s With This

rating

MARKET OUTPERFORM BUY 275 62.08% BUY 275 62.08% 78 28.36% MARKET PERFORM HOLD 162 36.57% HOLD 162 36.57% 29 17.90% MARKET UNDERPERFORM SELL 6 1.35% SELL 6 1.35% 0 0% COVERAGE IN TRANSITION 0 0.00% 0 0.00% 0 8.33% RATING SUSPENDED 0 0.00% 0 0.00% 0 0%

TOTAL: 443 100% 443 100% 107 24.15%

Stock Price Chart of Rating and Target Price Changes: Note: First annotation denotes initiation of coverage or 3 years, whichever is shorter. If no target price is listed, then the target price is

N/A. In accordance with NASD Rule 2711, the chart(s) below reflect(s) price range and any changes to the rating or price target as of the

end of the most recent calendar quarter. The action reflected in this note is not annotated in the stock price chart. Source: JMP

Securities.


97

JMP Disclaimer: JMP Securities LLC (the “Firm”) compensates research analysts, like other Firm employees, based on the Firm’s profitability, which

includes revenues from the Firm’s institutional sales, trading, and investment banking departments as well as on the quality of the

services and activities performed that are intended to benefit the Firm’s institutional clients. These data have been prepared by JMP

Securities LLC for informational purposes only and are based on information available to the public from sources that we believe to be

reliable, but we do not guarantee their accuracy or completeness. Any opinions and projections expressed herein reflect our judgment

at this date and are subject to change without notice. These data are neither intended nor should be considered as an offer to sell or a

solicitation or a basis for any contract for the purchase of any security or other financial product. JMP Securities LLC, its affiliates, JMP

Group LLC, Harvest Capital Strategies LLC, and their respective partners, directors, officers, and associates may have a long or short

position in, may act as a market maker for, or may purchase or sell a position in the securities mentioned herein. JMP Securities LLC

or its affiliates may be performing, have performed, or seek to perform investment banking, advisory, or other services and may have

acted as manager or co-manager for a public offering of securities for any company mentioned herein. The reader should assume that

JMP Securities LLC will solicit business from the company covered in this report. Members of our Sales and Trading Department

provide oral and/or written market opinions and trading strategies to our clients that reflect their personal opinions about stocks that are

the subject of the firm's research reports. Our research analysts discuss trading strategies with clients that sometimes reflect short-term

expectations for the price of the securities that are the subject of research reports. These trading strategies are distinct from the

analysts' fundamental rating for the stock, which is based upon the analysts' view compared to other stocks under coverage for the

relevant time period. © Copyright 2018. All rights reserved by JMP Securities LLC. JMP Securities LLC is a member of FINRA,

NASDAQ, and SIPC.

Jeffrey H. SpurrDirector of Research(415) 835-3903

RESEARCH PROFESSIONALSFINANCIAL SERVICES

Alternative Asset ManagersDevin Ryan (212) 906-3578

Brian McKenna (212) 906-3545

Commercial & Specialty FinanceChristopher York (415) 835-8965

Thomas Wenk (415) 835-8962

Consumer FinanceDavid M. Scharf (415) 835-8942

Jeff Zhang, CFA (415) 835-8948

Financial Processing & OutsourcingDavid M. Scharf (415) 835-8942

Jeff Zhang, CFA (415) 835-8948

InsuranceMatthew J. Carletti (312) 768-1784

Karol Chmiel (312) 768-1786

Investment Banks & BrokersDevin Ryan (212) 906-3578

Brian McKenna (212) 906-3545

Mortgage Operating Companies REITs: Agency, Hybrid, & Commercial MortgageSteven C. DeLaney (212) 906-3517Trevor Cranston, CFA (415) 869-4431

Mikhail Goberman (212) 906-3543Benjamin Zucker (212) 906-3529

HEALTHCARE

BiotechnologyLiisa A. Bayko (312) 768-1785

Jonathan Wolleben (312) 768-1788Jason N. Butler, PhD (212) 906-3505

Roy Buchanan (212) 906-3509Michael G. King, Jr. (212) 906-3520

Konstantinos Aprilakis, MD (212) 906-3503Michael Englander (212) 906-3540Simon Gruber (212) 906-3538

Healthcare Services & FacilitiesPeter L. Martin, CFA (415) 835-8904

Brian Riley (415) 835-8908

Medical Devices & SuppliesDavid Turkaly (212) 906-3563

John Gillings (212) 906-3564Daniel W. Stauder (212) 906-3535

Specialty PharmaceuticalsDonald Ellis (212) 906-3507

Nazibur Rahman (212) 906-3519

REAL ESTATE

Housing & Land DevelopmentPeter L. Martin, CFA (415) 835-8904Aaron Hecht (415) 835-3963

Doug Hansen (415) 835-8934

Property ServicesMitch Germain (212) 906-3546

Corey DeVito (212) 906-3525

REITs: Healthcare, Residential, & SpecialtyPeter L. Martin, CFA (415) 835-8904Aaron Hecht (415) 835-3963

Brian Riley (415) 835-8908

REITs: Diversified, Industrial, Office, & RetailMitch Germain (212) 906-3546

Corey DeVito (212) 906-3525

Residential ServicesPeter L. Martin, CFA (415) 835-8904

Aaron Hecht (415) 835-3963

TECHNOLOGY

Energy Technology & Services Industrial TechnologyJoseph Osha (415) 835-8998

Hilary Cauley (415) 835-8996

Cybersecurity, Data Management & Comm InfrastructureErik Suppiger (415) 835-3918

Michael Berg (415) 835-3914

Internet & Digital MediaRonald V. Josey III (212) 906-3528

Shweta Khajuria (415) 835-8916

SoftwarePatrick Walravens (415) 835-8943

Mathew Spencer (415) 835-8930Greg McDowell (415) 835-3934

ADDITIONAL CONTACTS

Thomas R. WrightDirector of Equities(212) 906-3599

Charles SweeneyDirector of Sales & Trading(212) 906-3573

600 Montgomery Street, Suite 1100San Francisco, CA 94111www.jmpsecurities.com


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