ANN ARBOR — Duo Security, the Ann Arbor-based information security provider, provided its first-ever revenue figures this week, reporting $73 million in annual recurring revenue for 2016, a 135 percent increase from the $31 million achieved in 2015.
This is the fourth straight year the company has more than doubled its recurring revenue and the first year the company is cash-flow positive.
Quadrupling its user base to more than five million in 2016, Duo protects more than 8,000 paying customers and manages more than six million authentication events per day.
In conjunction with the company’s first-ever release of revenue figures, Duo unveiled Duo Beyond, the first major commercial implementation of Google’s BeyondCorp framework that drastically improves and simplifies the security management of how employees and devices access critical corporate applications.
With Duo Beyond, enterprise customers can allow for remote access to their on-premise resources without using a virtual private network or network access control application.
Duo also said it had spent less than one quarter of the $49 million in total capital it has raised, because the company has not yet needed to.
Duo now protects organizations such as American Public Media, Betsson, Bolton NHS Foundation Trust, Citizen’s Union Bank, Clarient, Day & Zimmerman, Duke University, Etsy, Facebook, Premira, Proquest, Threadless, True Religion, University of Michigan, University of York, Virginia Tech, Yelp and more.
In addition to significant growth in its customer base, Duo officials said they had added an office in Austin, Texas to its locations in Ann Arbor, San Mateo, Calif. and London, England. They also said the company doubled its staff in 2016 from roughly 200 to nearly 400 and plans to hire more than 150 people in 2017.
Additionally, the company siad it is attracting security industry luminaries from across the tech spectrum, such as Brian Lindauer, former senior research scientist at the CERT division of Carnegie Mellon University’s Software Engineering Institute; Wendy Nather, former research director at Retail Cyber Intelligence Sharing Center and 451 Research; Ian Sharpe, former senior manager of security engineering at Workday; Rich Smith, former director of cecurity at Etsy; and Josh Yavor, former head of corporate information security at Facebook
In 2016, Duo:
* Introduced Duo’s secure single sign-on, the only SSO solution that checks security hygiene of devices at every login, without agents.
* Introduced Duo Insight, a free phishing simulation tool allowing organizations to phish their own companies in under five minutes to determine its risk from phishing attacks.
* Was the first vendor to integrate with Google’s Chrome Verified Access API for ChromeOS Devices.
* Secured access to the Microsoft Cloud for email, remote desktop and directory services.
* Helped protect healthcare organizations from ransomware attacks in a single step while also being confirmed by the Drummond Group to help institutional practitioners meet EPCS two-factor authentication compliance requirements.
* Discovered critical security vulnerabilities in Acer, Asus, Dell, HP and Lenovo laptops and disclosed those to the vendors for remediation.
“This last year at Duo was one of exceptionally strong growth, both in revenue and offerings for our customers,” Duo CEO and co-founder Dug Song said. “With our focus on innovating, as seen by today’s launch of Duo Beyond, the first commercial implementation of Google’s BeyondCorp architecture, we are confident that Duo will continue to deliver exceptional offerings for our customers and deliver strong results. With a 98 percent satisfaction rate and an NPS score of 68, we’re passionate about continuing to be the most loved company in security. Through continuous innovation, Duo works every day to help make security easy and effective.”
Try the company’s product free at www.duo.com.