50 New Customer Wins Propel Revenue Milestones and Record Year
SAN MATEO, Calif., February 23, 2020 — PerimeterX, the leading provider of solutions that protect modern web apps at scale, today announced that it has secured $57 million in growth capital funding to expand into new geographies and vertical markets. This growth round financing brings the total amount of capital raised to $144M. AllianceBernstein led the capital raise, and was joined by new investors Stereo Capital, JS Capital and Golden Arc Capital, with strong support from existing investors Adams Street Partners, Canaan Partners, DTCP, Scale Venture Partners and Vertex Ventures US.
“Our investors deeply believe in our vision of protecting the modern web apps that fuel today’s digital businesses with a single platform that works across hybrid edge-based infrastructure,” said PerimeterX CEO Omri Iluz. “This latest round of growth financing is a testament to the uniqueness of our vision in the industry. It gives us the runway to extend our market reach beyond our core retail e-commerce vertical into new industries where we see strong uptake such as financial services. And it enables us to further develop geographies where we have a foothold including EMEA and APAC.”
“We see global market opportunities for PerimeterX solutions growing at a rapid pace and gaining strong traction across businesses experiencing an accelerated pace of digital transformation. The cloud-native PerimeterX Platform makes it very simple for customers to integrate PerimeterX products into their existing infrastructure to protect their digital business,” said Abhishek Sud, Managing Director, AllianceBernstein Growth Stage Capital. “We are confident that additional funding will help the company accelerate its innovation and maintain its leadership position.”
The growth capital funding round for PerimeterX caps off a record fiscal year 2021, which ended on January 31, 2021.
Customer growth: PerimeterX grew its customer base by 50 logos, including some of the top brands in retail e-commerce and financial services, including:
- A leading beauty retailer that uses PerimeterX Bot Defender to block carding fraud attacks and PerimeterX Code Defender to prevent Magecart attacks
- A top 10 general merchandise brand that uses Bot Defender to block hoarding bots during limited edition sales
- A large fashion retailer that uses Bot Defender to block account takeover attacks while maintaining performance
- A leading home goods retailer that uses PerimeterX Code Defender to reduce the risk of data breaches while preserving customer experience
- A top 10 mortgage lending company that uses Bot Defender to protect its platform and its users from account takeover attacks
- A fast-growing regional bank that uses Bot Defender to block account takeover attacks and reduce the cost of multifactor authentication
Safeguarding customer revenue: PerimeterX protected over $100 billion in e-commerce revenue in 2020 and processed over 2 billion login requests per day. During Cyber 5, the holiday shopping period from Thanksgiving to Cyber Monday, the company protected over $12 billion in e-commerce revenue and processed a record 93 billion requests.
Product expansion: PerimeterX extended its capabilities with enhanced blocking for PerimeterX Code Defender to reduce the risk of client-side data breaches. It added protection for account takeover attacks, a new verification to give customers choices beyond visual CAPTCHA, and a unified user dashboard to proactively manage new and emerging threats. It also further expanded its ecosystem with new and enhanced integrations--including with Amazon AWS, Google Cloud Platform (GCP), Microsoft Azure, Snyk, DataDog and Splunk--to continue enabling customers to integrate anywhere as they evolve their infrastructure due to the accelerated pace of digital transformation.
Partner scale: PerimeterX launched the PerimeterX Partner Program to help providers extend their app security portfolio and safely accelerate their customers’ digital transformation. Founding members include Adobe, AWS, Contrast Security, EVOTEK, Fastly, Fishtech Group, Google, GuidePoint Security, Hitachi, Microsoft, Okta, Optiv, Salesforce, Veristor and Yottaa.
Industry recognition: PerimeterX was ranked in the top 10 Bay Area companies and #49 nationwide on the 2020 Deloitte Technology Fast 500™ with 3,637% revenue growth from fiscal year 2016 to 2019. This recognition adds to the company’s growing list of accolades which includes being named a leader in “The Forrester New Wave™: Bot Management, Q1 2020” report by Forrester Research and being named one of the Best Places to Work in the Bay Area in 2020 by the San Francisco Business Times.
Research discoveries: The PerimeterX research team made key discoveries this past year including a CSP Bypass Vulnerability in Google Chrome that put almost every website in the world at risk and a limitation in Content Security Policy (CSP) that creates an open window to exfiltrate users’ private data.
AllianceBernstein is a leading global investment management firm that offers high-quality research and diversified investment services to institutional investors, individuals and private wealth clients in major world markets. AB Private Credit Investors is the middle market direct lending platform of AllianceBernstein L.P. AB-PCI manages over $10 billion in capital available for investment and has the capacity to invest up to $200 million of credit in a single company while also making sizable equity co-investments.
The investment in PerimeterX was executed as part of AB-PCI’s Growth Stage Capital platform (AB-GSC). AB-GSC caters to high growth technology companies backed by leading venture capital and growth equity firms. Other recent AB-GSC investments include companies such as DataRobot, Samsara, Netskope, GlobalWebIndex, Rubrik, Workfront, Degreed, Punchh, Heap Analytics, Fuze and ConcertAI.
PerimeterX is the leading provider of solutions that protect modern web apps at scale. Delivered as a service, the company’s solutions detect risks to your web applications and proactively manage them, freeing you to focus on growth and innovation. The world’s largest and most reputable websites and mobile applications count on PerimeterX to safeguard their consumers’ digital experience. PerimeterX is headquartered in San Mateo, California, and at www.perimeterx.com.