Despite macroeconomic headwinds and the constant drumbeat of consolidation coming from large technology players this year, Next had a lot to celebrate as we closed out 2023. Through innovative new products, strong customer focus, and great execution by our teams, we have achieved tremendous growth that sets us up for continued success in 2024 and beyond.
Over 100% Sales Bookings Growth (ACV) & 50% New Logo Growth
Our relentless focus on helping customers secure their data and manage insider risk has allowed us to grow our annual sales bookings by over 100% and new logos by 50%. By carefully listening to customers, identifying their most pressing needs, and delivering capabilities that address those needs, we have more than doubled our annual contract value in the span of just one year.
Our expanded, and AI-powered, portfolio of insider risk, data protection, and cloud data security solutions has resonated in the market. Next has demonstrated that best-in-class solutions trump the “good enough” approach for customers who care deeply about delivering real data protection and not simply “checking a compliance box”. In addition, our outstanding customer success and support teams have ensured customers are able to maximize our solutions to address their unique security and compliance challenges.
150% Growth of Endpoints Under Management
New endpoints under our management have been a key growth driver over the course of 2023. We have seen strong demand from large and mid-market enterprises who need to maintain control of sensitive data across numerous endpoints, operating systems, browsers and applications as well as deep visibility into how employees are interacting with that same sensitive data.
Our flagship Reveal data protection platform has provided these organizations with much needed visibility and control into how data is moving across their environment. The risk-adaptive data protection delivered by our platform ensures that sensitive data remains protected no matter where it resides or moves to.
Announced New Data Protection Innovations
Complacency is one of the biggest risks in the cybersecurity market. That’s why we continue to aggressively invest in R&D to stay ahead of threats and meet evolving customer needs.
In 2023, we introduced over a dozen new innovations that expand the Reveal Platform capabilities. These innovations fill crucial gaps around protecting terabytes of data in distributed organizations, simplifying data security controls and policies, and powering more automation in processes from investigation and incident response reporting. Closing out 2023, we released Reveal Activity Feed which is designed to reduce the time and cost of investigating data loss and insider threats. This is achieved by providing analysts with a comprehensive, streamlined and time sequenced view of the user, data and device activity before, after and during an incident. But it doesn’t stop there.
Last week we announced XTND, Reveal's AI-powered assistant. XTND takes security analysts to the next level with streamlined data loss and insider threat analysis. It enhances incident analysis by using GenAI to summarize and contextualize data associated with observed high-risk activity, mapped to MITRE IT TTP, for easy consumption by analysts and non security professionals in their organizations.
Customer excitement and early adoption of these new capabilities give us confidence we’re focused on solving the right problems. We’ll continue doubling down on enhancing data protection and insider risk management and expect more major announcements around AI and data protection for unmanaged devices in early 2024.
Establishing Ourselves as a Cybersecurity Leader
The capstone of 2023 was being named as one of only 8 vendors worldwide featured in the latest Gartner Market Guides for both Insider Risk Management (IRM) and Data Loss Prevention (DLP). This puts us in truly elite company and provides external validation of our product strategy spanning IRM and DLP. Our Reveal Platform gives customers industry leading capabilities for mitigating insider threats, preventing IP and data loss, maintaining regulatory compliance, and securing sensitive data - all from a single provider.
The proliferation of vendors in the cybersecurity market makes it incredibly hard to crack the ranks of top vendors in one market segment, let alone across segments. Our recognition in both the IRM and DLP market guides speaks volumes about the value customers see in our unified approach.
Closing Thoughts
Regardless of economic challenges and heightened competition, 2023 was a banner year for our company any way you slice it. Our passionate team executed at a high level to help customers secure their sensitive assets without slowing down business. And customers rewarded our efforts with greater spend, expanded deployments, and referrals to peers facing similar data protection challenges.
As we enter the new year, excitement is high to build on our momentum. While we enjoyed a little downtime over the holidays, it’s full steam ahead as we look forward to another groundbreaking year of innovation and growth.
Here’s to an even bigger and better 2024!
