Entrust, Inc., a world leader in securing digital identities and information, posted a record 2011, surpassing its financial goals for the third consecutive year as a private company. The identity-based security company achieved record bookings of approximately $120 million. And core to a strategic model shift, Entrust’s subscription products now account for the majority of total product bookings and revenue.
“This was a tremendous year for Entrust as we continue to align our identity-based security products and services to meet the needs of our customers,” said Entrust President and CEO Bill Conner. “Our record bookings, earnings and deferred revenue demonstrate the importance of identity-based security, placing the company in a tremendous position for 2012. Our scalable, secure software platform also is strongly positioned to support customers as their businesses embrace mobility and cloud capabilities.”
In 2011, Entrust’s total bookings grew more than 14 percent, product bookings increased 21 percent and subscription product increased 41 percent. Entrust credited the record bookings to the growth of its comprehensive line of identity-based security products, including the Entrust IdentityGuard software authentication platform, SSL certificates and management services, hosted PKI offerings and the continued strength in support renewals.
Subscription revenue streams now account for more than 68 percent of Entrust’s total bookings and 63 percent of Entrust’s total revenue. These subscription revenue streams achieved record renewal rates in 2011 with the company’s subscription customers renewing more than 98 percent. The company credits these industry-leading renewal rates to the quality of its products, excellent sales teams and lauded customer support.
“Entrust continues to be one of the top-performing properties in the Thoma Bravo family,” said Scott Crabill, Thoma Bravo managing partner and Chairman of Entrust’s Board of Directors. “For the third consecutive year Entrust has surpassed our financial expectations. We are very pleased with the company’s transition to subscription revenue and the high quality of service they provide to their customers.”
Driven by the continued growth of Entrust IdentityGuard and Entrust PKI, the Dallas-based security firm landed a record number of transactions in 2011. Strong authentication and fraud detection sales — primarily in the enterprise, government and financial verticals — increased 20 percent in 2011. Overall transactions for Entrust IdentityGuard were up 28 percent for the year.
The strength of Entrust’s PKI products and services was underpinned by the financial and government verticals for eID projects and the continued innovation and growth of the company’s managed service (SaaS) PKI. Entrust Managed Services PKI bookings increased 82 percent in 2011 and Entrust Certificate Services (SSL) posted another record year with 19 percent growth in bookings. Growth in Entrust’s managed and SSL offerings was the result of customers migrating to the cloud, adding additional licenses, winning new customers and providing integrated solutions across different cloud-based offerings.
“At the heart of our financial success are strong security solutions and services that directly meet the needs of the marketplace,” said Conner. “In 2011, we introduced innovations to our strong authentication platform, key partnerships with global leaders, as well as continued our push in mobility and cloud.”
Key Technology & Product Highlights
Introduced most advanced Entrust IdentityGuard (10.1) offering, bringing together security solutions for physical, logical and mobile access. The latest version provides secure access through today’s leading mobile platforms for business and simplifies the issuance and management of smartcards by integrating card and certificate management. Further enhancements included a straightforward method for adding digital certificates to mobile devices for advanced certificate-based authentication.
Finalized $4.5 million hosted PKI agreement with the U.S. General Services Administration (GSA) to secure smartcard credentials to help meet HSPD-12 requirements.
Announced that Entrust-secured INTERPOL smartcard credentials enjoyed swift global adoption and was recognized by 31 countries by November 2011.
Entrust’s PKI-based national ID technology selected by United Arab Emirates to enhance security of citizens and expatriates.
In May 2011, Entrust was selected to deploy ePassport architecture for Denmark’s EAC project — an important milestone that highlighted half of the world’s EAC projects were secured by Entrust technology.
Entrust IdentityGuard awarded SC Magazine’s “Best Buy” with a perfect rating in 2012 and a five-star rating in 2011.
Announced launch of hard token replacement program to help organizations comply with 2011 FFIEC guidance.
Entrust IdentityGuard named a finalist in 2011 TechTarget Readers’ Choice Award for Authentication Product of the Year.
Honored three times during 2011 Government Security News (GSN) Homeland Security Awards for the Best Integrated System for HSPD-12/FIPS 201 Compliance, Best Smartcard Solution and Best Certificate Management Solution.
Named a 2012 SC Magazine Readers Trust Awards finalist for the fifth consecutive year. SC Magazine readers selected Entrust IdentityGuard as a finalist in the Best Multifactor Product category and Entrust TransactionGuard as a finalist in the Best Fraud Prevention category.
Introduced advanced Entrust IdentityGuard SDK to enable banks to embed transparent strong authentication into new and/or existing mobile applications on today’s most popular mobile platforms, including Apple iOS, Google Android, RIM BlackBerry and more.
Expanded Entrust IdentityGuard to offer government-strength security for enterprises via the PIV-I standard, which provides advanced physical and logical access integration.
Launched Entrust Discovery 2.0, broadening search capabilities for digital certificates residing within Microsoft’s Cryptographic APIs (CAPI), and also features more than 25 basic or custom policy alert fields.
Introduced a new offering for complimentary ECC trial certificates, allowing organizations to test different types of ECC digital certificates, including SSL server certificates and S/MIME certificates.
Entrust smartcards and related technology earned full Microsoft Certification for demonstrating hardware compatibility with the company’s line of operating systems. This ensures customers, partners, enterprises and vendors that smartcards deployed with Entrust’s software-as-a-service (SaaS) credentialing platform are compliant with Microsoft Windows, as well as the many applications running on the operating system that use certificate authentication.
Secured partnerships to embed Entrust SSL digital certificates on popular Intel® Core™ vPro™ chipsets, providing IT administrators encrypted access for enable remote maintenance of enterprise PCs.