Cyderes, a Top 200 MSSP for 2019 and the security-as-a-service (SECaaS) division of Fishtech Group, is expected to triple its year-over-year business growth in 2020, according to the company.
The announcement comes after Cyderes achieved the following milestones in 2019:
- 1,214 year-over-year bookings growth.
- 960 percent year-over-year gross profit growth.
- 220 percent net revenue retention rate with zero "churn."
Cyderes did not disclose actual revenue dollar figures, so it's difficult to put the growth figures in proper context. Still, the revenue retention figure is particularly impressive. In layman's terms, it means existing customers are sticking around and increasing their cybersecurity spend with Cyderes.
Eager to keep the momentum going in 2020, Cyderes recently hired security industry veteran Chris Currin as its chief business development officer (CBDO). Currin previously held key posts at Infogressive, Solutionary, InfoUSA and Cap Gemini America.
What Is Cyderes?
Cyderes helps organizations manage cybersecurity risk, detect cyber threats and respond to security incidents, the company stated. It provides the following security services:
- Cloud Governance as a Service: Automates and enforces cloud security policies and provides insights into security events in cloud environments.
- Enterprise Managed Detection & Response (MDR): Enables organizations to investigate, remediate and hunt for cyber threats across cloud and on-premise environments.
- Security Incident Response Team: Allows organizations to develop and deploy incident response plans and guard against security incidents.
Several cybersecurity companies have integrated Cyderes' Cyber Defense Platform into their offerings, including:
- Carbon Black (now owned by VMware).
- CrowdStrike.
- Google Backstory.
- Proofpoint.
- Qualys.
On the flip side, Cyderes works with numerous cybersecurity partners.
Cyderes and Fishtech: More Background
Cyderes is led by Eric Foster, who became the group's COO last year. Foster manages Cyderes' operations, resources and go-to-market strategy.
Fishtech originally unveiled its SECaaS division in December 2018. In addition to SECaaS, Fishtech provides security orchestration, automation and response (SOAR) and other managed security services, along with advisory, operations and technology solutions.
