Cequence Security Achieves 555% Growth in Customer Expansion in Second Half of FY23

Strategic investments, product innovations and geographic expansion strengthen company’s position in API security market

Cequence Security, the leading provider of Unified API Protection (UAP), today shared details of its growth during the second half of FY23. Cequence’s unique approach to uncovering and preventing API threats that can lead to fraud, business logic attacks and data loss has resulted in the company protecting $9 trillion in assets among Fortune/Global 500 companies and more than two billion user accounts worldwide. In addition, 24% of the Fortune 500 are customers of Cequence.

Cequence achieved several major milestones in the second half of FY23, including a 555% growth in customer expansion, 230% growth in annual recurring revenue (ARR), 300% growth in new customer logo acquisition and an expanded footprint into new countries and verticals.

The company secured investments from Hewlett Packard Pathfinder and Prosperity7 Ventures to accelerate product innovation, keep up with increasing demand and expand the secure connectivity needed to mitigate business interruptions and bring peace of mind to enterprises. Most recently, Cequence secured two additional investments from Sanabil Investments, to further the company's expansion into the Middle East and The Cash Catalyst, to further help CISOs, CIOs and other executives struggling with discovering and protecting their APIs.

“We are extremely pleased with the rapid adoption of our Unified API Protection platform by some of the largest organizations in the world,” said Ameya Talwalkar, founder and CEO of Cequence. “Our ability to increase valuation, raise funds and drive extensive growth across our customer base and ARR in this tough macroeconomic market is a testament to our comprehensive product offering and proven ability to land and expand at some of the largest enterprises in the world.”

“Cequence has rapidly emerged as a key and influential player in the API security market. Most recently, we were recognized as a best-in-class vendor in the recent API Security Evaluation report, earning one of the highest product scores in the history of Datos Insights evaluation reports,” continued Talwalkar.

Throughout the second half of FY23, the company also successfully implemented a strategic product update, expanded into new geographic markets and garnered prestigious awards and certifications, including:

• Enhancements to the Unified API Protection platform: With the latest Unified API Protection (UAP) platform updates, organizations can now protect their users from online fraud, operationalize security findings with low-code/no-code API SOAR-like workflows and rapidly deploy API Security Testing with built-in Generative AI automation. These capabilities continue to set Cequence apart from other point API security, bot management, anti-fraud and WAF vendors by having the industry’s first and only Unified API Protection platform that covers the entire API lifecycle. With UAP, customers can discover with API Spyder, comply with API Sentinel and protect with API Spartan.
• Increased Protection and Intelligence from the CQ Prime Threat Research Team: In the second half of 2023, the team saw traffic increase more than 3X year-over-year, mitigated more than 38 billion malicious API transactions, protected 50% more users and topped out with protecting 30 million unique user accounts in March. The industry-leading intel database grew 23%, with intelligence on more than 75 million malicious attacker IP addresses and more than 600,000 being ingested every day.
• Geographic Expansion: Cequence announced the appointment of Glen Maloney as ANZ Country Lead to accelerate the company’s expansion in Australia and New Zealand. Cequence also opened a new office in India and appointed Robin Panwala as its first functional leader and head of India.
• Industry Accolades: Cequence’s Unified API Protection solution was named the gold winner for “API Management,” “Full Life Cycle API Management” and “IT Solutions for Retail” categories in the 2023 Globee® Awards for Information Technology.
• Industry Recognition: Cequence was recognized as a “best-in-class” solution in the Datos Insights Vendor Evaluation: API Security Solutions report, earning one of the highest product scores in the history of Datos Insights vendor evaluation reports.
• Increased Customer Growth and User Adoption: New customers included the biggest supermarket chain in Australia, the largest Telecom company in the Nordic and Baltic region, one of the largest airline companies and most valuable brands in Europe and one of the largest global providers of cloud-based human capital management (HCM) solutions.
• Certifications: Cequence announced it achieved ISO 27001 certification for the information security management system in support of its Software-as-a-Service (SaaS). This certification gives clients peace of mind that Cequence’s policies, processes and standards fulfill the stringent security and compliance criteria for protecting customer data.
• Advisors: Cequence added Dr. James I. Cash to its strategic advisory board.

Supporting Quotes

• “With the increasing adoption of APIs, cloud computing, mobile applications and IoT devices, the attack surface has dramatically grown, and APIs have become the number one attack surface,” said Dr. James I. Cash, founder and CEO, The Cash Catalyst, LLC and retired board member from numerous Fortune 50 companies. “This makes API security solutions indispensable. Cequence is uniquely addressing this problem and proving their ability to protect some of the largest organizations in the world. We look forward to supporting the Cequence team and helping as they continue to scale the business.”
• “APIs are a huge attack surface that unfortunately are being more frequently exploited by attackers,” said Deepak Jeevankumar, Managing Director, Dell Technologies Capital. “It’s therefore imperative that CIOs and CISOs have an API security strategy. As an early investor in Cequence, we are very pleased by continued growth even during this tough macroeconomic market. From the beginning, Cequence took a unique approach to the API security problem and went beyond just testing and detecting to prevent an attack. They also have proven their ability to protect some of the largest organizations in the world. With the Unified API Protection platform combined with the unique expertise of the CQ Prime Threat Research team, Cequence is providing the only solution on the market that covers the full API security lifecycle.”

About Cequence Security

Cequence, a pioneer in Unified API Protection, is the only solution that unifies discovery, compliance, and protection across all internal and external APIs to defend against fraud, business logic attacks, exploits, and unintended data leakage. It takes less than 15 minutes to onboard an API and requires no instrumentation, SDK, or JavaScript deployment. 24% of Cequence customers are large Fortune 500 organizations. Cequence secures more than 6 billion daily API calls and protects more than 2 billion user accounts across these customers. Its flexible deployment model supports passive/inline, 100% on-prem, SaaS, and hybrid deployments.

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