Boston, MA – September 26, 2018 – Egress Software Technologies, a data security company that helps enterprises protect unstructured data to meet compliance requirements and drive business productivity, today announced that it had expanded into the North American market. The company has selected Boston as the location of its US headquarters because of the city’s thriving tech ecosystem and access to talent.
“Egress’ revenue growth of 500 percent over the past four years has been underpinned by the excellence and innovation of our technology as we help European customers mitigate the considerable compliance and data security risks associated with sharing highly sensitive data,” Egress CEO Tony Pepper said. “The US faces a similar situation as states, led by California, Colorado and New York, are increasingly enacting data privacy and security regulations that will have a major impact on business operations in the coming years. We have proven expertise in helping enterprises navigate an increasingly complicated regulatory environment with an intelligent data security platform that secures unstructured data through a user-centric approach.”
While state-sponsored attacks and ultra-sophisticated hackers have captivated the media’s attention, a far more pervasive threat —at the root of most data breaches – is human error. According to the Global Breach Level Index, 76 percent of data records breached in 2017 were the direct result of human error rather than a deliberate cyber incident.
Egress has experienced significant growth in 2018, increasing new SaaS subscriptions by 64 percent in the first half of the year alone, with a 93 percent renewal rate—demonstrating the loyalty of the company’s customer base, and the strength and trust in its user-centric platform. This growth is fueled in part by the platforms’ ability to fulfill many GDPR compliance requirements for European businesses. In North America, the company is already gaining traction, attracting new customers including financial services, manufacturing and high-tech firms, state and local government agencies, and healthcare networks.
The Egress platform provides users with easy-to-use solutions to secure highly sensitive information, including PII and IP when collaborating or sharing data electronically. AI and machine learning ensure that data is shared with the right recipients, while encryption and rights management enhance security and control. Powerful auditing and reporting capabilities enable business administrators to identify and report on data shared not only using the Egress platform, but also wider email networks, to ensure compliance with data protection and privacy regulations.
“Enterprises and government agencies today are facing more complex data security challenges than ever before. New approaches to security are needed to thwart the rapidly changing threat landscape, while meeting the stringent and evolving privacy and security regulations,” said Dr. Edward Amoroso, CEO of TAG Cyber, a cybersecurity consulting company. “The best solution comes from vendors who have a well-established capability combined with breakthrough innovation. That’s exactly what Egress s doing – taking a user-centric approach with cutting-edge AI and machine learning to address the high impact of human error in handling sensitive data, and combining it with a proven, certified security platform to protect unstructured data at scale.”
Egress’ rapid growth and technical excellence were recently recognized with inclusion in the Sunday Times Tech Track 100, the Deloitte Fast 500 and the Future Fifty programs, which track the fastest growing and most innovative technology businesses in the UK and across Europe.
“Having demonstrated the proven value of our solution in Europe, Egress’ entry into North America could not be better timed,” said Egress Chief Revenue Officer and NA General Manager, Mark Bower. “With the heightened data security threat and a regulatory compliance burden that now stretches across all industry sectors and states, US organizations are under huge pressure to demonstrate investment in security solutions that tackle data privacy and risk mitigation head on. At Egress, we believe our track record demonstrates we are well positioned to support them in meeting these challenges and business goals.”