BOSTON – February 8, 2022 – Bitsight, the Standard in Security Ratings, announced that the company closed its fiscal year ending January 31, 2022 with record annual recurring revenue, record growth in platform data and usage, new strategic partnerships, including a $250 million investment by Moody’s Corporation, and more than 700 new customers. Bitsight customers now include 20% of the Fortune 1000 and more than 120 government institutions across 30 countries.
2021 was a year of remarkable growth for Bitsight. As organizations grappled with the continued pressures of the pandemic, including incurred risk from remote and hybrid work, exponential growth in ransomware attacks, and new vulnerabilities that threatened to disrupt operations and supply chains, Bitsight’s platform served as a vital source of information for the global marketplace, empowering business leaders and government officials to make better cyber risk decisions.
Bitsight achieved record results across a variety of key metrics. Bitsight’s ecosystem continues to expand with more than 2,400 customers and 40,000 users. The company surpassed $100 million ARR in July, doubling growth compared with the prior fiscal year, while investing to enhance its broadening solutions portfolio. A record number of customers made long term, multi-year contractual commitments to Bitsight.
CEO Stephen Harvey said: “Bitsight is providing critical insights to help the digital economy understand and measure cyber risk. Our unique ability to address a variety of critical use cases contributed to the company’s outstanding financial growth across all lines of business and the increasing ubiquity of the Bitsight rating. From investors and insurers who factor cybersecurity performance into their investment and underwriting decisions, to CISOs who need to improve the effectiveness of their own security programs, including third party supply chain risk, the marketplace continues to place its trust in Bitsight.”
Bitsight expanded its leadership position in the security ratings market through a series of strategic partnerships and investments. In September 2021, Bitsight established a strategic partnership with Moody’s Corporation to create a first-of-its-kind integrated cyber risk platform, with Moody’s leveraging Bitsight’s best-in-class cybersecurity ratings and analytics across its growing suite of integrated risk assessment product offerings. Through the partnership, Moody’s invested $250 million in Bitsight, and Bitsight acquired VisibleRisk to advance its ability to quantify cyber risk in financial terms.
Other notable partnerships included a strategic venture with Glass Lewis, the leading provider of independent global governance services, to arm investors with timely, accurate cybersecurity information to make more informed investment decisions. While observing exceptional momentum in its insurance business, Bitsight also developed a partnership with Marsh McLennan, the world’s leading professional services firm in risk, strategy and people, to provide insurance clients with actionable insights into cyber risks and mitigation strategies.
Bitsight’s robust growth was reflected in its rapidly expanding workforce. The company added more than 150 employees as demand for Bitsight ratings and analytics grew across all industries. In order to accommodate increasing market appetite for its solutions on a global scale, the company is accelerating product and go-to-market investments this year, with plans to hire an additional 180 employees by year end. Bitsight’s office and employee footprint expanded globally to ensure local market expertise in Australia, France, Germany, Israel, Netherlands, Portugal, Singapore, United Kingdom and the United States.
Stephen Harvey concluded: “As the global leader in cybersecurity ratings, Bitsight is well positioned to accelerate our capabilities in performance management and risk quantification in 2022. We look forward to building on our successes of last year helping companies, financial institutions, and governments manage and mitigate their cyber risk in an increasingly challenging environment.”
About Bitsight
Bitsight transforms how organizations manage cyber risk. The Bitsight Security Ratings Platform applies sophisticated algorithms, producing daily security ratings that range from 250 to 900, to help organizations manage their own security performance; mitigate third party risk; underwrite cyber insurance policies; conduct financial diligence; and assess aggregate risk. With the largest ecosystem of users and information, Bitsight is the Standard in Security Ratings. For more information, please visit www.bitsight.com, read our blog or follow @Bitsight on Twitter.