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  WALLIX company press release from 13/04/2023

  13/04/2023 - 18:15

WALLIX : strong Q1 2023 upswing in revenue growth and recurring business

  • Turnover up 30.3% despite ongoing negative impact of Russia;
  • Monthly recurring revenue up 26.5% in Q1 2023;
  • Implementation of new growth drivers: enhancement of WALLIX PAM4ALL offering with the launch of SaaS Remote Access and new tech alliance to strengthen cloud security.

Paris, April 13, 2023 - WALLIX (Euronext ALLIX), a European cybersecurity software developer and expert in privileged access management (PAM), has decided to publish its turnover and monthly recurring revenue on a quarterly basis from Q1 2023.

Unaudited data, €000 Q1 2022 Q1 2023 Change
Consolidated turnover 4,720 6,149 +30.3%

Jean-Noël de Galzain, Chairman and Chief Executive Officer of the WALLIX GROUP, said: “2023 kicked off with a sharp upswing in growth driven by strong momentum among medium-sized companies in the vast majority of our markets and the resumption of major projects, particularly in the industrial sector. This marks a return to hyper-growth rates comparable to those achieved in the pre-COVID years, despite the ongoing negative impact of Russia on the first quarter and the continuing sustained development of our subscription model, which has affected revenue recognition in the short term while guaranteeing the Group a recurring revenue flow and better financial visibility over the coming years. As a reminder, WALLIX has multiplied its turnover by 12 in ten years, representing an average annual growth rate of nearly 30%.

In line with our 2023 roadmap focused on innovation and the enhancement of the offering, we recently launched SaaS Remote Access, the SaaS version of our remote access management technology combined with our PAM4ALL solution. This solution allows any organization to manage secure digital access simply and globally for external service providers, as well as remote access. Another major milestone this quarter was the ramp-up of Group operations in the area of cloud infrastructure security and compliance thanks to our tech alliance with Kleverware. The goal of this alliance is to help organizations in their digital transformation towards cloud services by offering them a CIEM (Cloud Infrastructure Entitlement Management) solution. This development is a solid growth driver insofar as it targets the cloud services market estimated at $600 billion and growing 20% per year.

WALLIX is pursuing its ambition of building a responsible digital world by helping organizations step up their secure-by-design digital transformation. After this strong start to the year, we are confident in the Company's business momentum, which still harbors growth potential, and in our ability to pursue this organic trend while developing our positioning on buoyant cybersecurity markets.”

Significant first quarter recovery and growth upswing in recurring business

Growth accelerated in the first quarter with turnover of €6.1 million, up 30.3% versus Q1 2022 despite the impact of Russia, which posted sustained sales until the end of February 2022, and the shift towards a subscription-based business model.

Monthly recurring revenue (MRR) for the first quarter totaled €1.3 million, up 26.5% versus Q1 2022, representing €15.4 million in recurring business on an annual basis. As such, WALLIX has started 2023 with a level of annual recurring business equivalent to 61.3% of 2022 consolidated turnover, up 8.6 percentage points year-on-year.

An eventful first quarter

The first quarter has confirmed the target of accelerating organic growth for 2023 announced by the Group in its 2022 annual results press release. This momentum will be strengthened over the coming months by the recent initiatives focusing on cloud infrastructure and remote access.

As such, in order to meet the challenges of cloud security, WALLIX has signed a strategic alliance with Kleverware, a European specialist in digital access and identity governance. By integrating their respective technologies, Privileged Access Management and Identity Access Governance, WALLIX and Kleverware offer a comprehensive CIEM (Cloud Infrastructure Entitlement Management) solution that maps, manages and safeguards all access - by humans or machines - to IT resources in the cloud while ensuring regulatory compliance. The strategic value of this alliance is enhanced by the fact that CIEM technology is emerging as the go-to standard for access management and application of the “least privilege” principle in cloud infrastructures.

Most recently, the Group also announced the launch of its SaaS Remote Access solution, the SaaS version of the remote access management technology integrated into the WALLIX PAM4ALL comprehensive solution, enabling the optimization of remote access management, especially for external partners.

The launch of SaaS Remote Access and the tech alliance with Kleverware are fully in line with WALLIX's strategy of developing and enhancing its offering and solutions while generating a rapid impact on the Group's outlook.

WALLIX reaffirms its ambition to significantly improve earnings via a gradual return to normal operating expenses in order to reach operating breakeven by 2024.

Next publication: H1 2023 turnover, July 20, 2023


Éditeur de logiciels de cybersécurité, WALLIX est le spécialiste européen de la sécurisation des accès et des identités numériques, leader mondial du PAM, le Privileged Access Management. Les technologies de la société permettent aux entreprises de répondre aux enjeux actuels de protection des réseaux informatiques et de sécurité des données. Elles assurent la détection et la résilience aux cyberattaques en vue de protéger les actifs numériques des organisations et de maintenir la continuité d'activité du système d'information, dans le cloud et dans les réseaux industriels. Elles simplifient également la mise en conformité aux exigences réglementaires concernant l'accès aux infrastructures informatiques et aux données critiques. Avec ses solutions PAM4ALL, PAM4OT et Trustelem, WALLIX accompagne ses clients pour moderniser leur système d'information et mettre la cybersécurité au service de leur transformation numérique. La société s'appuie sur un réseau de partenaires distributeurs, revendeurs et intégrateurs certifiés pour accompagner plus de 2000 organisations à travers le monde dans tous les secteurs de l'économie. L'entreprise est cotée sur Euronext (ALLIX). Les fondateurs et dirigeants ainsi que la structure d'investissement T.D.H (Thierry Dassault Holding) sont les actionnaires historiques de référence. by WALLIX est une marque dédiée à la sécurisation des accès et des identités numériques dans les environnements industriels.

WALLIX affirme sa responsabilité numérique et s'engage à contribuer à la construction d'un espace numérique européen de confiance, garant de la sécurité et de la confidentialité des données des organisations mais également pour tout individu soucieux de la protection de son identité numérique et du respect de sa vie privée. Le numérique, qu'il soit pour des usages professionnels ou personnels, doit être éthique et responsable afin de vivre une transformation numérique sociétale sécurisée et respectueuse des libertés individuelles. |


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  Original Source: WALLIX