SAN FRANCISCO, CA--(Marketwired - Oct 8, 2015) - Bugcrowd, the innovator in crowdsourced security testing for the enterprise, today announced the company has continued to see exponential growth during 2015 resulting in record results for its fiscal 2015 Q3 quarter. The company increased subscription bookings by over 400 percent from the same quarter last year and more than doubled its customer base while tripling employee headcount from 2014.
"Every company is vulnerable, and staying ahead of the attackers relies on winning the race to discover and fix these vulnerabilities before they do. Bug bounties provide something that is increasingly absent in security solutions, which is a human element. In our case, it just so happens to be a vibrant, growing community of experts, and a platform that connects them to the task with astonishing efficiency," said Casey Ellis, CEO and co-founder of Bugcrowd. "We founded Bugcrowd in 2012 with a simple thesis; the only logical way to compete with an army of adversaries is with an army of allies."
New customer acquisitions came from a broad range of industries, ranging from mid-sized to Fortune 500 companies, financial services, media, retail, telecommunications, business to business technology, computer software, application service providers, automotive and healthcare. The company also continued to drive customer satisfaction in its programs, marking a 116 percent retention rate.
"Bugcrowd exponentially scales our line of defense, providing us access to more than 20,000 of the best security minds in the industry," said Kim Green, chief information security officer of Zephyr Health. "In 2015 alone, we've read about a handful of successful data breaches from within our own healthcare space, and it's clear that the cyberattacks are only going to grow to be more aggressive. With Bugcrowd's help, Zephyr Health was able to transform our own company development to prioritize security, leaving no stone unturned."
Bugcrowd also increased payouts to the 20,000+ security researchers signed up on its platform by 200 percent over 2014 Q3 payouts, with the average payout being 1.81 times higher.
A number of security teams have opted to work with Bugcrowd to manage their bug bounty programs, including companies like Pinterest, Western Union, Blackphone and Silent Circle, Indeed, Drupal, Tesla and many more. For more information on Bugcrowd's customer programs, visit: https://bugcrowd.com/stories.
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About Bugcrowd
An innovator in crowdsourced security testing for the enterprise, Bugcrowd harnesses the power of more than 20,000 security researchers to surface critical software vulnerabilities and level the playing field in cybersecurity. Bugcrowd also provides a range of responsible disclosure and managed service options that allow companies to commission a customized security testing program that fits their specific requirements. Bugcrowd's proprietary vulnerability disclosure platform is deployed by Western Union, Pinterest, Drupal and many others. Based in San Francisco, CA, Bugcrowd is backed by Costanoa Venture Capital, Rally Ventures, Paladin Capital Group and Blackbird Ventures. For more information visit www.bugcrowd.com.
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Contact information:
Anthony Acosta
LEWIS PR for Bugcrowd
(570) 972 4262