Press Release
February 5th, 2014Duo Security Achieved Over 300% Increase in Revenue in 2013; Continues to Lead the Cloud-Based Two-Factor Authentication Market
Doubled Staff Size, Released Enhanced Enterprise Features and Deployed to Protect Over 10,000 Users at Facebook
ANN ARBOR, MICH. (February 4, 2014) – Duo Security, the leading cloud-based two-factor authentication provider, announced 325 percent growth in 2013, in addition to doubling staff size and releasing enhanced features to better support enterprise security. Duo’s growth can be attributed to both enhanced enterprise features and lower total cost of ownership for small and medium-sized businesses, making security attainable for everyone.
Duo’s clientele includes some of the most sophisticated technology organizations in the world, including social media giants, Fortune 500 companies and SMBs across the financial, automotive, education, retail, health IT and other diverse industries. Last September, Facebook successfully deployed Duo Security’s two-factor authentication solution across its entire enterprise, protecting more than 10,000 users.
In late 2013, Duo released new two-factor editions to enable faster deployments, greater usability and lower cost of ownership for small, medium and enterprise organizations. Providing affordable security with Duo’s Business Edition at $1/user/month, smaller businesses can now effectively protect their users on a budget.
To better support enterprise organizations with larger deployments and more complex needs, Duo added new features to support rapid user provisioning, greater integration capabilities and advanced administrative controls. With enhanced features and price points that support organizations of all sizes, Duo will continue to grow as the user authentication customer base continues to expand.
Gartner Research Vice President, Ant Allan writes in the December 2013 Magic Quadrant for User Authentication, "By year-end 2016, about 30% of enterprises will choose cloud-based services as the delivery option for new or refreshed user authentication implementations — up from about 10% today.”
Also noted in Gartner’s Magic Quadrant for User Authentication report, "Enterprises and SMBs are increasingly aware of the need to find an appropriate balance of authentication strength, TCO and UX in each use case. These factors are driving the adoption of alternatives to traditional token-based authentication methods that offer higher levels of trust, but at a higher cost and with relatively poor UX."
The enterprise switch to modern, cloud-based authentication from costly and hardware-intensive traditional authentication has played a role in Duo’s continued success. With the rise in corporate data breaches year over year, access security is also becoming more of a focus than ever, motivating organizations to invest in stronger controls to effectively prevent account takeover and data theft. This has led to hundreds of new customers adopting Duo’s modern two-factor authentication solution, including EventBrite, Better Business Bureau, Under Armour, Paramount Pictures, and ThinkGeek.
In addition, Duo’s staff more than doubled in size in 2013: “This past year, we've hired a number of visionary talents in our creative, engineering and technology teams here at Duo. With a stronger team than ever in place, Duo will continue our rapid rate of growth in 2014 by expanding on our usability and integration capabilities, ensuring that two-factor is easy and attainable for everyone,” said Duo Security CEO and co-founder Dug Song. “Making modern security widely available is key to Duo’s continuing leadership in the rapidly expanding user authentication market.”
Duo also intends to double staff size in 2014 and again double by the end of 2015 in order to support increasing market demand.
About Duo Security
Duo Security is the easiest two-factor authentication service to deploy, administer, and use. Duo’s patented technology enables organizations to protect their logins in as little as 15 minutes. Over 2,500 organizations in more than 80 countries rely on Duo Security to protect their networks, services and applications. Backed by Google Ventures, True Ventures, and Radar Partners, Duo has been deployed by some of the most security-conscious organizations on the planet, along with 3 of the top 5 social networks. Learn more and try it for free at www.duosecurity.com. Follow Duo Security on Twitter at: @duosec.
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MEDIA CONTACT:
Sally Feller
248-318-0034
sally@duosecurity.com