Press ReleaseFebruary 19th, 2013
Duo Security Achieves Record Growth in Two-Factor Authentication Market with over 400% Increase in Revenue
Adds over 600 New Customers Including PwC, Toyota, Etsy, Bechtel, and Thomson Reuters
Ann Arbor, Michigan — February 19, 2013 — Duo Security, a cloud-based two-factor authentication company, announced today that the company saw record growth of more than 400% in 2012. The explosive growth is the result of the company's success in expanding the two-factor authentication market beyond traditional buyers. Duo Security's mission is to democratize two-factor authentication, making it easy and affordable for organizations of all sizes. Duo's customer base has grown over 50% per quarter over the last seven quarters.
Duo's customers span a wide range of industries, including those that traditionally could not afford to invest in advanced authentication. Duo protects three of the top five global social networks, as well as companies ranging from Fortune 500 to SMBs across all sectors. Customers include companies as diverse as Bechtel, Toyota, PwC, Thomson Reuters, Etsy, Random House, Duke University, State of Ohio Department of Transportation, and the Federation of State Medical Boards.
Founded in December 2009, Duo's patent-pending methods make two-factor authentication truly easy — easy to implement, easy to use, and easy to manage. The company simplifies the deployment and usability of two-factor authentication by delivering it as a cloud-based service, while leveraging a device that all users have, their mobile phone. This improved convenience and user experience means people are more likely to use the service and benefit from the protection.
Duo has also dramatically reduced the cost of implementing two-factor authentication — making it affordable to organizations of all sizes. To date, Duo's mission of democratizing two-factor authentication has been reflected in its focus on eliminating the so-called "security poverty line" in which only the largest organizations could afford advanced authentication technologies.
"Passwords are no longer sufficient to protect access to accounts online," said Harper Reed, former Obama for America CTO. "I've personally advised a number of companies to deploy Duo Security as they've made it exceptionally easy and affordable for anyone to use."
Duo's success has been propelled by three mega trends: (1) the recent and dramatic rise in data breaches and account takeovers, (2) enterprise acceptance of cloud services and (3) consumer adoption of mobile technologies.
"By making two-factor authentication easy for both users and IT staff, Duo has effectively removed the largest hurdles most companies face in adopting two-factor authentication to protect their accounts," said Dug Song, CEO and cofounder, Duo Security. "Nearly half of our customers had never deployed two-factor previously — or were able to!"
In 2013, Duo looks to accelerate the growth of the two-factor market by democratizing enterprise-class security functionality. Duo plans to add advanced adaptive authentication and mobile security technologies to its core service, continuing its mission of bringing previously "enterprise-only" levels of security to every Internet user.
About Duo Security
Duo Security is the easiest two-factor authentication service to deploy, administer, and use. Duo's service can be set up in as little as 15 minutes, and used immediately by anyone with a phone. Over 1,000 organizations in over 80 countries rely upon Duo to prevent online account takeover and data theft. Backed by Google Ventures and True Ventures, 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.