MIAMI, April 09, 2025 (GLOBE NEWSWIRE) -- Varonis Systems, Inc. (NASDAQ:VRNS), the leader in data security, today announced the winners of its annual Partners in Excellence awards. The program recognizes channel partners who worked tirelessly in 2024 to deliver Varonis' top-ranked Data Security Platform to customers worldwide. Varonis leadership selected the winners based on their accomplishments throughout the year. "Securing critical data is a top priority for our customers, and our mission at Varonis is ...

Core Insights - Varonis Systems, Inc. has appointed Toshi Namiki as Country Manager for Japan, aiming to enhance its presence in the region and address data security needs [1][3] - Toshi Namiki brings over 25 years of experience in software and cybersecurity, having previously led high-value sales for notable companies in the industry [2] - Varonis focuses on helping organizations secure their data, especially in key Japanese industries such as manufacturing, technology, and automotive, which generate vast amounts of data [3] Company Overview - Varonis is recognized as a leader in data security, differentiating itself from conventional cybersecurity firms by utilizing a cloud-native Data Security Platform [4] - The platform continuously discovers and classifies critical data, removes exposures, and detects advanced threats through AI-powered automation [4][5] - Varonis supports thousands of organizations globally, providing solutions for data security posture management, data classification, data access governance, data detection and response, data loss prevention, AI security, and insider risk management [5] Regulatory Compliance - The company is expanding its operations in the APAC region to assist customers in complying with local regulatory frameworks, including the Act on the Protection of Personal Information [3] - This law mandates that companies implement security measures to protect personal data from unauthorized access, loss, or damage [3]

Core Insights - Varonis Systems, Inc. has announced its new status as a Sustaining Partner with Black Hat, highlighting its commitment to cybersecurity innovation and knowledge advancement [2][3]. Company Overview - Varonis is recognized as a leader in data security, focusing on protecting data across various environments including SaaS, IaaS, and hybrid cloud [4]. - The company offers a cloud-native Data Security Platform that automates security outcomes such as data security posture management, data classification, and insider risk management [4]. Event Participation - Varonis will participate in Black Hat Asia 2025, scheduled from April 1 to 4 in Singapore, and invites attendees to visit booth 509 to learn about its data security solutions [2][3]. - An expert session titled "Safely Enabling AI Copilots with Varonis" will be held on April 3, where practical strategies for safe AI rollout will be discussed [3]. Strategic Partnerships - As a new Sustaining Partner, Varonis joins other prominent security leaders like CrowdStrike and Wiz, reinforcing its position in the cybersecurity landscape [2].

Financial Data and Key Metrics Changes - In Q4 2024, ARR grew 18% to $641.9 million, with SaaS ARR representing 53% of total company ARR for the first time [9][23][28] - Free cash flow reached $108.5 million, up from $54.3 million the previous year, marking a significant milestone for the company [10][28] - Total revenues for Q4 were $158.5 million, a 3% increase year-over-year, while full-year revenues grew to $551 million, reflecting a 10% increase compared to 2023 [29][32] Business Line Data and Key Metrics Changes - The company added over $200 million in SaaS ARR during 2024, ending the year with approximately $340 million in SaaS ARR [7][9] - New customer momentum was the primary driver of growth, with a 50% increase in ARR from new customers [20][28] - The dollar-based net retention rate for subscription customers was 105% at the end of 2024, indicating steady gross retention despite limited upsell activity [28] Market Data and Key Metrics Changes - The company is experiencing strong demand for its SaaS offerings, particularly in the context of increasing data security needs driven by AI initiatives [12][18] - The transition to SaaS is expected to enhance the company's ability to penetrate its total addressable market (TAM) and expand into new data stores [23][26] Company Strategy and Development Direction - The company plans to accelerate its transition to a fully SaaS model, now expecting to complete it by the end of 2025, which is a year earlier than previously anticipated [9][26] - The focus on automation and AI in data security is seen as a key differentiator, with the company positioning itself to capitalize on the growing need for data protection [11][12][14] - The introduction of MDDR (Managed Detection and Response) has been a significant driver of new business and existing customer conversions [16][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to sustain growth post-transition, citing the simplicity and effectiveness of the SaaS platform [23][26] - The management highlighted the importance of data security in the current environment, emphasizing that organizations are increasingly aware of the risks associated with data breaches [12][13] - The company anticipates continued strong demand for its solutions, particularly as customers seek to deploy AI technologies securely [18][19] Other Important Information - The company ended 2024 with 5,600 subscription customers, a 13% year-over-year increase, and ARR per new customer grew approximately 20% year-over-year [28] - The gross margin for Q4 was 84.4%, down from 88.5% in the same quarter of the previous year, primarily due to the increased mix of SaaS sales [29][30] Q&A Session Summary Question: Can you discuss the potential upside to flat net new ARR growth? - Management indicated that customer demand for data security and the benefits of the SaaS platform are driving natural expansion, which could lead to upside in ARR growth [35][36] Question: Are you pulling forward renewal deals to facilitate conversions to SaaS? - Management clarified that they are starting renewal conversations earlier to streamline the conversion process, which is primarily a documentation challenge rather than a technological one [42][44] Question: How do you plan to sustain mid-teens growth post-transition? - Management believes that the growth will come from new customer momentum, improved net retention rates, and the introduction of new products like MDDR [43][51] Question: What is the current health of your pipeline and backlog? - Management reported a healthy pipeline with ongoing conversations about SaaS conversions, indicating confidence in both new customer acquisition and existing customer transitions [66][68] Question: Can you provide insights on traction with various data stores? - Management noted strong demand across multiple data repositories, emphasizing the acute need for data security solutions in the current landscape [71][75]

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