VirtualArmour Lands $800K Managed Cyber Deal with Financial Services Client
VirtualArmour, a Colorado-based MSP that specializes in cyber protection services, has finalized a three-year, $800,000 contract with an existing financial services client.
Under the terms of the agreement, VirtualArmour will provision ongoing managed services and deploy new software and hardware, the company said in a prepared statement. It also will help the financial services client “maximize performance, uptime, security, reporting and compliance,” VirtualArmour said, and integrate technology from both Cisco and IBM.
The financial services pact represents one of several recent contracts that could help VirtualArmour further extend its reach in the managed security services market.
VirtualArmour last month announced a multi-year managed security services contract with a U.S. food distributor, the company said in a prepared statement. As part of the agreement, VirtualArmour will provide hardware, software and network monitoring support.
Furthermore, VirtualArmour in July secured a contract with a global architectural design and engineering firm that supports the energy sector. The agreement stipulates that VirtualArmour will design, build and implement new security infrastructure and provision hardware and professional services, according to a prepared statement.
How Has VirtualArmour Performed Thus Far in 2017?
VirtualArmour generated strong growth in the first half of 2017, which is reflected in the following results from the company’s most recent earnings report:
- Total revenues of $5.8 million, up 20 percent year over year.
- Managed services revenues of approximately $1 million, compared to $935,000 one year earlier.
- Gross profit margin of 17.3 percent, compared to 25.3 percent one year earlier. However, VirtualArmour attributed the decline in gross profit margin to a higher volume of lower margin annual support contracts and hardware sales in the first six months of this year.
VirtualArmour boasts a 95 percent customer retention rate, Vice President of Customer Experience Kyle Duffy said. The company also continues to explore ways to expand globally.
In August, VirtualArmour increased its UK security operations center (SOC) staff by 25 percent and hired new senior engineers and system administrators to work with select technology partners, according to a prepared statement. With the expanded UK SOC staff in place, VirtualArmour is better equipped than ever before to scale in line with its growing customer base, VP of Managed Services Andrew Douthwaite stated.
VirtualArmour was founded in 2001 and offers “customized solutions to help businesses build, monitor, maintain and secure their networks,” the company noted. It maintains client monitoring and service management teams in both the United States and UK and supports customers across multiple industries in more than 30 countries.