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CrowdStrike Credits MSSPs, Partners for Cybersecurity Revenue Momentum

CrowdStrike’s endpoint protection revenues held up well during the cybersecurity company’s most recent quarter — despite the coronavirus pandemic and associated economic impact. Moreover, CrowdStrike credited MSSPs, IT consulting firms and the need to secure Work From Home (WFH) customers for the ongoing business momentum.

For its first quarter of fiscal year 2021 (ended April 30, 2020), CrowdStrike said:

  • Total revenue was $178.1 million, up 85 percent compared to $96.1 million in the first quarter of fiscal 2020.
  • GAAP net loss was $19.2 million, compared to a $26.0 million net loss in the first quarter of fiscal 2020.

CrowdStrike added 830 net new subscription customers in the quarter for a total of 6,261 subscription customers as of April 30, 2020, representing 105% growth year-over-year.

The financial results generally beat Wall Street’s expectations.

CrowdStrike Partner Program, Developer Portal

On the partner front, CrowdStrike’s latest relationships include enterprise IT supplier Computacenter and Veronym, a cloud-managed security service provider that specializes in small and medium-sized enterprises (SME), the company said. Veronym also is pushing hard into the SOC (Security Operations Center) as a Service market.

Those particular relationships “make the CrowdStrike Falcon platform widely available for enterprise customers across Germany and to SMEs across GermanyAustria, and Switzerland,” CrowdStrike said in a prepared statement.

Also during the quarter, the company launched the CrowdStrike Developer Portal to encourage MSSPs and other channel partners to leverage the company’s APIs to build applications and integrations.

Endpoint Protection Software & MSPs

Despite CrowdStrike’s momentum, the endpoint protection market remains fiercely competitive. Cybersecurity rivals working closely with MSPs and MSSPs include BlackBerry Cylance, OpenText’s Webroot, SentinelOne, Sophos, VIPRE Security, VMware Carbon Black, among many others. Moreover, WatchGuard recently acquired Panda Security for endpoint protection.

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