Today, SASE vendor, Cato Networks, announced it surpassed $200 million in annual recurring revenue (ARR) in the second quarter of 2024—doubling its total ARR in under two years. The news comes weeks after Cato was named a Leader in the 2024 Gartner® Magic Quadrant™ for Single-Vendor SASE.
“IT security is broken, and enterprises are turning to Cato to fix it,” said Shlomo Kramer, co-founder and CEO at Cato Networks. “A proliferation of point solutions and appliances has created a fragmented IT security market. Enterprises are faced with unmanageable complexity and a drain on precious resources, including people, dollars, and time. Cato is leading the IT security industry into a new era, where a single, cloud-native platform converging networking and IT security provides power and simplicity unmatched by the legacy patchwork of tools and vendors.”
The IT security industry is rapidly moving from security appliances and cloud proxies to converged SASE platforms. Many legacy vendors are attempting to evolve their portfolio of capabilities into a converged SASE platform – what’s been called platformisation.
“Converting a portfolio company into a platform company is about as easy as unscrambling an omelet,” said Kramer. “Security is a data problem. A platform makes high-quality, contextualised data available in real-time for protection and stores that data in a single data lake for detection. You cannot get that kind of high-quality data from a portfolio company, no matter how pretty the management interface.”
Today, Cato also announced more than 2,500 enterprise customers embrace the Cato SASE Cloud Platform, with over 1,000 new customers in the past two years. Examples of global enterprises and leading brands that have chosen Cato, or expanded with the Cato SASE Cloud Platform, include:
- O-I Glass: The $7 billion leading glass bottle manufacturer, designing innovative glass packaging for the world’s leading brands, has adopted the Cato SASE Cloud Platform to digitally transform the way glass bottles are designed and manufactured. With one platform, O-I was able to connect and secure 23,000 employees in approximately 150 factories and office locations across 20 countries worldwide.
- Ryohin Keikaku: The Japanese business leader, behind the world-famous MUJI retail brand, recently selected Cato to connect and secure its 820+ retail and corporate offices and 3,200+ employees worldwide.
- Sixt: The world-renowned car rental company connects and protects its locations and rental branches worldwide, as well as mobile users, with the Cato SASE Cloud Platform.
- Vitesco Technologies: The $10 billion German automotive supplier and manufacturer, and a Cato customer since 2020,has 35,500 employees worldwide. The company recently expanded the Cato SASE Cloud Platform nearly 25% to over 90 connected locations and services and 24,000 remote users.
“As we enter the third generation of IT security, Cato is being embraced faster than the appliances and proxies that defined the previous generation,” said Alon Alter, chief business officer at Cato Networks.
“We earned the trust of more than 1,000 new businesses in the past two years, growing our customer base to over 2,500 and our ARR to more than $200 million. Our growth attests to the demand for a true, autonomous cloud-native platform—one that maintains an optimal security posture and a superb application experience worldwide, freeing IT teams to better support the business.”
This follows the recent announcement that Cato was named a leader in the 2024 Gartner® Magic Quadrant™ for Single-Vendor SASE.
