WatchGuard® Technologies, a global leader in manageable business security solutions, announced it set new company records with its Q1 financial results. WatchGuard's net billings exceeded all previous quarterly outcomes as customers took advantage of several significant new product releases over the past few months, including the launch of two new Wireless Access Points, seven new WatchGuard XTM models, and updated features that provide customers with increased functionality while maintaining a high level of manageability.
While WatchGuard saw a YoY increase in sales across customers of all sizes, Q1 results showed that the XTM 5 Series Unified Threat Management firewall, a solution targeted at mid-sized enterprises, led the charge and continued to be WatchGuard's top-selling product. In fact, product and attached service billings for mid-sized companies showed 24 percent growth when compared to the first quarter of 2012.
WatchGuard noted a global spike in sales of product and attached services. The Americas saw YoY gains of 26 percent and EMEA gained 16 percent. In addition, the company saw a surge of new customers who replaced legacy security systems with WatchGuard products in Q1. WatchGuard experienced its largest quarter ever in terms of trade-in volume with a 65 percent YoY increase.
"The growth we've experienced over the past three months makes it clear that more customers are looking to WatchGuard, not the competition, to safeguard their networks against today's blended threats," said Richard Barber, CFO at WatchGuard Technologies. "We have completely revamped our core product offering in just a little more than a year and there is more to come."
On the heels of a successful quarter for the XTM 5 Series, SC Magazine named the product "Best SME Security Solution" at their 2013 Europe Awards presentation last week. These annual awards recognize security professionals and vendors that deliver innovative security services and technologies. The first quarter of 2013 also resulted in multiple awards and top ratings from industry sources, honoring excellence in the company's partner program and in its products. WatchGuard was recognized with awards from CRN and Info Security Product Guide, and it also achieved a five-star review of its XTM product from SC Magazine. You can read more about these industry recognitions here.
