India To See More Investment As Securonix Looks To Grow Business 2x-4x
Cybersecurity company Securonix intends to invest more in India as it looks to double to quadruple business in the country, said Nayaki Nayyar, CEO, Securonix.
Valued at over USD 1 billion and clocking about USD 100 million in revenue, the US-based company is keen on touching USD 500 million in revenue in the next two to three years as it considers its options on both the organic and inorganic front to accelerate growth. The Indian market is expected to play a big role in Securonix’s future growth.
Today, about 20 per cent of Securonix’s revenue comes from India. Nayyar told BW Businessworld that the company would like to take India’s revenue share up to 30-40 per cent range in the long run. “We already have a big presence in India. Our go-to-market presence and backend operations are huge here. The goal is to take a big share in the Indian market,” she said.
"[..] India will become the biggest share of the wallet for us, both on the revenue side and also expense." - Nayaki Nayyar, CEO, Securonix
Nayyar envisions India business to be as autonomous as possible in the near future, much like Securonix’s North America operations. Almost 80 per cent of Securonix’s R&D happens out of India but the company also has teams in customer success, customer support, go-to-market and marketing based out of the country.
While Nayyar did not reveal the number of hires Securonix was going to make in 2023, she shared that the company intended to double its numbers in India in the near future. “We already have a good team here, but our goal is to invest even more as we continue to grow this part of the business.”
“As we double or quadruple the business, the size of the company will also change. And no matter where we acquire and grow, India will become the biggest share of the wallet for us, both on the revenue side and also expense,” she added.
Eye On Consolidating SIEM Market And Beyond
According to Juniper Research, the total spend by businesses on Security information and event management (SIEM) by 2027 will be USD 6.4 billion. A substantial SIEM player globally, Securonix is looking to consolidate the market which also hosts big names such as IBM and Splunk. But Nayyar remains confident on Securonix’s growth trajectory.
“We want to do (consolidate) it, the entire SIEM space. Because we believe SIEM is the centre of gravity for cybersecurity,” said Nayyar. “We are looking at not just organic growth but also adjacent markets we can consolidate and increase our overall Total Addressable Market (TAM).”
In April, Securonix launched the industry’s first Unified Defense SIEM. The platform provides organisations with 365 days of ’Hot’ data, powered by Snowflake. It can power fast search and investigation, best-in-class threat content-as-a-service, proactive defense with continuous peer and partner collaboration and unified Threat Detection, Investigation and Response (TDIR) experience.
Nayyar has an eye on adjacent markets to target at least USD 30-50 billion in TAM
Nayyar’s stint and success at Ivanti also drive her confidence in achieving the numbers she aspires for Securonix. “Ivanti was a half a billion-dollar business. We almost doubled it to USD 1 billion (plus) in over two years, with some organic and inorganic acquisitions and recapped it twice. We made all the investors pretty happy,” she shared.
Nayyar was also at BMC, where she was running a billion-dollar business. “We exited for USD 8.5 billion,” she said.
While SIEM remains a big focus for Securonix, Nayyar also has an eye on adjacent markets to target at least USD 30-50 billion in TAM to have a better shot at capturing a fair share of the overall market. She feels that MDR, EDR, XDR and more could offer opportunities for growth via acquisitions. Nayyar also believes that areas such as Cloud Security, IoT and Application Security have great scope. “The timing is very ripe for us and the valuations are very attractive currently. So, we will be making a few acquisitions,” she said.
