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Proofpoint, Inc.

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Not to be confused with Proofpoint Systems, Inc..

Proofpoint, Inc.
Company typePublic
Nasdaq: PFPT
Russell 1000 Index component
IndustrySecurity software
Founded2002
Headquarters
Sunnyvale, California
,
United States
Number of locations
Offices worldwide: Australia, Canada, France, Germany, Israel, Italy, Japan, Netherlands, Singapore, Spain, Sweden, The Netherlands, United Arab Emirates, United Kingdom, United States (California, Colorado, Indiana, Massachusetts, New York, North Carolina, Pennsylvania, Texas, Utah, Virginia)[1]
Key people
Gary Steele (Chairman, CEO)
Marcel DePaolis (CTO)
Paul Auvil (CFO)[2]
ProductsEmail filtering
Email privacy
Email encryption
Email archiving
Anti-spam techniques
Electronic discovery
Data loss prevention software
Revenue$888.2 million (2019)[3]
Number of employees
3,368 (2019)[4]
Websitewww.proofpoint.com Edit this at Wikidata
Proofpoint office in Toronto

Proofpoint is an enterprise security company based in Sunnyvale, California that provides software as a service and products for inbound email security, outbound data loss prevention, social media, mobile devices, digital risk, email encryption, electronic discovery ("eDiscovery"), and email archiving.

History

Founding

The company was founded in June 2002 by Eric Hahn, formerly the CTO of Netscape Communications. It launched July 21, 2003, after raising a $7 million Series A funding round, releasing its first product, and lining up six customers as references, and was backed by venture investors Benchmark Capital and Stanford University.[5] An additional $9 million in Series B funding led by New York-based RRE Ventures was announced in October, 2003.[6]

Proofpoint became a publicly traded company in April 2012. At the time of its initial public offering (IPO), the company's shares traded at $13 apiece; investors purchased more than 6.3 million shares through the IPO, raising more than $80 million.[7]

Proofpoint Co-Founder & Chairman Eric Hahn [left] with CEO Gary Steele [right] at Proofpoint's 15 year anniversary celebration.
Proofpoint Headquarters, Sunnyvale California

Product history

The company's first product was the Proofpoint Protection Server for medium and large businesses. It incorporated what was described as "MLX Technology", proprietary machine learning algorithms applied to the problem of accurately identifying spam email using 10,000 different attributes to differentiate between spam and valid email. The company joined dozens of other anti-spam software providers[5] in a business opportunity fueled by an exponential increase in spam volume that was threatening worker productivity, making spam a top business priority.[8] According to the 2004 National Technology Readinesed the number of spam detection attributes to more than 50,000.[9]

In 2004, strict new HIPAA regulations governing financial disclosures and the privacy of health care data prompted Proofpoint to begin developing new products that would automatically identify and intercept outbound email containing sensitive information.[10]

In March 2004, Proofpoint introduced its first hardware appliance, the P-Series Message Protection Appliance (later renamed Proofpoint Messaging Security Gateway), using a hardened Linux kernel and Proofpoint's Protection Server 2.0 software.[11] It was tested by Infoworld and found to stop 94% of spam.[12]

Another product introduction in November 2004 included Protection Server 3.0, with Email Firewall and MLX-based Dynamic Reputation Analysis, and the Content Security Suite, plug-in modules designed for scanning outbound messages and their attachments to assist in compliance with data protection regulations such as Sarbanes-Oxley, HIPAA, and Gramm-Leach-Bliley. In combination, this was known as the Proofpoint Messaging Security Gateway Appliance. It was reviewed by ChannelWeb, which observed that it used a "combination of technologies: policy-based management, a spam-filtering engine and adaptive learning technology."[13]

Proofpoint introduced a new product, the Network Content Sentry, as an add-on appliance to the Content Security Suite in August 2005.[14] Designed to monitor online messaging other than email, the appliance monitors Web mail, message boards, blogs and FTP-based communications. Proofpoint also introduced policy-based email encryption features, using identity-based encryption technology licensed from Voltage Security.

Virtual appliance development

In a step towards simpler operational requirements, the Proofpoint Messaging Security Gateway Virtual Edition was released in April 2007. The product runs as a virtual appliance on a host running VMware's virtual server software.[15] Moving a dedicated hardware appliance to a virtual server eliminates problems associated with proprietary hardware and reduces upgrade costs,[16] though it does require knowledge of VMware's virtual server architecture.

Proofpoint Messaging Security Gateway V5.0 was released in June 2007, and was based on a new, integrated architecture, combining all its capabilities into a single platform.[17] It could be run either as a dedicated appliance, virtual appliance, or software suite.

ICSA Labs, an independent division of Verizon Business, announced in April 2007, that it had certified six anti-spam products under their new testing program, one of which was the Proofpoint Messaging Security Gateway. The goal of ICSA Labs' anti-spam product testing and certification is to evaluate product effectiveness in detecting and removing spam. The guidelines also address how well the products recognize e-mail messages from legitimate sources.[18]

Software as a service

Moving into the software-as-a-service business, Proofpoint introduced Proofpoint on Demand, a hosted version of its email security and data loss prevention offerings.[19] In May, 2008, the company's hosted offerings were expanded with the introduction of Proofpoint on Demand—Standard Edition.[20] The product is targeted at small-to-medium size businesses that need email security but do not run their own servers or have on-site IT personnel.

Products

Proofpoint products are designed to solve three business problems: advanced cybersecurity threats, regulatory compliance, and brand-impostor fraud (which it calls "digital risk"). These products work across email, social media, mobile devices, and the cloud.[21][22][23][24]

Email security

In June 2008, Proofpoint acquired Fortiva, Inc., a provider of on-demand email archiving software for legal discovery, regulatory compliance and email storage management.[25] Fortiva used Exchange journaling to automatically archive all internal and external communications so that end users can search all archived messages, including attachments, directly from a search folder in Outlook.[26]

Cybersecurity

Proofpoint's security portfolio includes products that stop both traditional cyberattacks (delivered via malicious attachments and URLs) and socially engineered attacks—such as business email compromise (BEC) and credential phishing—that do not use malware.[27] It uses a blend of sandbox analysis, reputational analysis, automated threat data, human threat intelligence and attributes such as sender/recipient relationship, headers, and content, and more to detect potential threats. Automated encryption, data-loss prevention and forensics-gathering tools are designed to speed incident response and mitigate the damage and costs of any threats that do get through. The portfolio also includes protection from social-media account takeovers, harmful mobile apps, and rogue Wi-Fi networks.

Regulatory compliance

Proofpoint's compliance products are designed to reduce the manual labor involved in identifying potentially sensitive data, managing and supervising it in compliance with government and industry rules, and producing it quickly in e-discovery legal requests.[28]

Digital risk

Proofpoint's digital risk products are aimed at companies seeking to stop cybercriminals from impersonating their brand to harm customers, partners, and the brand's reputation. Its email digital risk portfolio includes authentication technology to prevent email domain spoofing.[29] On social media, it stops scams in which fraudsters create fake customer-service accounts to find people seeking help over social media and trick them into handing over account credentials or visiting a malicious website.[30] And in mobile, it finds counterfeit apps distributed through mobile app stores.[31]

In the 2016 Forrester Wave for Digital Risk Monitoring, Q3 2016 the Proofpoint digital risk / social media product was included in an evaluation of the nine top vendors in this emerging market. These monitor "digital" (i.e. social, mobile, web, and dark web) channels to detect, prevent, malicious or unwanted content from undermining organizational efforts to build brand across all major social media platforms.[24] On October 23, 2014 Proofpoint acquired Nexgate, Inc., a social media and security compliance vendor.[32] On November 4, 2015 Proofpoint acquired Socialware Inc., a compliance workflow & content capture and review technology company.[33][34]

Acquisitions

Date Company Terms
May 2020 The Defense Works [35] Less than $5 million
November 3, 2019 ObserveIT [36] $225 million in cash[36]
May 6, 2019 Meta Networks[37] $120 million in cash and stock[38][39]
Feb 6, 2018 Wombat Security Technologies, Inc $225M Cash and stock[40][41]
Nov 29, 2017 Weblife.io $60M Cash[42]
Nov 7, 2017 Cloudmark $110M in Cash[43]
Oct 20, 2016 FireLayers[44] $55M in Cash & Stock[45]
Aug. 24, 2016 Return Path[46] $18M - Email Fraud Protection division[47]
Nov 4, 2015 Socialware[48] $9M (terms undisclosed)[49]
Mar 2, 2015 Emerging Threats[50] $40M in Cash & Stock[51]
Oct 23, 2014 Nexgate[52] $35M in Cash[53]
May 20, 2014 NetCitadel[54] $24M in Cash[55]
Oct 1, 2013 Sendmail, Inc. $23M (terms undisclosed)[56]
Aug 9, 2013 Armorize Technologies[57] $25M in Cash[58]
Jul 25, 2013 Abaca Technology Corporation[59] Undisclosed Terms[59]
Jan 28, 2012 NextPage[60] Undisclosed Terms[60]
Oct 21, 2009 Everyone.net[61] Undisclosed Terms
August 31, 2008 Secure Data In Motion[62] Undisclosed Terms[63]
June 24, 2008 Fortiva Undisclosed Terms[25]

References

  1. ^ "Office Locations". Proofpoint. August 30, 2016.
  2. ^ "Proofpoint Inc. Expands Executive Team, Hires Klaus Oestermann as President and Chief Operating Officer; Proofpoint's Board of Directors Appoints CEO Gary Steele as Chairman as Eric Hahn Announces Retirement". Investors.Proofpoint.com.
  3. ^ "Proofpoint Announces Fourth Quarter and Full Year 2019 Financial Results | Proofpoint US". Proofpoint.com. January 30, 2020. Retrieved April 23, 2020.
  4. ^ "Proofpoint: Number of Employees 2011-2019 | PFPT". MacroTrends.net. Retrieved April 23, 2020.
  5. ^ a b Lacy, Sarah (July 20, 2003). "Proofpoint Joins Anti-Spam Crowd". BizJournals.com. (fee required). Retrieved August 3, 2020.{{cite web}}: CS1 maint: url-status (link)
  6. ^ Proofpoint adds funding, San Jose Business Journal, Oct 14, 2003.
  7. ^ "Proofpoint and Infoblox Rise on Debuts". The New York Times. April 20, 2012. Retrieved July 14, 2012.
  8. ^ Fighting Spam, Fueling Growth, InformationWeek Research's Outlook 2004 Survey.
  9. ^ Proofpoint improves spam prevention, Nov 3, 2003, NetworkWorld Archived May 31, 2008, at the Wayback Machine
  10. ^ Review, Technology. "E-Mail Inspector". MIT Technology Review.
  11. ^ IronPort, Proofpoint appliances target spam, NetworkWorld, March 15, 2004 Archived May 31, 2008, at the Wayback Machine
  12. ^ BorderWare and Proofpoint boxes are both capable spam combatants, Infoworld, May 28, 2004 Archived June 16, 2008, at the Wayback Machine
  13. ^ "ProofPoint Appliance Stands Guard At E-Mail Gate", ChannelWeb, November 26, 2004
  14. ^ "Proofpoint, Voltage Team on E-Mail Encryption", eweek.com, August 1, 2005.
  15. ^ CRN Test Center Review: A Virtual Solution To Spam, ChannelWeb, Apr 23, 2007 Archived June 7, 2008, at the Wayback Machine
  16. ^ Dubie, Denise (April 4, 2007). "When appliances get out of hand". Network World. Archived from the original on June 14, 2008. Retrieved September 5, 2019.
  17. ^ "Proofpoint Intros Proofpoint 5". ByteandSwitch. June 4, 2007. Archived from the original on May 9, 2008. Retrieved June 6, 2008.
  18. ^ "Earth Times: show/icsa-labs-introduces-formal-testing-of-anti-spam-products,345941.shtml". EarthTimes.org.
  19. ^ Garretson, Cara (August 7, 2007). "Proofpoint jumps into security services fray". Network World. Archived from the original on June 12, 2008. Retrieved September 5, 2019.
  20. ^ "Proofpoint Offers On Demand Email Security for SMBs". EBizQ.net.
  21. ^ "Proofpoint Enterprise Protection: Product overview". SearchSecurity. Retrieved March 24, 2017.
  22. ^ "Proofpoint Email Encryption: Product overview". SearchSecurity. Retrieved March 24, 2017.
  23. ^ "Proofpoint releases Proofpoint Intelligent Supervision | Compliance Week". ComplianceWeek.com. Retrieved March 24, 2017.
  24. ^ a b "The Forrester Wave: Digital Risk Monitoring, Q3 2016". Forrester.com. Retrieved March 14, 2017.
  25. ^ a b McMillan, Robert (June 24, 2008). "Proofpoint acquires Fortiva". Network World.
  26. ^ "FBI: Email Scams Take $3.1 Billion Toll on Businesses". Threatpost | The first stop for security news. June 15, 2016. Retrieved March 24, 2017.
  27. ^ "Wiping out email fraud". June 16, 2016. Archived from the original on June 18, 2016. Retrieved March 24, 2017.{{cite news}}: CS1 maint: unfit URL (link)
  28. ^ "Proofpoint Announces Intelligent Supervision and Compliance Gateway to Help Customers with FINRA and SEC Audits | Proofpoint". Proofpoint.com. Retrieved March 24, 2017.
  29. ^ "The Forrester Wave: Digital Risk Monitoring, Q3 2016". Forrester.com. Retrieved March 24, 2017.
  30. ^ "Social Media Phishing Soars, New Trend Is Fake Customer Service". Mediapost.com. Retrieved March 24, 2017.
  31. ^ "Mobile Devices: What Could Go Wrong?". Retrieved March 24, 2017.
  32. ^ "Proofpoint acquires Nexgate for $35 million". SC Media. October 24, 2014.
  33. ^ "Proofpoint | Crunchbase". Crunchbase. Retrieved February 22, 2018.
  34. ^ "nexgate-blog-proofpoint-acquires-socialware--expan". Owler.com. Retrieved February 22, 2018.
  35. ^ "Proofpoint's (PFPT) Q1 Earnings Top Estimates, View Slashed". Finance.Yahoo.com. Retrieved May 8, 2020.
  36. ^ a b "Proofpoint Enters into Definitive Agreement to Acquire ObserveIT for $225 Million in Cash; Extending Leadership in People-Centric Security and Compliance to Deliver Post-Perimeter Data Loss Prevention | Proofpoint US". Proofpoint.com. November 3, 2019. Retrieved November 6, 2019.
  37. ^ "Software-Defined Perimeter in the Cloud". Meta Networks. Retrieved June 1, 2019.
  38. ^ "Proofpoint acquires Meta Networks to strengthen its cloud-based architecture and its security platform". Help Net Security. May 8, 2019.
  39. ^ Zurkus, Kacy (May 7, 2019). "Proofpoint Acquires Meta Networks for Nearly $120m".
  40. ^ Stacey, Federoff (February 6, 2018). "Wombat Security acquired for $225M by Silicon Valley cybersecurity company". Pittsburgh Business Times. Retrieved February 6, 2018.
  41. ^ Bunny, Lian (March 1, 2018). "Proofpoint completes Wombat acquisition, aims to increase revenue by millions". Pittsburgh Business Times. Retrieved March 1, 2018.
  42. ^ "Proofpoint Enters into Definitive Agreement to Acquire Weblife for $60 million; Extends Protection Capabilities to Enterprise Users' Web-based Personal Email". Proofpoint.com. Retrieved November 29, 2017.
  43. ^ Lunden, Ingrid. "Proofpoint acquires Cloudmark for $110M in cybersecurity consolidation play". TechCrunch. Retrieved November 7, 2017.
  44. ^ "Proofpoint acquires Israeli Firelayers for $55 million". October 21, 2016.
  45. ^ Press, Viva Sarah. "Proofpoint pays $55 million for Israel's FireLayers". Israel21c.
  46. ^ Gatlin, Allison (August 25, 2016). "Proofpoint Battens Against Spoofers, Phishers With $18 Million Buy". Investor's Business Daily. Retrieved September 5, 2019.
  47. ^ "451 Research User Login". sso.451research.com.
  48. ^ "Cybersecurity Company Proofpoint Acquires Socialware". WSJ.com. November 4, 2015.
  49. ^ "Proofpoint acquires Texas social group" (PDF). BizJournals.com. November 4, 2015. Retrieved June 9, 2019.
  50. ^ "Proofpoint to Acquire Emerging Threats for $40M". WSJ.com. March 2, 2015.
  51. ^ "Proofpoint Acquires Emerging Threats for $40 Million". eWEEK.
  52. ^ "Proofpoint acquires Nexgate for $35 million". SC Media. October 24, 2014.
  53. ^ "Proofpoint gets into social media" (PDF). BizJournals.com. October 23, 2014. Retrieved June 9, 2019.
  54. ^ "Proofpoint acquires NetCitadel in $24M deal". SC Media. May 20, 2014.
  55. ^ "Search Results". 451research.com.
  56. ^ "Proofpoint Acquires Sendmail for $23M in Cash". WSJ.com. October 2, 2013.
  57. ^ "Proofpoint to Acquire Armorize Technologies for $25 Million - SecurityWeek.Com". SecurityWeek.com.
  58. ^ Westervelt, Robert (August 9, 2013). "Proofpoint Seals $25 Million Deal For Armorize Technologies". CRN.
  59. ^ a b "Abaca Technology Corporation: Private Company Information - Bloomberg". Bloomberg.com.
  60. ^ a b "California company buys Utah's NextPage". The Salt Lake Tribune.
  61. ^ "Everyone.net, Inc.: Private Company Information - Bloomberg". Bloomberg.com.
  62. ^ "Are You a Robot?". Bloomberg.com. {{cite web}}: Cite uses generic title (help)
  63. ^ "Archived copy". Archived from the original on March 21, 2017. Retrieved March 20, 2017.{{cite web}}: CS1 maint: archived copy as title (link)
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