Fortanix Surpasses Multiple Milestones, Reports Strong Growth for Fiscal Year 2024

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During the fiscal year ended Jan. 31, 2024, Fortanix registered strong performance in critical areas, including the largest deal in company history, record new customer acquisitions—including the company’s first customers in the Japan and MENA regions--and workforce expansion worldwide.

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Wednesday, February 21, 2024
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Data Management, Security, Technology, Software, Artificial Intelligence, Internet, Cloud, DSM, Engineering, International Organization (journal), SITE, Growth, PCI DSS, BYOK, Microsoft Azure, Commerce, GDPR, Software as a service, Certification, NIST, Organization, FIPS, CIS, Workforce, PCI, ISO, Google Cloud, Amazon Web Services, Fortune 500, Social Security, International Electrotechnical Commission, FINMA, IEC, OpenAI, Microsoft, AWS, Partnership, PCI-DSS, Information management, Azure, HIPAA, Format, SOC, AI, Intelligence, HSM, Confidentiality, Policy, Privacy, Amazon, Cryptocurrency
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CALIFORNIA, UNITED STATES, NORTH AMERICA, LINDA, BENCHMARK, SAUDI ARABIA, JAPAN
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FORTANIX, FORTANIX INC.
Summary
Key Points: 
  • During the fiscal year ended Jan. 31, 2024, Fortanix registered strong performance in critical areas, including the largest deal in company history, record new customer acquisitions—including the company’s first customers in the Japan and MENA regions--and workforce expansion worldwide.
  • Towards that end, Fortanix announced multiple new solutions and product enhancements to address important customer needs in the market.
  • The Fortanix Data Masking and Tokenization Solution, which addresses rising concerns around data breaches and expanding data privacy regulations.
  • Fortanix also formed a new partnership with DreamArts Corp. in Japan to provide BYOK to the company's SmartDB no-code/low-code development platform.


Fortanix® Inc., a leader in data-first cybersecurity and pioneer of Confidential Computing, today announced another outstanding year for sales, strategic partnerships, product introductions and workforce expansion. During the fiscal year ended Jan. 31, 2024, Fortanix registered strong performance in critical areas, including the largest deal in company history, record new customer acquisitions—including the company’s first customers in the Japan and MENA regions--and workforce expansion worldwide. Fortanix also added new strategic partnerships, including an agreement with the Saudi Information Technology Company (SITE) to bring Fortanix’s industry-leading data security platform to the Saudi Arabia and Middle East market.

"Data security breaches have continued at an alarming rate despite the fact that organizations have poured billions of dollars into solutions that are supposed to protect them," said Anand Kashyap, CEO and co-founder of Fortanix. "Fortanix, on the other hand, takes a data-centric approach to security and compliance, which has resonated among businesses, especially in privacy-sensitive industries, and is reflected in having twelve of the world’s 100 largest banks as customers."

In FY2024, the Fortanix Data Security Manager (DSM) SaaS platform was used to perform 10.3 billion global data protection operations versus 1.65 billion in FY23, a 6x increase as more and more customers worldwide choose Fortanix to protect their most sensitive data.

Expanded Leadership and a Growing Workforce

Fortanix made several key executive appointments throughout the fiscal year, including Ron Longo, Chief Revenue Officer; Linda Chen, Chief Marketing Officer; Anuj Jaiswal, Vice President of Products; and Andy Buckland, Vice President and General Manager, EMEA. In addition, the company expanded its overall workforce, including several additions across sales, channel, and sales engineering in all major regions to support significant growth for Fortanix now and into the future.

New Solutions and Product Enhancements

Fortanix’s mission is to secure the world’s data. Towards that end, Fortanix announced multiple new solutions and product enhancements to address important customer needs in the market. These additions included:

  • Fortanix Key Insight, a new solution designed to help enterprises improve their data security risk posture across hybrid multicloud environments. With Key Insight, security, cloud, and developer teams for AWS, Google Cloud, and Microsoft Azure can easily identify, assess, and remediate data exposure risks such as missing or dated encryption keys or policy compliance gaps to better protect data migrated to the cloud.
  • The Fortanix Data Masking and Tokenization Solution, which addresses rising concerns around data breaches and expanding data privacy regulations. The Format Preserving Encryption anonymizes sensitive data, such as social security numbers and other personally identifiable information, across multiple sources, enables regulatory compliance, yet allows teams to use data for analytics and AI models.
  • Confidential Data Search, an industry-first solution that supports highly scalable searches in encrypted databases with sensitive data without compromising data security or privacy regulations. The solution supports intra-organizational analysis of complex data sets that are subject to regulatory compliance controls, such as HIPAA, GDPR, FINMA, PCI-DSS, and more.
  • New data sovereignty capabilities for Fortanix Data Security Manager (DSM) to add support for sovereign clouds, storing keys in sovereign boundaries, anonymizing private data, and creating centralized control to manage access and enforce consistent policies across hybrid and multicloud environments.
  • In addition, Fortanix DSM SaaS became available in the AWS Marketplace, Amazon's digital catalog where organizations can find, test, buy, and deploy software that runs on Amazon Web Services (AWS). The addition to the AWS Marketplace enables organizations to leverage Fortanix DSM via the cloud with full remote access to its security features, cryptographic services, and key management functionalities, all from a centralized location.

Key Strategic Partnerships

Recently, Fortanix joined the NIST AI Safety Institute Consortium (NIST AISIC) established by the U.S. Department of Commerce to advance the development of safe and trustworthy artificial intelligence. As an inaugural member, joining 200-plus leading tech companies including OpenAI, Google, Microsoft, Amazon and others, Fortanix will bring expertise in the areas of data security and Confidential Computing to the consortium.

In 2023, Fortanix partnered with the Saudi Information Technology Company (SITE), a PIF-owned, prominent cybersecurity and cloud provider and systems integrator, to bring Fortanix solutions to the Saudi Arabia and greater Middle East markets. As a part of the partnership, Fortanix and SITE began rolling out a variety of data security solutions, including multicloud key management, tokenization and data masking, secrets management and HSM-as-a-service.

Fortanix also formed a new partnership with DreamArts Corp. in Japan to provide BYOK to the company's SmartDB no-code/low-code development platform. By leveraging Fortanix's technology, even in the unlikely event that SmartDB files, backup data, or physical devices are leaked, the data will not be viewable by malicious actors.

ISO 27001 Certification

Fortanix last year received ISO 27001 certification, the global standard for effective information management. Published by the ISO (International Organization for Standardization) and IEC (International Electrotechnical Commission), ISO 27001 is the only certifiable information security standard recognized internationally.

This rounded out Fortanix's impressive list of enterprise and product certifications, which also includes FIPS 140-2 Level 3, SOC 2, PCI DSS and CIS Level 1 Benchmark.

Fortanix's proven platform has been adopted by some of the largest Fortune 500 and Forbes 2000 companies, as well as the most data privacy-sensitive segments of the market. The latest additions to its team, alliances, and solutions enables Fortanix to be uniquely positioned to help enterprises with a data-first security approach that reliably protects their most valuable assets while meeting global regulatory compliance requirements.

For more information on the Fortanix’s suite of solutions, visit https://www.fortanix.com/solutions.

About Fortanix

Fortanix is a global leader in data security. We prioritize data exposure management, as traditional perimeter-defense measures leave your data vulnerable to malicious threats in hybrid multicloud environments. Our unified data security platform makes it simple to discover, assess, and remediate data exposure risks, whether it’s to enable a Zero Trust enterprise or to prepare for the post-quantum computing era. We empower enterprises worldwide to maintain the privacy and compliance of their most sensitive and regulated data, wherever it may be.

At Fortanix, we bring together the very best people in service of our mission including recognized industry pioneers and experts in cryptography and Confidential Computing. We’re also proud to be Great Place to Work certified. Fortanix – Data Exposure Management for the Modern Enterprise. For more information, visit www.fortanix.com.

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