Snyk's AI-Native SAST Product Passes $100M in ARR
BOSTON, Oct. 02, 2024 (GLOBE NEWSWIRE) -- Snyk, a leader in developer security, announced today that its AI-native Static Application Security Testing (SAST) product, Snyk Code, generates $100M in ARR1, representing approximately one-third of Snyk's total ARR today. The company is also continuing to make progress towards cash flow positivity, while at the same time maintaining operational efficiency, with approximately 80% in gross margin and a growing customer base exceeding 3,100.
SAST has become a foundational element of any comprehensive, mature application security program today. Snyk pioneered the application of SAST findings with broader key security control points across the entire software development lifecycle (SDLC), while consistently keeping the developer experience top of mind. Powerfully combined with the company's marketing leading software composition analysis (SCA), Infrastructure as Code (IaC), and Container security products as well as its developer-first Application Security Posture Management (ASPM) solution, Snyk Code is central in delivering the holistic platform experience that developers worldwide love and enterprise security teams trust.
"Snyk is furthering our leadership position by staying laser-focused on enterprise customer needs through bold innovation, while maintaining strong business fundamentals that ensure our future success," said Peter McKay, CEO of Snyk. "Our customers have made it clear that our recent strategic moves, particularly around advancing our AI capabilities, have been vital to future-proofing their application security programs."
Accelerated Enterprise Growth
Increased demand from enterprise2 clients has led to this remarkable growth, with an over 40% year-over-year increase in ARR in this category. In Q2 2024, over 70% of total new net additions came from this portfolio alone.
Snyk's expansive partner ecosystem has also significantly contributed to this growth. Partners such as Deloitte as well as Accenture and Tata Consultancy Services rely on Snyk to solve complex client challenges, particularly with respect to the growing cybersecurity concerns of the GenAI Era. Strategic cloud partnerships with AWS and Google Cloud as well as enterprise alliances with ServiceNow and Snowflake, enable Snyk to offer comprehensive developer security solutions aligned with priority business initiatives like GenAI-driven code development, workflow management and security analytics.
Revolutionary Product Innovation
Snyk's bold innovation strategy combines organically-driven offerings as well as acquired technology and talent, underpinned by a clear vision for the future and product development that addresses customer concerns on the horizon.
Recent notable examples include:
- DeepCode AI: DeepCode AI serves as the backbone of Snyk Code, which remediates vulnerabilities in AI-generated code and removes hallucinations in real-time, throughout the entire development process. Based on Snyk's early acquisition of DeepCode, this solution utilizes multiple AI models, is trained on security-specific data and is all curated by top security researchers, setting up Snyk customers to more confidently and securely harness the full potential of GenAI.
- Snyk AppRisk: Snyk AppRisk shifts AppSec left, bridging post-deployment application signals into pre-deployment development workflows. As a result, Snyk customers now have access to unparalleled cloud-to-code visibility, allowing them to significantly streamline prioritization and remediation efforts. Snyk AppRisk was launched in late 2023 following the strategic acquisitions of Enso Security and Helios, and the solution empowers AppSec teams with the comprehensive, developer-first ASPM workbench necessary to further govern and scale their security programs.
"Snyk has always been able to see around corners and help enterprises adapt to a rapidly shifting technology landscape, starting with creating the shift-left developer security movement," said Ed Sim, Founder and General Partner of Boldstart Ventures. "Through a series of strategic acquisitions, product launches, and partnerships, Snyk has now further cemented its lead by helping some of the world's largest and most complex global enterprises build securely in the GenAI Era with speed and scale."
Talent Infusion
Snyk now employs more than 1,100 employees worldwide, augmented by current hiring pushes in Boston and London.
In 2024, the company also significantly bolstered their Leadership Team, further solidifying Snyk's developer security leadership. Dynamic new leaders including Gary Olson as Chief Revenue Officer, Diana Brunelle as Chief People Officer, Danny Allan as Chief Technology Officer, and Brian Rogan as EVP of Engineering, bring a wealth of enterprise experience and distinct expertise to their respective roles.
Snyk also recently appointed James Heppelmann to its Board of Directors. Heppelmann recently retired as Chairman and CEO of PTC (NASDAQ:PTC), after more than 25 years with the company. He brings an extensive understanding of the current technology landscape as well as more than a decade of public company CEO and Board experience to this new role.
"Snyk has always understood that great technology is only possible when organizations put their people first," said Diana Brunelle, Chief People Officer of Snyk. "With this mindset, we're currently adding to our existing programs, and creating new ones, that can further support our growing teams on a global scale. I'm looking forward to helping each of our Snykers do the most meaningful work of their careers and continuing to elevate our culture, while remaining at the forefront of the industry."
About Snyk
Snyk is the leader in developer security. We empower the world's developers to build secure applications and equip security teams to meet the demands of the digital world. Our developer-first approach ensures organizations can secure all the critical components of their applications from code to cloud, leading to increased developer productivity, revenue growth, customer satisfaction, cost savings, and an overall improved security posture. Snyk's Developer Security Platform automatically integrates with a developer's workflow and is purpose-built for security teams to collaborate with their development teams. Snyk is used by 3,000+ customers worldwide today, including industry leaders such as Asurion, Google, Intuit, MongoDB, New Relic, Revolut, and Salesforce.
Contact:
Cara Foley
Senior Director, Corporate Communications, Snyk
[email protected]
1 Snyk defines ARR as representing the annualized revenue run rate of all committed subscription contracts as of the measurement date, assuming all contracts that expire during the next 12 months are renewed with existing terms. To the extent Snyk is negotiating a renewal with a customer after the expiration of the subscription, Snyk continues to include that revenue in ARR if Snyk is actively in discussion with such an organization for a new subscription or renewal, or until such organization notifies Snyk it is not renewing its subscription.
2 Snyk defines an enterprise customer as a company with 5,000+ employees.
