The Ledger
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Payne: Code42 Surpassed $50M ARR on New Security Product Last Year
“We were over fifty billion in ARR last year on that one product, on the new product.
[614] Nathan Latka: You said fifty million, right?
[616] Joe Payne: Five-zero, yeah.”
Payne: Security M&A targets are not cheap because startups still hold cash
“It's interesting that the budgets are down to five percent growth, but we haven't seen valuations The valuation expectations for a lot of companies are still pretty high because people raised money during difficult times. I mean, during good times. And so they…”
Code42 research finds the average data breach costs an organization $16M
“Our research shows that the average breeze costs an organization, sixteen million dollars.”
Payne: 30 top security firms use Code42, including CrowdStrike and Cisco
“There's probably 30 security companies using code 42 today, and they're the big names in this space. It's people like CrowdStrike, and Okta, and Ping, and RapidSeb, and Splunk, and Cisco, and so it's, we have really, really good customers.”
Payne: Most corporate data loss originates from insiders, not external actors
“Most data loss actually comes not from external actors, but from insiders, from employees, from contractors sometimes malicious, sometimes accidental, sometimes sort of in the middle, and so what we see is that about 60% of employees admit that they took data …”
Payne: Code42 has over 800 paying customers
“Well, we have over 800 customers today on paying customers. That's the only kind we have.”
Payne: Mid-Market Companies of 1,000 to 5,000 Employees Buy Fastest From Code42
“I will say the people that are buying fastest today from us are mid-market companies. So think of that as companies between sort of a 1005 thousand employees, because honestly they're making fast decisions today and it's much easier for them to make decisions.”
Payne: Code42 had $120M total ARR before divesting $70M CrashPlan unit
“The fifty million was the insider product. It's the product that we kept. That product is at fifty million. The old crash plan product was another seventy million or so of ARR. So we were a hundred and twenty million. We got down to fifty million.”
Code42 averages roughly $80 per seat across its customer base
“The average is closer to 80 bucks a seat.”
Code42's largest enterprise customer has over 120,000 employees
“Our largest customer has over a 120,000 employees.”
Payne: Code42 sold CrashPlan for $250 million
“And we sold it for two hundred and fifty million dollars.”
Payne: Code42 will consume capital this year due to carve-out friction
“Our EBITDA is still being affected by the separation of our two businesses.
So we just sold that business last year.
So we're still working through some of that stuff.
we'll, we'll, we'll, we'll be a consumer of capital this year.”