Cybersecurity powerhouse Claroty bolstered its scope of operation in the Asia-Pacific (APAC) region following the launch of its regional headquarters in Singapore.
The company has been on a recent, dramatic growth trajectory in the region with a doubling client base, revenue increase of 250% year-over-year from the first half of 2020 to the same period in 2021, and a tripled internal workforce across the region this past year, all under the leadership of Asia-Pacific and Japan (APJ) General Manager Eddie Stefanescu.
Additionally, prior to the new headquarters’ opening, Claroty had seen success in its USD 140 million Series D financial round, with notable participation from Temasek, initiated in order to meet global demand for the company’s cybersecurity services.
“With most of the region working remotely, demand for digital services in APJ is growing, and with digitalization comes inherent risk. In the industrial world, that risk is particularly high as previously isolated operational technology (OT) networks become more integrated with information technology (IT) networks, and thus exposed to a whole host of cyber threats they were not designed to face,” explained Claroty CEO Yaniv Vardi.
As cyber incidents have been increasing in terms of scale and impact on key industrial operations, regulators, in response, have begun prioritising both private and public owned national infrastructure cybersecurity through developing a mandate for it, along with incident-reporting procedures.
Taking into account the COVID-19 pandemic, Vardi emphasised importance of cybersecurity and how Claroty provides customers with secure connections for all devices including operational technology (OT), Internet of Things (IoT), and Industrial Internet of Things (IIoT) assets within the four walls of an industrial site.
Furthermore, Stefanescu explained how Claroty stands out from other cybersecurity groups through the company’s “depth of visibility” for its platform in OT networks, which both public and private enterprises trust and invest in.
“Across Australia and Asia, Claroty is a strong partner for companies in the oil and gas, utilities, manufacturing, water, and electrical power industries, but our customer base is broadening. In the past year, we have also experienced strong growth in the food and beverage sector, and in the pharmaceutical sector for the distribution of Covid-19 vaccines,” added Stefanescu.
Seeing the value of Claroty in the APJ region, international investment firm Temasek put a premium on Claroty’s understanding of critical infrastructure cybersecurity, according to the CEO of the firm’s cybersecurity platform ISTARI and Claroty board member Rashmy Chatterjee.
“We are delighted to see the company expand its presence in APJ, as the largest enterprises in the region – and the world – continue to rapidly adopt The Claroty Platform to protect their operational and production environments,” said Chatterjee.
Through backing from top industrial automation partners, Claroty expanded partnerships by 70% in the region to include groups such as KPMG, Yokogawa Engineering Asia, SiS International Limited, Inflow Technologies, and Tesserent, over the past year.
“Our expansion in APJ is a reflection of this growing demand as well as the success we’ve achieved to date in the region, and we look forward to working with our strong ecosystem of partners to continue building upon this success,” Vardi said.
