Neoteris moves to larger facility

By SiliconIndia   |   Monday, 23 June 2003, 07:00 Hrs
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SUNNYVALE: Neoteris, an instant secure application access vendor, Monday announced that it has moved its headquarters to near-by Sunnyvale, California.

Neoteris is significantly increasing its investment in product development, sales, and distribution, and the new facility accommodates the extensive growth needed to fulfill the high volume of sales demand fueled by the rapid adoption of Neoteris' products. The new building more than triples the size of Neoteris' previous office space, and dramatically increases the amount of lab space available for research and new product development.

Neoteris pioneered the SSL-based secure access appliance space with the introduction of its award-winning Instant Virtual Extranet (IVE) platform in 2001. This platform now supports more than 1 million users worldwide. To continue supporting its growing user population and future product initiatives, Neoteris has tripled its headcount over the last year. The company, which has seen its revenue grow by greater than 10 times in the last fiscal year, will continue to hire aggressively, including adding more than 100 new employees in 2003, in order to provide the highest level of product quality and service available and maintain its market leadership position.

"In a period when many technology companies are experiencing declining sales and financial difficulties, Neoteris has created tremendous market opportunities by executing well on its product, distribution, and financial strategies," said Jeff Wilson, Executive Director of Infonetics Research. "They are in a strong position to capitalize on rapidly growing demand for SSL-based application security infrastructure."

During its first three years, Neoteris has experienced significant customer traction and rapid growth, which has seeded the need to increase sales, distribution, and support infrastructure. Within the last six months, Neoteris has acquired more than 200 new revenue customers for its IVE appliances. Rapid customer adoption has enabled the company to maintain greater than 85 percent quarter-over-quarter revenue growth for the seven quarters since the first IVE products were introduced. With more than 75 channel partners, including resellers in Europe and Japan, Neoteris continues to expand its international reach by adding partners in countries such as Canada, Singapore, South Korea, and Australia.

"While we are pleased with our ability to execute and grow accordingly, Neoteris will not rest on its accomplishments," said Neoteris President and CEO Krishna "Kittu" Kolluri. "Our physical expansion, through the new office space and new international opportunities, is the tangible evidence of where our vision can take us as we continue to execute. We will aggressively work toward fulfilling the needs of our current and future customers, as well as continue shaping the direction of the application security market."

Numerous independent authorities have recognized Neoteris' leadership. Gartner, Inc. named Neoteris as a market leader in its 1H'03 SSL VPN Magic Quadrant report. With more than 33 percent of the global SSL VPN product revenue, In-Stat/MDR named Neoteris as the market share leader in its Application-Layer SSL VPN rankings. In addition, Frost & Sullivan named Neoteris as the Entrepreneurial Company of the Year in 2003.

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