Radiflow has announced significant growth in revenues and bookings following the launch of new products in 2020 and continued international expansion.
year has been a challenge for many vendors due to the impact of the global
pandemic reducing overall IT spending, the OT cyber security space has been
relatively unaffected and Radiflow has experienced its best year to date,”
explains Ilan Barda, CEO of Radiflow.
national infrastructure (CNI) business continued its consistent growth, but the
biggest growth has been within manufacturing – an area that had traditionally
been less active in the cyber security space and has been prompted to
strengthen its defences following a number of high-profile breaches during
2019/20 – today, nearly one third of our revenues come from manufacturing.”
recorded a 2x increase in sales during 2020 compared to the previous year and a
3x increase in bookings building a strong basis to continue its growth in 2021.
Regionally, Europe has been the fastest growing sales territory for Radiflow
including new customers in power, oil & gas and manufacturing. In parallel
2020 did also see major deals in North America and Asia Pacific including new
US power utilities and national water and transportation operators in APAC.
As of December 2020, Radiflow industrial cyber security solutions for critical business operations have been successfully deployed in over 5,000 sites by major utilities and industrial enterprises worldwide.
also grown its team and partner community to meet international expansion. A
major highlight is the creation of a new sales team to cover Western Europe led
by the appointment of 2 new sales directors: Jesper Nilsson, Sales Director,
who brings extensive experience in cyber security including his last role in
CyberX and Katrin Rabe, Channel Director, who worked in large multi-national
industrial automation vendors such as GE.
On a commercial
level, Radiflow expanded its network of partners especially with tier-1 system
integrators that can serve the new tier-1 customers and provide the suite of
services around Radiflow products. For example, Radiflow announced a collaboration
with Mitsubishi Electric UK to address the needs of IEC62443 cyber security
standards in the Critical Infrastructure and Industrial Automation
markets. Radiflow will be announcing additional such partnerships with
global system integrators during the first half of 2021.
Part of the
surge in sales in 2020 and increased pipeline for 2021 is due to the launch of
Radiflow CIARA, a new platform offering Cyber Industrial Automated Risk
Analysis (CIARA) to deliver emerging best practice around risk modelling and
management using the ISA/IEC 62443 series of standards.
CIARA is the
first fully automated tool for assets data collection, data-driven analysis and
transparent risk metrics calculation, including risk scoring per zone and
business process based on business impact. The unique platform uses automatic
data-driven algorithms as a response to the growing digitization of the
a number of industry firsts and addressed a significant sector wide need to
streamline previously complex and time-consuming risk assessment processes,”
explains Barda. “It not only solves an immediate tactical issue, but has also
helped us to expand the conversation with our clients to the wider Radiflow
portfolio which has led to significant sales growth.”
technology research side, Radiflow has engaged in several joint projects
including with the Fraunhofer Institute of Optronics, System Technologies and
Image Exploitation to apply advanced machine learning and artificial intelligence
to cybersecurity for industrial automation networks. Radiflow was also part of
a project with the National Cybersecurity Center of Excellence (NCCoE) around
Cybersecurity for Distributed Energy Resources.
“Our goal for
2021 is to capitalise further on the foundation we have built during the
previous year,” says Barda. “We have introduced unique technologies combined
with a growing partner community and the next phase is to expand our geographic
reach to meet the untapped opportunity – especially in Europe.” Barda