What we think about CrowdStrike (CRWD)
CrowdStrike in Three Words: Security, Intelligence, Protection
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Background
CrowdStrike uses the cloud to proactively protect its customers’ systems by tracking trillions of cybersecurity events every day to automatically detect and prevent threats in real time. The more data that is fed into CrowdStrike’s platform, the more intelligent the ‘security cloud’ becomes – a powerful network effect that continually increases the protection provided to all customers.
CrowdStrike uses a Software-as-a-Service (SaaS) model to sell subscriptions to its Falcon endpoint protection platform to over 23,000 customers (+41% YoY), including 271 of the Fortune 500, and 15 of the top 20 US banks.
Today, Falcon is comprised of 23 modules that provide business-critical security capabilities to customers, and the company is continually adding new features to improve the value of the solution, and of course, to increase recurring revenue from existing customers through a powerful ‘land and expand’ growth strategy. The power of this organic growth strategy is best evidenced by its 125% dollar-based net retention rate (on average, customers are spending $1.25 for every $1 they spent in the prior year), and 98% gross retention (the percentage of revenue retained from one year to the next).
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