Nudge Security achieved 115% Q/Q revenue growth in 2023
Nudge Security announced a phenomenal year of customer acquisition, revenue growth and product innovation. The seed-stage cybersecurity company backed by Ballistic Ventures experienced 4x growth in customers in 2023 and was awarded two patents for its novel method of SaaS discovery.
“We’ve seen a tremendous response from the market for our solution, validating that SaaS security is no longer something that can be put on the back burner, but a core element of any modern security program,” said Russell Spitler, CEO and of Nudge Security.
Customer acquisition and retention
Customer growth has accelerated rapidly for Nudge Security after exiting stealth in 2022, averaging 115% Q/Q revenue growth since introducing their product, and achieving 4x annual growth in customers in 2023. Customers include leading cloud-native organizations and forward-thinking IT and security teams from industries spanning fintech, biotech, climate tech, healthcare, professional sports, and more.
“Nudge Security is the ultimate shadow SaaS visibility tool. You can’t really start on the problem until you have something like this. It’s pretty much the only way to scope the shadow SaaS problem,” said Matthew Danson, Corporate Security at leading fintech company.
Customers find value not only in the SaaS visibility that Nudge Security provides, but also in the time savings they achieve with automated workflows, security breach and supply chain insights, and management of app-to-app OAuth integrations. Customers of Nudge Security have benefited from rapid product development as the company introduced 45 feature releases in 2023.
Nudge Security was awarded two patents in 2023 related to its novel method of SaaS discovery, which requires only a single integration point via Google Workspace or Microsoft 365. Within minutes of signing up for a trial, Nudge Security delivers a full inventory of all SaaS accounts ever created by anyone within the organization, along with real-time alerts as new apps are introduced.
To help IT and security leaders govern their growing SaaS estates, Nudge Security introduced many new capabilities to automate and orchestrate tasks across the SaaS security lifecycle. Notable product advancements in 2023 included:
- AI governance: Classification of over 700 unique AI tools with a dashboard to track adoption and automated workflows to request context on new tools, redirect users to already approved tools, and collect acknowledgement of acceptable use policies.
- SaaS attack surface management: A dashboard to surface public-facing SaaS, IaaS, and PaaS resources along with workflows to bring unmanaged accounts into central governance and identify and remove unused accounts.
- User and application lifecycle management: An application directory to guide employees to already approved SaaS applications and route access requests to the right person, along with an offboarding playbook to automate up to 90% of SaaS offboarding tasks.
- Third-party risk management: SaaS supply chain breach notifications to alert customers of 3rd and 4th party supplier risks, in addition to alerts for breaches of their direct SaaS providers.
- OAuth risk management: Visibility and risk scoring of all OAuth grants to simplify auditing and monitoring of OAuth risks. Automation allows admins to request context on OAuth grants, and revoke risky or unused grants from inside of Nudge Security.
Nudge Security added Steve Zalewski, CISO advisor and former CISO of Levi Strauss, to its board advisors in 2023. Zalewski’s broad industry perspective and hands-on experience as a security leader provides an invaluable resource to Nudge Security as they advance their product and go-to-market strategies.
“Corporate data and identities are now spread across a mesh of hundreds of SaaS applications. Modern security teams need a way to discover and govern this complex attack surface, and Nudge Security has built a platform to do this in a novel, practical, and scalable way. I couldn’t be more excited to work with this team to help further progress their solution.” said Zalewski.
In response to overwhelming demand from Managed Security Services Providers (MSSPs) and Managed Service Providers (MSPs), Nudge Security added multi-tenancy support to its platform in 2023 to make it easier for partners to provide SaaS security and governance services to their clients.
“SaaS sprawl has been a troublesome blindspot for our clients, leading to increased risk and unnecessary spend. With Nudge Security, we ensure that our clients have the full picture of their technology footprint and we automate many of the tedious SaaS security and governance tasks to free up time for more strategic work,” said Jason Whitehurst, Co-founder of Service Provider Partners.