“Last quarter, we announced that we will accelerate our SaaS transition and our Q1 results prove that we are well on track to complete it by the end of the year.”

In context

“ransition and to remind you why Varonis is the best positioned to secure the world's data. In the face of uncertainty in the world today, there is one constant which pushes the business case for Varonis, no matter what will happen, people will eat, sleep and create data. The world is completely dependent on data and because of this importance; bad actors want to steal it. At the same time, companies struggle to protect it. Most organizations deploy technologies to protect their endpoints and their perimeters. These technologies are very important but they aren't enough to protect data. Varonis takes a data-first approach and helps companies to locate their sensitive data, visualize who has access to it, automatically lock it down and then automatically detect and respond to threats on it. Last quarter, we announced that we will accelerate our SaaS transition and our Q1 results prove that we are well on track to complete it by the end of the year. The reason we are accelerating this transition is because the strong demand for our SaaS solutions and the benefits to our customers and our company. Simply put, Varonis SaaS is much better way to deliver our platform and to protect our customers' data more effectively and efficiently. With Varonis SaaS, customers are able to realize greater value from our platform without effort which leads to more satisfaction and we believe will better position our company to accelerate growth. In the first quarter, ARR grew 19% to $664.3 million and we continue to progress towards completing our SaaS transition, with SaaS ARR now representing approximately 61% of total ARR or $403.9 million. We generated $65.3 million of free cash flow this quarter, up from $56.4 million in the same period last year.”