VANCOUVER, Jan. 18, 2017 /CNW/ - Premier Managed Services Provider (MSP), VirtualArmour International Inc. (the "Company") (CSE:VAI), is pleased to provide an update on milestones achieved during 2016.
Corporate Strategy and Growth:
With the global managed services market experiencing continued growth, VirtualArmour increased its projected year-over-year revenue by 28%. This was achieved through a combination of signing a host of new recurring revenue contracts as well as increasing its levels of engagement with several existing clients.
The Company continued to strengthen its market presence through expanded partnerships with the industry's leading technology vendors. It also added five new partners to its line card, bringing in additional services, expanding its product offering and allowing the company to successfully penetrate new markets.
VirtualArmour added 34 new clients during 2016, VirtualArmour is also pleased to announce a new $875,000 purchase order from a leading US-based network communications provider. As part of this contract, VirtualArmour provided its new and proprietary CloudCastr™ technology which enabled its client to rapidly design, deploy and maintain its own private cloud server using pre-built, pre-validated architectures.
This not only represented the first significant deployment of the CloudCastr™ technology but also the largest sale relating to cloud development in the Company's history.
VirtualArmour maintained a customer retention rate of over 95%.
During 2016, VirtualArmour further strengthened its sales, marketing and operational capabilities by adding five new team members. These appointments included notable additions to its executive leadership who came to their roles with a track record of developing winning teams, increasing profitability, and expanding service delivery standards.
"2016 represented another strong year for VirtualArmour with significant milestones being recorded in Company growth, new client engagement and strategic talent acquisition," said Matthew Brennan, President of VirtualArmour. "The Managed Services market is evolving rapidly in line with increasing cyber threats being faced by businesses. We are continuing to strengthen our position as a premier service provider to leading global organizations and are strategically adding the technology and talent needed to continue delivering this premier service as the market continues to accelerate."
VirtualArmour is a multi-national managed services and cybersecurity company that delivers solutions to help enterprises build, monitor, maintain and secure their networks from cloud to core. VirtualArmour's services run 24 hours per day, 7 days per week, 365 days per year through its primary security operations center ("SOC") located in Middlesbrough, U.K. and a secondary SOC located in Salt Lake City, Utah. VirtualArmour uses best-in-breed partnerships to provide solutions for customers that are affordable, reliable, scalable, and backed by industry leading customer service and experience. VirtualArmour customers include a 13-location data center provider, a Fortune 100 oil and gas company, multiple service providers with presences throughout the United States, and household name enterprise organizations. Further information about the Company is available under its profile on the SEDAR website, www.sedar.com, on the CSE website, www.thecse.com, and on its website www.virtualarmour.com
This press release may include forward-looking information within the meaning of Canadian securities legislation. The forward-looking information is based on certain key expectations and assumptions made by the management of VirtualArmour. Although VirtualArmour believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information as VirtualArmour cannot provide any assurance that it will prove to be correct. These forward-looking statements are made as of the date of this press release and VirtualArmour disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
For further information: Company Contact: Matthew Brennan, President, Office: 720-398-5873, [email protected]; Nick Dinsmoor, Vice President Marketing and Business Development, Office: 720-644-0913, [email protected]; Media Relations Contact: Josh Stanbury, Office: 416 628 7441, [email protected]; Investor Relations Contact: Babak Pedram, Office: 416-644-5081, [email protected]