Proofpoint, Inc.

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Proofpoint
Public
Traded as NASDAQ: PFPT
Industry Security software
Founded 2002
Headquarters Sunnyvale, California, United States
Key people
 Chairman: Eric Hahn
CEO: Gary Steele
CTO: Marcel DePaolis
Products E-mail filtering
Email Privacy
Email Encryption
Email archiving
Anti-spam
Ediscovery
Data loss prevention software
Website http://www.proofpoint.com

Proofpoint is based in Sunnyvale, California and provides SaaS and on-premises solutions for inbound email security, outbound data loss prevention, privacy protection, email encryption, electronic discovery ("eDiscovery") and email archiving. Proofpoint delivers an integrated suite of on-demand data protection solutions spanning threat management, regulatory compliance, data governance and secure communications—all of which are based on a common security-as-a-service platform.[1]

History

Founding

The company was founded in June 2002 by Eric Hahn, formerly the CTO of Netscape Communications. It launched July 21, 2003, after raising a $7 million Series A funding round, releasing its first product, and lining up six customers as references, and was backed by venture investors Mohr Davidow Ventures, Benchmark Capital, and Stanford University.[2] An additional $9 million in Series B funding led by New York-based RRE Ventures was announced in October, 2003.[3]

Proofpoint became a publicly traded company in April 2012. At the time of its initial public offering (IPO), the company's shares traded at $13 apiece; investors purchased more than 6.3 million shares through the IPO, raising more than $80 million.[4]

Early product development

The company's first product was the Proofpoint Protection Server for medium and large businesses. It incorporated what was described as "MLX Technology", proprietary machine learning algorithms applied to the problem of accurately identifying spam email using 10,000 different attributes to differentiate between spam and valid email. The company joined dozens of other anti-spam software providers[2] in a business opportunity fueled by an exponential increase in spam volume that was threatening worker productivity, making spam a top business priority.[5] According to the 2004 National Technology Readiness Survey by the Robert H. Smith School of Business and Rockbridge Associates, Inc, the cost of spam in terms of lost productivity had reached $21.58 billion annually.[6] This cost had not changed substantially when they repeated the study in 2009.[7]

The first Proofpoint Protection Server product upgrade was announced in November 2003 and expanded the number of spam detection attributes to more than 50,000.[8]

In December 2003, Forrester Research announced the winners of the sixth annual Emerging Technology Showcase awards. Proofpoint was awarded for "Identifying And Dealing With Threats And Nuisances To The Enterprise".[9]

Encryption products spurred by HIPAA

In 2004, strict new regulations governing financial disclosures and the privacy of health care data prompted Proofpoint to begin developing new products that would automatically identify and intercept outbound email containing sensitive information.[10]

In March, 2004, Proofpoint introduced its first hardware appliance, the P-Series Message Protection Appliance (later renamed Proofpoint Messaging Security Gateway), using a hardened Linux kernel and Proofpoint's Protection Server 2.0 software.[11] It was tested by Infoworld and found to stop 94% of spam.[12]

Another product introduction in November, 2004 included Protection Server 3.0, with Email Firewall and MLX-based Dynamic Reputation Analysis, and the Content Security Suite, plug-in modules designed for scanning outbound messages and their attachments to assist in compliance with data protection regulations such as Sarbanes-Oxley, HIPAA, and Gramm-Leach-Bliley. In combination, this was known as the Proofpoint Messaging Security Gateway Appliance. It was reviewed by ChannelWeb ProofPoint Appliance Stands Guard At E-Mail Gate, ChannelWeb, Nov 26, 2004, which observed that it used a "combination of technologies: policy-based management, a spam-filtering engine and adaptive learning technology". Implemented by Brown University, in the first 24 hours the Proofpoint system saved 447 Mb of email storage space by blocking 90,000 spam messages.[13] Infoworld reported that a number of companies were broadening their products to address other messaging issues besides spam, such as compliance violations, phishing scams, and viruses.[14]

The University of Illinois at Urbana-Champaign incorporated Proofpoint software into their CITES Spam Control system with positive results.[15] Government Computer News reported that their GCN Lab found the Proofpoint P800 Gateway offered "Maximum control for administrators; highly configurable; optional module prevents e-mailing of classified documents".[16]

Proofpoint introduced a new product, the Network Content Sentry, as an add-on appliance to the Content Security Suite in August, 2005.[17] Designed to monitor online messaging other than email, the appliance monitors Web mail, message boards, blogs and FTP-based communications. Proofpoint also introduced policy-based email encryption features, using identity-based encryption technology licensed from Voltage Security.

At about the same time, the Zero-Hour Anti-Virus software module was released. It was specifically designed to detect and block new computer viruses before their "signature" is formally identified.[18]

As part of a continuing product expansion related to regulation monitoring, in November, 2005, the Healthcare Privacy Bundle was released as add-on to Messaging Security Gateway appliance.[19]

Proofpoint Messaging Security Gateway V4.0 was released in March, 2006, with additional capabilities such as directory harvest attack prevention features and enhancements to the Proofpoint MLX Dynamic Reputation software.[20]

Virtual appliance development

In a step towards simpler operational requirements, the Proofpoint Messaging Security Gateway Virtual Edition was released in April 2007. The product runs as a virtual appliance on a host running VMware's virtual server software.[21] Moving a dedicated hardware appliance to a virtual server eliminates problems associated with proprietary hardware and reduces upgrade costs,[22] though it does require knowledge of VMware's virtual server architecture.

Proofpoint Messaging Security Gateway V5.0 was released in June 2007, and was based on a new, integrated architecture, combining all its capabilities into a single platform.[23] It could be run either as a dedicated appliance, virtual appliance, or software suite.

ICSA Labs, an independent division of Verizon Business, announced in April 2007, that it had certified six anti-spam products under their new testing program, one of which was the Proofpoint Messaging Security Gateway. The goal of ICSA Labs' anti-spam product testing and certification is to evaluate product effectiveness in detecting and removing spam. The guidelines also address how well the products recognize e-mail messages from legitimate sources.[24]

Software as a Service

Moving into the software-as-a-service business, Proofpoint introduced Proofpoint on Demand, a hosted version of its email security and data loss prevention offerings.[25] In May, 2008, the company’s hosted offerings were expanded with the introduction of Proofpoint on Demand—Standard Edition.[26] The product is targeted at small-to-medium size businesses that need email security but do not run their own servers or have on-site IT personnel.

Email Archiving

In June 2008, Proofpoint acquired Fortiva, Inc., a provider of on-demand Email archiving software for legal discovery, regulatory compliance and email storage management.[27] Given current compliance legislation and legal discovery requirements, corporate IT departments need to carefully manage their e-mail archiving so that specific messages can be located quickly. Fortiva uses Exchange journaling to automatically archive all internal and external communications so that end users can search all archived messages, including attachments, directly from a search folder in Outlook.

Moving to On Demand, Cloud-Based Products

In February 2009, Proofpoint introduced a cloud-based product called SHIELD for email connection management and anti-spam. SC Magazine called it an "email security solution that is designed for organisations that are seeking to leverage the benefits of a hybrid on-demand/on-premises deployment".[28] Cloud computing can potentially reduce costs for the user.

Overall timeline

  • Jun 2002 Proofpoint, Inc. founded by Eric Hahn
  • Jul 2003 Raises $7 million series A funding round
  • Oct 2003 $9 million in Series B funding led by New York-based RRE Ventures
  • Oct 2003 Stuart Ellman, RRE Ventures general partner, joins Proofpoint's Board of Directors
  • Mar 2005 Strategic partnerships with four email encryption vendors
  • Mar 2006 Additional $20 million raised in venture capital
  • May 2006 Sydney, Australia, office opens
  • Feb 2008 Additional $28 million raised from DAG Ventures
  • Jun 2008 Proofpoint, Inc. Acquires SaaS Email Archiving Vendor Fortiva, Inc.
  • Sep 2008 Gartner positions Proofpoint in the Leaders quadrant in the 2008 Magic Quadrant for Email Security Boundaries[29]
  • Jun 2009 Proofpoint issued US patent #7,512,814 ("Secure and Searchable Storage System and Method") for DoubleBlind encryption technology, introduces new version of its SaaS email archiving solution[30]
  • Jul 2009 Proofpoint selects TelecityGroup to host European datacenters for Proofpoint on Demand email security solutions[31]
  • Jul 2009 Proofpoint reports six years (24 quarters) of sequential quarterly revenue growth[32]
  • Jun 2010 Proofpoint announces partnership with Switzerland telecom provider, Swisscom[33]
  • Aug 2010 Proofpoint Reports Q2 2010 Results[34]
  • Apr 2012 Proofpoint IPO debuts on Nasdaq, trading under the ticker symbol PFPT.[4]
  • Jul 2013 Proofpoint acquires Abaca Technology Corporation[35]
  • Aug 2013 Proofpoint acquires Amorize Technologies[36]
  • Oct 2013 Proofpoint acquires Sendmail, Inc.[37]
  • May 2014 Proofpoint acquires NetCitadel [38]
  • March 2015 Proofpoint acquires Emerging Threats[39]

Technology timeline (product releases)

  • Jul 2003 Launches first product, Proofpoint Protection Server software
  • Nov 2003 Product upgrade incorporates MLX Learning Technology
  • Mar 2004 Introduces first appliance, P-Series Message Protection Appliance
  • Nov 2004 Protection Server 3.0 with Email Firewall and MLX-based Dynamic Reputation Analysis
  • Nov 2004 Content Security Suite, plug-in modules for digital asset security and regulation monitoring
  • Mar 2005 Proofpoint provides hosted anti-spam services
  • Aug 2005 Network Content Sentry introduced as add-on appliance to Content Security Suite along with Secure Messaging (email encryption) software module
  • Sep 2005 Zero-Hour Anti-Virus software module released
  • Nov 2005 Healthcare Privacy Bundle released as add-on to Messaging Security Gateway appliance
  • Mar 2006 Proofpoint Messaging Security Gateway V4.0 released
  • Apr 2007 Messaging Security Gateway Virtual Edition is released
  • Jun 2007 Proofpoint Messaging Security Gateway V5.0 released
  • Aug 2007 Proofpoint On Demand is released
  • May 2008 Proofpoint On Demand—Standard Edition is released, Proofpoint Secure File Transfer software module released
  • Jun 2008 Proofpoint On Demand Email Archiving is released
  • Feb 2009 Proofpoint SHIELD introduced, cloud-computing solution for email connection management and frontline anti-spam[40]
  • Mar 2010 Proofpoint 6.1 introduced[41]
  • Aug 2010 Proofpoint Enterprise Archive adds support for Microsoft Exchange 2010[42]

References

  1. ↑ Proofpoint. "[1]." July 31, 2014.
  2. ↑ 2.0 2.1 Proofpoint joins anti-spam crowd, San Jose Business Journal, Jul 18, 2003
  3. ↑ Proofpoint adds funding, San Jose Business Journal, Oct 14, 2003.
  4. ↑ 4.0 4.1 Lua error in package.lua at line 80: module 'strict' not found.
  5. ↑ Fighting Spam, Fueling Growth, InformationWeek Research's Outlook 2004 Survey.
  6. ↑ "Spam Costs Billions", Information Week, Feb 3, 2005.
  7. ↑ 2009 National Technology Readiness Survey SPAM Report, Center for Excellence in Service at the Robert H. Smith School of Business and Rockbridge Associates, Inc.
  8. ↑ Proofpoint improves spam prevention, Nov 3, 2003, NetworkWorld.
  9. ↑ Forrester's Emerging Technology Showcase Recognizes The Most Innovative Technologies In Six Categories, Forrestor, Dec 12, 2003.
  10. ↑ Email Inspector, MIT Technology Review, Mar 2004
  11. ↑ IronPort, Proofpoint appliances target spam, NetworkWorld, March 15, 2004.
  12. ↑ BorderWare and Proofpoint boxes are both capable spam combatants, Infoworld, May 28, 2004.
  13. ↑ New system blocks 90,000 spam e-mails in first 24 hours, The Brown Daily Herald, February 15, 2005.
  14. ↑ Messaging security cuts wider swath, InfoWorld, Mov 8, 2004.
  15. ↑ CITES offers new arsenal for virus protection and spam management, News Bureau University of Illinois at Urbana/Champaign, March 17, 2005.
  16. ↑ Security appliances keep mail stream clean, Government Computer News, March 30, 2005.
  17. ↑ Proofpoint, Voltage Team on E-Mail Encryption, eweek.com, August 1, 2005.
  18. ↑ Proofpoint pumps up anti-virus, anti-spam, NetworkWorld, September 13, 2005.
  19. ↑ Proofpoint Debuts Healthcare Bundle, InformationWeek, November 20, 2005.
  20. ↑ Proofpoint Debuts Version 4 Of Its Messaging Security Gateway Appliance, March 2, 2006.
  21. ↑ CRN Test Center Review: A Virtual Solution To Spam, ChannelWeb, Apr 23, 2007
  22. ↑ When appliances get out of hand, NetworkWorld, Apr 4, 2007
  23. ↑ Proofpoint Intros Proofpoint 5, ByteandSwitch, Jun 4, 2007
  24. ↑ Earth Times, Apr 2007
  25. ↑ Proofpoint jumps into security services fray, NetworkWorld, Aug 7, 2007
  26. ↑ Proofpoint Offers On Demand Email Security for SMBs, ebiz, May 12, 2008
  27. ↑ Proofpoint, Inc. Acquires SaaS Email Archiving Vendor Fortiva, Inc., Reuters, Jun 24, 2008
  28. ↑ SC Magazine, Cloud spam protection and email connection management solution introduced
  29. ↑ Proofpoint Positioned in "Leaders" Quadrant in 2008 Email Security Magic Quadrant, Reuters, Sep 15, 2008
  30. ↑ Proofpoint buffs up email archiving SaaS
  31. ↑ Proofpoint Selects TelecityGroup to Host European Data Centre Operations for its SaaS Based Security and Compliance Solutions
  32. ↑ ProofPoint Sees Record High Revenues
  33. ↑ Proofpoint announces partnership with Switzerland telecom provider, Swisscom
  34. ↑ Proofpoint Reports Q2 2010 Results
  35. ↑ Proofpoint, Inc. Acquires Abaca Technology Corporation
  36. ↑ Proofpoint, Inc. to Acquire Armorize Technologies, Inc.
  37. ↑ Proofpoint, Inc. Acquires Sendmail, Inc.
  38. ↑ Proofpoint, Inc. Acquires NetCitadel
  39. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  40. ↑ Cloud spam protection and email connection management solution introduced
  41. ↑ Proofpoint 6.1 introduced
  42. ↑ Proofpoint Enterprise Archive adds support for Microsoft Exchange 2010

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