Company exceeded financial metrics, added notable enterprise customers, disrupted threat actor groups, and bolstered ELT as it marches towards profitability
SAN MATEO, Calif.–(BUSINESS WIRE)–#bot—Arkose Labs, the global leader in bot management and account security, today announced its 2023 business performance results eclipsed plan, accelerating its momentum and solidifying its strong marketplace position going into 2024.
Arkose Labs exceeded or met all financial and operational 2023 goals, including Annual Recurring Revenue (ARR), gross margins, customer expansion, renewals, etc., all of which accelerate the company’s march towards profitability within the next 12 months. The performance is remarkable as companies in nearly all industries faced economic headwinds and cybersecurity teams dealt with budget cuts, labor shortages, and a skills gap that continues to widen as adversaries’ skills gap narrows.
“We end the year with so much to be grateful for, including our more than 200 global employees, a strong and loyal customer base, as well as the active involvement of our investors and partners,” said Arkose Labs founder and CEO Kevin Gosschalk. “Throughout 2023 this broad team demonstrated resilience and a resolute dedication to our mission, leading us to overachieve our milestones despite tough market conditions faced by just about every company around the world.”
The company experienced growth in APAC and EMEA while also expanding its North American foothold. The most recognizable brands in the world continued to select Arkose Labs over the competition as their bot management and fraud detection partner-of-choice. Leading companies, like OpenAI, recognized immediately the value Arkose Labs delivers to businesses that have complex environments and that adversaries aggressively attack in perpetuum.
Arkose Labs hit other notable milestones throughout the year:
Product Innovation and Capability Advancements
Throughout the year, Arkose Labs’ research and development function blazed new trails in bot management and account security, leading to ongoing innovation and competitive differentiation. The company brought many new products and features to market to help enterprises detect and block volumetric attacks and modern threats while at the same time to discern good consumers and provide a seamless online experience.
Arkose Phishing Protection mitigates man-in-the-middle attacks, like EvilProxy, and Arkose Email Intelligence combines email risk assessment with the industry’s best bot detection and challenge platform to stop bots and bad actors from utilizing fake, throw-away, or other high-risk email addresses.
Intellectual property is the cornerstone of the company. It will continue its investments in technology and vigorously defend its extensive patent portfolio. Earlier today Arkose Labs filed a lawsuit against DataDome Solutions, Inc., and its parent company for patent infringement and unfair business practices.
Additions to Executive Leadership Team (ELT)
New executives joined the company and others were promoted into key positions to lead the next season of growth and success. In February 2023, the company tapped Frank Teruel, a well-known cybersecurity veteran with private and public company experience, as its Chief Financial Officer. Bill Sytsma joined the company as Chief Revenue Officer in August 2023, after stints at CallSign, BioCatch, and ThreatMetrix. In November 2023, John Walsh took up the role of Chief Technology Officer to lead the company’s global engineering team.
Disrupts Gateway Services to Cybercrime
In mid-December, threat intelligence insights from Arkose Labs’ threat research unit ACTIR was used by Microsoft to disrupt an alleged Vietnam-based cybercriminal ring, dubbed Storm-1152. Since the summer of 2021, ACTIR had been tracking Storm-1152, which not only sold technology to bypass identity verification tools but also performed fake account registration attacks, selling those fake accounts to other cybercriminals and then cashing out with crypto currency. It is alleged that Storm-1152 bilked enterprises and consumers out of millions of dollars.
Receives Awards for Innovation and Growth
Arkose Labs’ achievements in blocking bots and protecting enterprises (and ultimately their consumers) gained marketplace recognition. TIME named Arkose Bot Manager as one of 200 inventions of the year. And, for the third consecutive year, Deloitte ranked Arkose Labs as one of the fastest growing technology companies in North America fueled by a 1,005% revenue growth rate. Fast Company selected Arkose MatchKey as one of the finalists for its Innovation by Design award.
Expands Industry-First Warranty Program and Receives Compliance Certificate
Arkose Labs doubled down on its commitment to provide best-in-class detection and protection, outwardly standing behind the efficacy of its platform and setting a precedent for other cybersecurity firms to follow. The company expanded its industry-first Warranty Program, introducing two new $1 million guarantees: the Arkose Card Testing Warranty and SMS Toll Fraud Warranty that are now available alongside its Credential Stuffing Warranty.
The company also received its WCAG 2.1 certification, demonstrating its commitment to and compliance with digital accessibility requirements. Digital inclusion hinges on accessibility for all people, and Arkose Labs is proud to be an accessibility-first company.
The achievements gained in 2023 fuel the company’s momentum going forward into 2024.
About Arkose Labs
The mission of Arkose Labs is to create an online environment where all consumers are protected from spam and abuse. Recognized by G2 as the 2023 Leader in Bot Detection and Mitigation, with a high score in customer satisfaction and the largest market presence six quarters running, Arkose Labs offers the world’s first $1M warranties for credential stuffing, SMS toll fraud, and card testing. With 20% of our customers being Fortune 500 companies, our AI-powered platform combines powerful risk assessments with dynamic threat response to undermine the strategy of attack, all while improving good user throughput. Headquartered in San Mateo, CA, with offices in Argentina, Australia, Costa Rica, India, and the U.K., Arkose Labs protects enterprises from cybercrime and abuse. For daily insights pertinent to the shifting threat landscape, follow the company on LinkedIn.
Jean Creech Avent
Global Head of Brand and Communications