Cato Networks, a leading provider in Secure Access Service Edge (SASE) solutions, has recently reported robust business growth in 2023, with a substantial 59% increase in revenue and the acquisition of over 700 new enterprise customers. This success has been attributed to the company’s continuous innovation in its SASE platform, as well as its expanding channel partnerships.
According to Shlomo Kramer, CEO and Co-Founder of Cato Networks, the company’s vision to revolutionize the cybersecurity industry has come to fruition over the past nine years. As the pioneer in the SASE category, Cato now offers a comprehensive platform that transforms the way IT security is delivered to organizations worldwide. The seamless and agile experience provided by Cato’s SASE platform empowers businesses with advanced threat prevention, data protection, and swift incident detection and response.
In 2023, Cato saw a significant shift as enterprises of all sizes moved away from outdated and costly legacy infrastructure and security products in favor of Cato’s cloud-native SASE platform. This transition has resulted in substantial growth in annual recurring revenue and a surge in customer adoption rates.
Some of the key highlights of Cato’s business performance in 2023 include a 59% increase in GAAP revenues compared to the previous year, surpassing industry growth forecasts for the SASE market. The company also expanded its customer base to over 2,200 clients, with noteworthy additions such as Carlsberg Group, Häfele, and the TAG Heuer Porsche Formula E Team.
Furthermore, Cato Networks bolstered its global channel partner ecosystem by onboarding experienced leaders from top industry players such as AWS, Fortinet, Palo Alto Networks, and VMware. The company also established partnerships with leading systems integrators, service providers, and managed service providers, demonstrating its commitment to global expansion and customer success.
With a workforce of approximately 1,000 employees across 30 countries, Cato Networks raised $238 million in equity investment in 2023, valuing the company at over $3 billion. This funding round was led by notable investors such as LightSpeed Venture Partners, Softbank Vision Fund 2, and Singtel Innov8, underscoring confidence in Cato’s market leadership and growth potential.
On the technological front, Cato Networks continued to enhance its SASE platform by adding 16 new points of presence (PoPs) to its cloud network and introducing innovative features such as Universal Zero Trust Network Access (ZTNA), AI/ML-powered inline protection, and Cato Remote Browser Isolation (RBI). These advancements position Cato as a frontrunner in delivering comprehensive and secure networking and security solutions to its customers.
Additionally, Cato Networks received accolades from industry analysts and research firms in 2023, including recognition as a Challenger in the Gartner Magic Quadrant for Single-Vendor SASE and a leader in the Forrester Wave for Zero Trust Edge Solutions. The company was also commended for its growth and innovation in SASE by Frost & Sullivan and Omdia, solidifying its reputation as a trusted provider of SASE solutions.
Overall, Cato Networks’ strong performance in 2023 underscores its position as a market leader in the SASE space, with a focus on continuous innovation, customer-centricity, and strategic partnerships driving its success. As organizations increasingly prioritize cybersecurity and digital transformation, Cato is well-positioned to meet the evolving needs of enterprises worldwide.