Company Update from CEO Barry Mainz
As the new CEO of Forescout, I am honored and excited to join this team and partner with our board, our strong management team and employees as we take the company through its next phase of growth.
Over the past several months I have been working with Wael, Greg and our Board to prepare and plan for the company’s next horizon. The partnership has been exciting and it furthers my conviction that Forescout will achieve great things. Together with the strong management team we have here at Forescout and our excellent employees we will deliver profound value for our customers and partners.
Over the past few months, I’ve also had the opportunity to speak with several of our customers, partners and industry analysts. It is clear that Forescout plays a critical role in the cyber defense of of many of the largest and best known enterprises and agencies on the planet. They trust and rely on Forescout and we feel and understand that responsibility. There is an immense need in the world to understand the details and risk of connected devices as well as take action based on accurate information. Knowing the power of the unique data that Forescout has and the products that we continue to bring to market, I am excited about the material risks we can help our customers address.
Over the last few years, Forescout has been on a transformational journey. Our team has made meaningful progress and has delivered a new platform, transitioned the future management layer of the business to the cloud and enhanced our customers’ security postures. I am grateful to Wael Mohamed who led Forescout through this first phase of the company transformation and laid the foundation for future growth.
After only a short amount of time, the company has transitioned from 49% recurring revenue in 2019 to over 80% at the end of FY22 with strong ARR growth. With the help of Wael and our sponsors at Advent International and Crosspoint Capital, and through the hard work of our employees, Forescout also transitioned to profitability. We are on a platform for sustained profitable growth, enabling us to better service our customers and invest in both organic and inorganic product improvements.
The work this team completed was herculean, and I am grateful to the leadership team and employees who contributed to this success. As we mentioned last October, we now have a modern, recurring revenue, growing, profitable, highly-visible business. We also have marquee customers, across all verticals, where our platform is managing network access for all endpoints.
Taking care of our customers, and listening to them, is priority #1. Operating cadence and execution are also key ingredients for a prosperous future. My focus over the coming months is to build on the strong foundation that is already in place, execute on our strategy and take the company to new heights.
To help us execute against our strategy, support our customers and lead the company to success, we have built out our management team and attracted industry leading executives. Today, it is my honor to announce that Justin Foster has been promoted to Chief Technology Officer (CTO), George McTaggart has been promoted to Chief Marketing Officer (CMO), Sloane Stricker has joined as Chief Information Officer (CIO) and Paul Kao has joined as Vice President of Product Management.
These incredible leaders bring a wealth of collective product, technology, marketing and operational experience to Forescout and will help us drive future innovation, customer loyalty and productivity.
Justin, Paul and Kevin O’Leary will lead the company’s technology and product management teams to drive future innovation and solutions that support its growing global customer base. Justin joined Forescout via the Cysiv acquisition where he was co-founder and CTO. He is an accomplished leader and technology visionary who understands where technology is going and how to execute on building products that meet customer needs. Justin has held senior positions in product management and software architecture and has a strong track record of delivering market-leading cybersecurity products.
Paul joins Forescout as the vice president of product management where he will be responsible for the company’s suite of product offerings and global product management team. With over 20 years of cybersecurity experience, Paul has expertise in driving best practices in product management across all aspects of administering a mission-critical portfolio.
Additionally, we appointed George McTaggart as CMO. George comes to Forescout via the Cysiv acquisition where he has a 30 year track record of success at start-ups, mid-size firms and global market leaders. He is focused, thorough, creative, analytical, collaborative and execution oriented. As CMO he will work closely with the executive team to drive marketing strategies that align with our business goals and help shape the Forescout story as we move forward.
Lastly, we are thrilled Sloane is joining our team as CIO. This is a critical role as Sloane will oversee our infrastructure, governance and security, as well as support operations and drive new processes that will add maximum value to our business and our customers. Sloane comes with substantial experience as CIO of a market-leading cloud platform at GHX.
With these additional leaders, we have the right team in place to take Forescout to the next level and I couldn’t be more excited to see what we can deliver in 2023 and beyond. Our technology platform solves critical challenges today, and we are ready to deliver new innovation for the future.
To our employees: It is a privilege to be working with you all on cyber defense. I look forward to digging in and learning with you, investing in our culture and values and creating an environment where great people can be successful.