Zix Corporation (ZIXI) Posts Revenue of $54.8 Million, Topping Estimates

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With many people now working from home, the potential for cyberattacks has only increased.

That’s where Zix Corporation (ZIXI) has come into play.

“Cloud data back-up is a critical component of a secure modern workplace, and we believe it will further improve our standing with current and potential partners as we enable them to navigate and thrive in an increasingly work-from-anywhere world,” CEO David Wagner said in a statement. “Our continued, efficient rate of new customer acquisition and the rapid adoption of our Secure Cloud platform both underscore our early success on this long-term secular market trend.”

In addition, not long ago, the company announced the release of its Advanced E-Mail Threat Protection program for the U.K. market. Using machine learning capabilities, the tool offers multi-layered filtering that safeguards corporate inboxes against malicious threats; including phishing, impersonation, malware, ransomware and spam-type messages.

The company also just posted revenue of $54.8 million, which topped estimates for $52.8 million. Adjusted net income of $9.2 million, or 17 cents a share also beat estimates for 15 cents. As for guidance, the company expects fourth quarter revenue of $56.4 million to $57.4 million, which is above expectations for $54.8 million.

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Zix Corp. also just announced it acquired data backup company, CloudAlly.

According to a press release from CloudAlly:

  • CloudAlly expands Zix’s product suite into Microsoft Office 365 backup, filling growing demand from AppRiver’s MSP channel and Zix’s value-added reseller and direct channels.
  • Complementary and synergistic go-to-market motions and end markets with no overlap in the companies’ MSP partner bases.
  • CloudAlly enables Zix to enter the cloud backup and recovery market. MarketsandMarkets estimates the cloud back up market as a $1.3 billion market growing 25%.

“Our acquisition of CloudAlly greatly enhances the Zix suite of solutions and will provide our partners and customers with another robust tool to drive further cloud adoption in their digital transformation journeys,” said David Wagner, Zix’s Chief Executive Officer.

“With CloudAlly, we can now directly address the growing demand we’ve seen from partners, customers and prospects alike for an enterprise-grade cloud backup offering with a best-in-class solution. In fact, through a recent survey of our MSP partner base, we found that at least 45% confirmed they would purchase a backup solution from Zix if it became available.”

Ian Cooper’s Personal Position in ZIXI: None

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