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Guardsquare Announces Record Revenue, Customer and Employee Growth for 2019

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Product Innovation, Global Expansion and Funding Fueled Momentum for Mobile Application Security Leader

Guardsquare, the mobile application security platform, announced it achieved record revenue, employee and customer growth adding more than 200 paying customers in 2019. This momentum—along with a $29 million investment from Battery Ventures in early 2019—demonstrates increasing industry-wide demand for Guardsquare’s mobile application protection solutions that secure applications through dynamic and static protection against reverse-engineering and hacking.

“We are extremely proud of the success we have had over the past year and I want to personally thank our open source ProGuard users, as well as our DexGuard and iXGuard customers and partners”

“We are extremely proud of the success we have had over the past year and I want to personally thank our open source ProGuard users, as well as our DexGuard and iXGuard customers and partners,” said Roel Caers, CEO of Guardsquare. “We address a critical need for app developers, which is evident by our success and fervent market adoption. The application security market is one of the fastest growing in the industry and Guardsquare is at the forefront, already protecting billions of applications and poised for further adoption in the coming year.”

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Increased Need for Mobile Application Security in a Connected World

Recent research shows that the application security market was valued at $4 billion in 2019 and is expected to reach $15.25 billion by 2025 as application security becomes a necessity for organizations across all industries and the developers creating and updating existing applications.

Product Enhancements

Guardsquare delivers a multi-layered security solution to ensure applications are self-defending through code-hardening (encryption and obfuscation) and runtime application self-protection (RASP). These layers of protection are integrated into an application’s code to shield it against threats both on- and off-device.

In addition to ProGuard, its open source optimizer for Java bytecode that makes Java and Android applications up to 90 percent smaller and 20 percent faster, Guardsquare’s two commercial offerings deliver maximum application security–DexGuard (for Android) and iXGuard (for iOS). Guardsquare made significant enhancements to DexGuard and iXGuard in 2019 by incorporating code virtualization and App Bundle support for DexGuard, and the introduction of application integrity protection for enhanced security and an in-app assistant to maximize usability to iXGuard. JavaScript obfuscation was added to both DexGuard and iXGuard.

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Company Growth

Guardsquare recently announced the expansion of its global footprint by adding a North America office in Boston to the headquarters in Leuven, Belgium. Guardsquare also expanded its leadership team with the addition of John Vigeant, chief revenue officer, and Erica Sheehan, vice president of marketing.

Industry Recognition

Guardsquare was awarded the prestigious Ernst & Young “Scale-Up of the Year” 2019 Award, which is given by the Flemish government to Belgian-based companies with top performance, growth, innovation, strategy and entrepreneurship. Guardsquare was also a winner in the BVA Awards for “Growth Company of the Year” and was a top 10 finalist in the Deloitte 2019 Technology Fast 50 Belgium list.

Supporting Quotes

“Mobile applications are the key to success for modern organizations due to their extreme flexibility and portability,” said Dharmesh Thakker, general partner of Battery Ventures. “Guardsquare’s ability to secure mobile applications against reverse engineering and hacking has made it the leading-edge provider of mobile application protection. Its solutions are already in use by six of the top 10 global credit card companies, and Guardsquare is planning additional product innovation and market expansion.”

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