Cloud Stocks: Qualys Continues To Acquire Indian Startups

Earlier this month, cloud services security provider Qualys (Nasdaq: QLYS) announced its second quarter results. The current pandemic conditions have resulted in an increased demand for security services and Qualys is catering to that through product development and acquisitions.

Qualys’s Financials

Qualys’s Q2 revenues grew 13% to $88.8 million, surpassing the market’s estimates by 0.53%. Net income of $26.3 million improved from $16.2 million a year ago. On an adjusted basis, EPS was $0.74 compared with $0.55 a year ago and ahead of the market’s forecast of $0.64 per share.

For the third quarter, Qualys forecast revenues of $91.6-$92.2 million, with adjusted earnings of $0.65-$0.67 a share. The market was looking for revenues of $90.31 million and an EPS of $0.60 for the quarter. Qualys expects to end the year with revenues of $359-$360.5 million compared with an earlier estimate of $354-$359 million. It forecast the year’s EPS at $2.60-$2.65 which was marginally higher than its earlier forecast of $2.46-$2.51 per share.

Qualys’s Product Expansion

Qualys recently announced the general release of Qualys VMDR. Qualys VMDR allows users to discover, asses, prioritize, and patch critical vulnerabilities live, all from one solution. It also added malware detection to its Remote Endpoint Protection solution to help businesses secure remote workers. To make inroads into the government sector, Qualys made this solution available to federal agencies with a free 60-day pilot. In addition to these services, Qualys also the announced general availability of Qualys Cloud Agent on Google Cloud, which will provide its customers with a clear visibility of their workloads and their virtual machines, without requiring software to be installed or maintained.

Qualys’s Acquisitions

Qualys is looking to enter the Endpoint Detection and Response (EDR) market, and it recently announced the acquisition of Spell Security, an Indian security startup, for an undisclosed amount. Spell Security was set up in 2017 and gained expertise in threat hunting and malware research. It is known for its deep understanding of multi-vector attacks.

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Sramana Mitra is the founder of One Million by One Million (1M/1M), a global virtual incubator that aims to help one million entrepreneurs ...

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