According to a recent Visiongain report, the global Cyber Security market is expected to generate $98.8 billion in revenues in 2018 driven by increasing cyber-attacks, coupled with the higher penetration of cloud, mobility, and bring-your-own-device (BYOD) trends. Tel Aviv, Israel-based, Check Point Software Technologies Ltd. (Nasdaq: CHKP) is seeing strong traction in the segment.

Check Point’s Financials

Founded in 1993 by Gil Shwed, Check Point was known to be the pioneer in the FireWall-1 and the Stateful inspection technology. Since its inception, the company’s products have helped secure its customers against Internet-based threats using an innovative Software Blade architecture that provides customizable, yet inexpensive, security solutions. Over the past fifteen years, Check Point has added several capabilities through acquisitions including the security appliance business from Nokia and the application database from FaceTime Communications. Today, its customer list spans various industries, organization sizes, and regions.

Check Point recently reported its second quarter results. Revenues for the quarter grew 2% to $467.8 million, ahead of the market’s forecast of $460.9 million. It reported earnings of $197.7 million or $1.24 per share. On an adjusted basis, it delivered an EPS of $1.37, which was also ahead of the market’s forecast of $1.31.

By segment, Security subscription revenues grew 12% to $132.1 million. Revenues from the products division fell 9% over the year to $125.7 million. Software updates and maintenance revenues increased 4% to $210 million.

Geographically, the Americas accounted for 48% of the quarter’s revenues, followed by Europe’s 36% share. Asia Pacific, Japan, and the Middle East and Africa accounted for the remaining 16%.

Among key metrics, the number of new customers who signed deals more than $1 million grew to 58 and customers who signed deals worth $50,000 and more accounted for 76% to the total order value.

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