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CrowdStrike and Cloudflare (NYSE: NET) announced an expanded strategic partnership aimed at enhancing cybersecurity from device to network. This alliance integrates Cloudflare's Zero Trust protection from Cloudflare One™ with CrowdStrike Falcon®'s AI-native cybersecurity platform. The collaboration aims to simplify vendor management, reduce costs, and operational complexity for global customers. This partnership targets the increasing sophistication of cyber threats, providing a robust, holistic security approach for organizations. The integration offers a single API for seamless security management, enhancing threat detection and response across endpoints, cloud, identity, data, and applications.
Cloudflare, a leading connectivity cloud company, has acquired BastionZero to enhance its Cloudflare One platform by adding Zero Trust infrastructure access controls. This acquisition aims to bolster remote access security for critical IT systems, benefiting hybrid and remote work environments.
Cloudflare One will now include advanced Zero Trust controls for infrastructure such as servers, Kubernetes clusters, and databases. This move is intended to replace traditional VPN setups, which often grant overly permissive access, with more secure and flexible options. The integration promises increased security, compliance, control, and reduced complexity for IT teams.
This acquisition aligns with the growing demand for secure access service edge (SASE) solutions, a market projected to reach $25 billion by 2027 with a compound annual growth rate of 29%, according to Gartner. The addition of BastionZero is expected to strengthen Cloudflare's position in this rapidly growing market.
Cloudflare, in collaboration with the U.S. Department of Treasury and Pacific Northwest National Laboratory, is providing advanced threat intelligence to financial institutions through a new partnership. This initiative aims to enhance cyber resilience in the financial services industry by offering a Custom Indicator Feed to combat ransomware, phishing, and other threats. The partnership will enable financial services organizations using Cloudflare Gateway to access exclusive threat indicators for better defense against cyberattacks.
Cloudflare, Inc. (NYSE: NET) announced Cloudflare for Unified Risk Posture, a new suite of risk management solutions to identify, evaluate, and manage cyber threats. The offering includes partnerships with leading security providers to enhance threat remediation. This solution aims to simplify risk management for organizations across all attack vectors, internal and external, providing real-time threat assessment and control capabilities globally.
Cloudflare, Inc. (NYSE: NET) reported strong first quarter financial results for 2024, with a 30% year-over-year revenue increase to $378.6 million. The company also achieved record net-new customers spending over $100,000, $500,000, and $1 million annually. Cloudflare's GAAP gross profit was $293.6 million, with a 77.5% margin, while non-GAAP income from operations reached $42.4 million. Operating cash flow was $73.6 million, and free cash flow was $35.6 million. Cloudflare's CEO, Matthew Prince, highlighted the company's growth, innovation, and customer expansion, emphasizing a positive outlook for the future.
