investor teach-in · london, united kingdom . agenda 2 1 2 3 introducing the team 4 5 6 ......
TRANSCRIPT
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Investor
Teach-In
20TH OCTOBER 2015
London, United Kingdom
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Agenda
2
1
2
3
Introducing the team
4
5
6
Size of Market Opportunity
Data Erasure Market Landscape
Route to Market
Blancco Unique Proposition
Looking Ahead
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Pat Clawson
Chief Executive Officer
• Enterprise end-point management
software
• Privately owned
• US based with global footprint
• Chairman/CEO, 2006-2014
• Acquired by Clearlake Capital in
2013
My Background
• Application proxy firewall
software
• Nasdaq: CYBG
• Chairman/CEO 2001-2006
• Acquired by Secure Computing
Corp for $295 million in 2006
Other Directorships: Prolexic, eDMZ, K is for Kids Foundation
Over 20 years experience in enterprise information security
software, focused on medium-sized high-growth companies,
owned by US software investors
3
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Meet Our Leadership Team
4
Pat Clawson
Chief Executive Officer
Annie Wacker
VP | Global Marketing
Amit Mahajan
Xcaliber Founder
Mark Lambton
Chief Financial Officer
Khalid Eilbiary
VP | Customer Experience
Dan Smith Director | Global Sales
Sami Tuupanen
MD | Blancco Finland
Fredrik Forslund
Director | DC/Cloud Erasure
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Since Acquisition by Regenersis in April 2014
5
• New CEO
• Build out the top team
• Buy out country minorities
• Implement IFRS finance and controls
• Relocate HQ to USA
• Unifying Under Blancco Technology Group
• Tabernus acquisition
• SafeIT acquisition
• Xcaliber investment
• SSD patent
• Deliver 42% revenue growth
Build a professional caliber
organisation
Refocus on the USA – the heartland
of Infosec Software
Invest in our future growth and
competitive advantage
Grow through a period of rapid
change
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Acquisition of Tabernus
6
Engineering Enhancements
• Enhancing and Optimization of
Engineering
• Develop the Strongest Product
Portfolio
New Technologies
• Hardware Platforms for Data Centers
• Easier Licensing
• Blackberry Erasure Technology Business Enhancements
• More US centric sales / engineering
/ customer support organization.
• Improve business practices.
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FY15 Group P&L
7
£’000 FY15
Invoiced Sales 15,649
IFRS revenue adjustment (635)
Revenue 15,014
Cost of Sales (458)
Gross Profit 14,556
Overheads (9,174)
Headline Operating Profit 5,382
Invoice sales represent closed deals in the period, prior to deferral of subscription sales where, under IFRS accounting, revenue is spread
over the contract term
Headline Operating
Profit Margin
35.8%
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FY15 Group Cash Flow
8
£’000 FY15
Headline Operating Profit 5,382
Add back deprecation and
amortisation
262
EBITDA 5,644
Movement on working capital and
other movements
(275)
Headline Operating Cash Flow 5,369
Interest and tax paid (781)
Purchase of PPE and R&D
expenditure
(1,643)
* Headline Operating Cash Flow as a percentage of Headline Operating Profit
Continued investment in
product development
through R&D activity
Headline Operating
Cash Conversion*
99.8%
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Financial performance
9
2008 2009 2010 2011 2012 2013
€3.5m €4.4m
€5.9m
€8.3m
€10.6m
€11.9m
2014 2015
€13.9m
€19.7m
Note: 2008-2013 revenue adjusted to reflect changes in year ends and varying local accounting standards and data formats. Unaudited
management information prior to 2013.
* Operating cash flow excluding taxation, interest payments and receipts, acquisition costs, and exceptional restructuring costs.
Gross Margin
94%
EBITDA Margin
36%
Cash conversion*
99.8%
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Agenda
10
1
2
3
Introducing the team
4
5
6
Size of Market Opportunity
Data Erasure Market Landscape
Route to Market
Blancco Unique Proposition
Looking Ahead
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Commercializing a Large Existing Activity
11
Blancco Certified Data Erasure Today
$22 million
• Freeware erase
• Degauss
• Destroy
Our “Device End-of-Life” Erasure Opportunity
$2 Billion Market Opportunity
• Ignore
• Delete
• Reformat
• Reset
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Information Security: An Increasingly Critical Issue
12
• EU GDPR and the “Right To Be Forgotten”
• ISO 27001, 27018, 27040
• Federal Information Security Management Act (FISMA)
• Federal Desktop Core Configuration
• Healthcare Information Protection & Accountability Act
(HIPAA)
• Payment Card Industry Data Security Standard (PCI
DSS)
Legal/ Regulatory
Change
High Profile Data
Breaches
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Gartner on Data Wiping
13
“Highly motivated
organizations are
too often sloppy
with unwanted
hardware”
“By replacing
physical
destruction most
organizations will
be able to reuse or
sell surplus
equipment”
“Verify that your IT
asset disposition
(ITAD) vendor is
following through
on commitments to
destroy data”
“News reports and
hacker blogs brag
about finding
unwiped disks on
eBay or in the trash
heap”
“Implement policies
that assign
responsibility for all
media carrying
sensitive or
regulated
organizational data”
“Equipment is often
cannibalized,
borrowed or stolen
when left in open-
access areas”
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14
Khalid Eilbiary Vice President, Customer Experience
Former CEO of Tabernus.
Acquired by Regenersis, August 2015.
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Data Erasure Market Landscape
15
Why is end of life data hygiene a
big challenge for enterprises?
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Vast range of devices, brands, operating systems,
and storage media
16
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Spread out all around the world
17
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With different local erasure standards
18
UK Comm’s
Electronic
Security Group
Norwegian National
Security Authority
NATO
German BSI UK Defence INFOSEC
The Polish Internal
Security Agency
Japan’s Refurb. IT
Equipment
Association
USA Department
of Defense
Swedish Armed
Forces
Netherlands
Comm’s
Security Agency
Certification
Sécurité
de Premier Niveau
Common
Criteria
(ISO15408)
TüV-SüD
Czech NSA
Information Systems Security
Association National Assoc. for
Information
Destruction
UK Asset Disposal &
Information Security
Alliance
US National Information
Assurance Partnership
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Data Erasure Market Landscape
19
How do enterprises destroy data
today?
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20
Non-Permanent Data Erasure
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21
Free Data Erasure Tools
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Physical Destruction
22
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23
Electromagnetic Destruction
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Quarantine
24
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General Themes
25
Insecure
X
Unauditable
X
Lack of Unified Process
X
Uncontrolled
X
Value Destructive
X
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26
Founder of SafeIT.
Acquired by Regenersis, September 2014.
Fredrik Forslund Director, Data Center & Cloud Erasure
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Agenda
27
1
2
3
Introducing the team
4
5
6
Size of Market Opportunity
Data Erasure Market Landscape
Route to Market
Blancco Unique Proposition
Looking Ahead
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Blancco Client Proposition
28
Permanent Auditable Centrally
Managed
Non-destructive Live Environment
& End of Life
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Solution breadth
29
✔
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Global Reach
30
4
1
5
10
1
NORTH AMERICA
Offices in USA,
Canada and Mexico
LATIN AMERICA
Entering Latin America
with an office in Brazil
in 2015
EUROPE
10 sales and support
locations ASIA
Five key locations
including a development
center in Pune, India
AUSTRALIA/NZ
Based in Auckland
supporting the region
1
MENA
Expanding into MENA
with an office in Dubai
in 2015
✔
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UK Comm’s Electronic
Security Group
Norwegian National Security Authority
NATO
German BSI UK Defence INFOSEC
The Polish Internal Security Agency
Japan’s Refurb. IT Equipment Association
USA Department of Defense
Swedish Armed Forces
Netherlands Comm’s
Security Agency
Certification Sécurité
de Premier Niveau
Common Criteria (ISO15408)
TüV-SüD
Czech NSA
Information Systems Security Association National Assoc.
for Information Destruction
UK Asset Disposal & Information
Security Alliance
US National Information Assurance Partnership
Blancco Extreme Protocol Kroll OnTrack
Local Certifications ✔
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Blancco Management Console
32
Central Control & Visibility + Audit Trail
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A Shift from Device Lifecycle Management to Data Lifecycle Management
Live Environment Erasure:
Enterprise Content Management
.
“…the provider to keep that data secure, and when it is deleted, the provider should ensure (or be able to
prove) that it is permanently destroyed.”
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34
Formerly with Gannett (NASDAQ: GCI)
And Lumension.
Annie Wacker Vice President, Global Marketing
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Data Erasure Market Landscape
35
What do our target clients
think?
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Within the data erasure category,
clients want above all to have an audit trail
36
When selecting a data erasure solution…
67% of IT Executives state that a
Digitally Signed, Tamper-Proof Audit Trail
would 100% Affect Their Purchasing Decision
Source: Launched Survey to random population within SurveyMoney. Responses received from 242 IT Managers/Directors and 256
IT Executives across 12 Countries, 17 Industries and equally dispersed from Company sizes of <50 Employees to 10,000+
Employees.
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We can get better at competing for IT Executive share
of mind
37
When prioritising alternative IT security
investments…
Ease of execution is the top ranked criterion
Followed by
Addressing an existing problem
And
Ability to report on the effectiveness of the
product/solution
Source: Launched Survey to random population within SurveyMoney. Responses received from 242 IT Managers/Directors and 256
IT Executives across 12 Countries, 17 Industries and equally dispersed from Company sizes of <50 Employees to 10,000+
Employees.
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Case Study: Cloud Magna
38
The Customer
The Challenge
The Solution
Provides hybrid cloud infrastructure for public and private sector
organizations, such as corporations, academic institutions, SMEs and
government agencies.
Cloud Magna is the largest IT provider for the federal government
in Mexico. Progressive government policies have increased
pressure on companies to prove that data is erased permanently.
Cloud Magna had used Symantec products, but it became clear
that these could not guarantee certified erasure or a 100% tamper-
proof audit trail.
• Blancco Management Console monitors, tracks and reports on
erasures regularly
• Cloud Magna’s customers can now see and prove that all
devices are truly erased
80% Annual revenue
safeguarded
3 MILLION Federal government
employees
$3.8 MILLION Saved in data
breach costs
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Case Study: Samsung Japan Corporation
39
The Customer
The Challenge
The Solution
A division of Samsung Electronics, specializing in semiconductor
components, including memory, system LSI ,TFT-LCD, and organic
EL products, based in Japan.
Samsung Japan needed a solution to prevent the leakage of
confidential data, such as technical information and customer
details from the internal SSDs of the smartphones, tablets and PCs
used by staff. It’s existing solution required disassembling the
devices to record serial numbers for auditing purposes, a time and
resource consuming task.
• Blancco Management Console monitors, tracks and reports on
erasures regularly
• Samsung Japan can now see and prove that all devices are truly
erased in a fraction of the time
70% Faster than previous erasure
method
84% Less man hours than previous
erasure method
3 Working Days Gained per employee per year
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Case Study: eBay Korea
40
The Customer
The Challenge
The Solution
eBay Korea buys second-hand smart devices from Gmarket, South
Korea's largest shopping mall website, also run by eBay Korea, with
the support of second-hand IT device dealer Kumkang Systems.
With the Korean second-hand device market experiencing
explosive growth, eBay Korea began remarketing used devices.
One of their greatest concerns was the risk of data leakages from
the used devices and ensuring each and every one had been
securely erased.
• Blancco Mobile Solution can erase up to 50 devices
simultaneously, without disturbing or damaging the operating
system.
• Certified erasure report provides a 100% tamper-proof audit trail
900 MM Euros Value of the second-hand smart
device market in Korea
INCREASED
TRUST Among citizens
PRICELESS Mitigated risk of high-value
data leaks
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Agenda
41
1
2
3
Introducing the team
4
5
6
Size of Market Opportunity
Data Erasure Market Landscape
Route to Market
Blancco Unique Proposition
Looking Ahead
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End-of-Life Erasure
42
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2015 2016 2017 2018 2019 2020
Billio
ns
Mobile
PC
End of life enterprise devices (including BYOD), globally (billions)
Target Addressable Market: $2 billion +
*Assumption of $1/Erasure on Device
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Agenda
43
1
2
3
Introducing the team
4
5
6
Size of Market Opportunity
Data Erasure Market Landscape
Route to Market
Blancco Unique Proposition
Looking Ahead
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A sales driven organisation
44
72 83
29
37
22
24
0
20
40
60
80
100
120
140
160
End FY14 End FY15
Admin
R&D
Sales
Headcount (excluding Xcaliber & Tabernus)
Total: 123
Total: 144
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A high volume sales business
45
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
Qtr4'13 Qtr1'14 Qtr2'14 Qtr3'14 Qtr4'14 Qtr1'15 Qtr2'15 Qtr3'15 Qtr4'15 Qtr1'16
Average Invoiced Sales Per Client (rolling 12 month trend)
(Clients >€10,000 p.a – 300 clients, 85% of Sales in FY15)
€61,000 at
Q1 FY16
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Routes to Market
46
IT Asset Disposition
Partners deploying BTG
technology to serve
enterprise clients
Service Providers
Expanding list of global
service providers reselling
BTG technology
Enterprise
Leading global enterprises, as
well as government, directly
deploying BTG technology
Example clients
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Agenda
47
1
2
3
Introducing the team
4
5
6
Size of Market Opportunity
Data Erasure Market Landscape
Route to Market
Blancco Unique Proposition
Looking Ahead
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Management Priorities for FY16
48
Maintain Blancco CAGR Focus on execution in sales, marketing, and client
experience 1 Grow the USA
Hire and train enterprise sales professionals to target
key verticals. 2
Drive New Technologies Sales Globally
Extend our Mobile and Live Environment
products out across our global footprint 3
Invest in Xcaliber Diagnostics
Further strengthens our traditional USPs for ITADs and
Service Partners – and opens up new markets 4 Leverage Marketing, Sales Management
and Ecommerce Increase our lead flow and conversion rates – and move
small accounts to e-fulfilment
5
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Growing our products of the future
49
LEE Products
Mobile Erasure
Diagnostics
IT Erasure
5%
77%
16%
2%
56%
15%
20%
9%
FY15 FY16
100% 100%
*Share of Volume, Management Plan (pre-contingency)”
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PC/Laptop/
Server Appliance Mobile
Cloud/
Virtual SSD
Central
Reporting
X X X X X
X X
X X X
X X X
X X
X X
X X X X X X
Competition
50
We are not alone, but we are different
Level of Data Erasure Complexity
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Investing into Our Future Leadership
51
Live Environment
Erasure
Device
Diagnostics
Patented
Technology
Technology
partnerships
Indirect channel
development
Leveraging our
scale advantage
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Conclusions
52
Disruptive Information
Security Play
replacing existing sub-par processes with larger future potential
$2bn addressable
market
Global leadership
position
with scope to entrench our lead
Strong growth
track record
Exceptional cash
generation
Strong global
team
driven by recurring revenue and
increasing ARPU
driven by strong profit margins and
upfront cash collection
led by experienced – and motivated –
software veterans