With the market laser-focused on cybersecurity thanks to a complete route of Okta stock after the firm announced they'd been hacked, we figured this would be a solid moment to shore up our cybersecurity holdings.
Firms are producing exponentially more data as we get deeper into the AI revolution and so much of that information is poorly labeled and deeply insecure. As we saw last week, most firms are only as safe as their most gullible employee unless they can automate detection systems for suspicious activity.
That's why we're really bullish on Varonis Systems Inc. ($VRNS), as they're a growing mid-cap software company that specializes in securing data for firms automatically and efficiently. Their cybersecurity toolset is fine-tuned for this particular moment in the market and their recent transition to a SaaS model is starting to really pay off in terms of increasing margins, ARR, and Free Cash Flow (FCF).
So, let's do a quick dive into one of the solid up-and-coming cyber-security players and continue to refine what it means to be successful in securing data in 2023 and beyond. 👇