CrowdStrike

CrowdStrike offers a collection of next-generation cybersecurity products for endpoint security, cloud security, managed services, and threat analysis and response, along with professional services and consulting.

CrowdStrike’s endpoint security solutions include a cloud-delivered, next-generation antivirus (NGAV) that uses machine learning, artificial intelligence, and behavioral analytics to detect threats in company endpoints, replacing traditional signature-based solutions. In addition, CrowdStrike’s endpoint offering also includes endpoint detection and response (EDR) for comprehensive monitoring, along with features to centrally control external device use. CrowdStrike’s protection is delivered to the endpoint through a lightweight agent, which the company claims to be easily deployable and takes up only a minor share of the endpoint’s processing power. The agent has the ability to identify malicious behavior even when the endpoint is offline. The company’s cloud security offering includes tools for enterprises to detect threats and identify vulnerabilities during development and runtime of cloud-native applications. In addition, CrowdStrike also offers managed services, including technologies and human resources for companies to detect threats and respond to security incidents.

In April 2023, the company announced “Falcon Insight for IoT” , an EDR and extended detection response (XDR) solution for extended internet of things (XIoT) assets, expanding the protection capabilities of Crowdstrike Falcon to operational technology. 

CrowdStrike launched a generative AI assistant, “Charlotte AI” , for its Falcon platform in late May 2023. The AI allows security teams to ask natural language questions on cybersecurity status, threats, and vulnerabilities, and surfaces actionable insights from Crowdstrike Falcon.

CrowdStrike has undertaken various acquisitions to strengthen its product offerings. The company acquired the cloud data logging company Humio for USD 400 million in February 2021 to bring in the capabilities required to offer an extended detection and response (XDR) platform. The company acquired the data security startup SecureCircle in November 2021 to extend zero trust security to data on endpoints by integrating SecureCircle’s technology into its Core Falcon platform. This will provide users with data usage policy enforcement and data access management based on their zero trust score and ensure that clients can detect and respond to threats at the device, user identity, and data layer. CrowdStrike acquired the Israel-based external attack surface management (EASM) startup Reposify in September 2022. Reposify scans the internet infrastructure of an organization to detect and eliminate any risks arising from exposed assets that are centralized or remote across on-premise, cloud, etc. Reposify leverages its proprietary algorithm and a large database of internet-facing assets to provide organizations with a comprehensive view of their external attack surface with a click of a button. Other acquisitions include the identity protection company Preempt Security for USD 96 million in September 2020, and malware analysis company Payload Security for an undisclosed amount in 2017.

Key customers and partnerships

CrowdStrike expanded its footprint in Australia in July 2021 by partnering with local cybersecurity company Solista to assist Australian organizations in developing a toolset and framework in assessing their zero trust readiness, while detecting and remediating internal and external threats.

CrowdStrike partnered with the cloud network security platform, Adaptive Shield in March 2022, to launch the latter’s zero-trust SaaS security posture management solution in CrowdStrike Store and enable security teams to identify and remediate risks stemming from misconfigurations and misappropriated privileges through device posture visibility and continuous risk assessment across the SaaS stack.

In April 2022, CrowdStrike partnered with Mandiant to help joint customers with breach investigation and response and defense. As part of the partnership, CrowdStrike's cloud-based Falcon threat intelligence platform was integrated with Mandiant’s incident response (IR) and proactive cybersecurity consulting services.

In September 2022, CrowdStrike partnered with the pure-play cyber insurance startup Coalition , to protect 160,000 cyber insurance policyholders of Coalition against cyber attacks and help them comply with key contingencies required for a cyber insurance policy. CrowdStrike provided the policyholders with a 15-day free trial to its CrowdStrike Falcon platform alongside the option to purchase a discounted Falcon bundle. During the same period, CrowdStrike partnered with the API security startup, Salt Security , to integrate the latter’s API discovery with its Falcon runtime protection on applications to provide a comprehensive view of an organization’s attack surface and accelerate threat detection and response. The company also invested an undisclosed amount in Salt Security’s Series D funding round.

In March 2023, CrowdStrike formed a strategic alliance with technology infrastructure and services provider Dell Technologies. Through the alliance, the companies planned on providing combined cyber defense solutions for organizations of all sizes to protect endpoints, cloud workloads, identity, and data.

Crowdstrike partnered with Google in April 2023 to combat phishing campaigns , leveraging its AI analytics to detect malicious links and submit them to Google’s Risk API, allowing the firm to display browser warnings. 

As of October 2021, CrowdStrike had 14,687 subscribers, comprising both public and private sector organizations. Key clients include companies such as Sony, Telstra, Rackspace, Sega, and ADP.

Funding and financials

The company went public through an initial public offering in June 2019, raising USD 610 million at a valuation of USD 6.7 billion. In a subsequent fundraise in January 2021, the company raised USD 750 million through eight-year unsecured notes. CrowdStrike also launched a USD 100 million investment vehicle—Falcon Fund II in partnership with the venture capital firm Accel in January 2022, which is 5x larger than its initial investment fund Falcon Fund, and serves as a catalyst to expand CrowdStrike’s technology partnerships with companies that will gain access to CrowdStrike Store and can benefit from CrowdStrike’s expertise and knowledge base.

CrowdStrike’s total revenue for FY2023 amounted to USD 2.24 billion and adjusted operating profit was USD 355.6 million, both up 54% and 81.2% YoY, respectively. Management guidance for revenue for FY2024 stands in the range of USD 2,955.1 million and USD 3,014.8 million, which implies an YoY growth of 31.9% to 34.6%, respectively.