investor presentation - accueil · outsourcing digitalization regulation 82% ... global market for...
TRANSCRIPT
CYBER-SECURITY
AND GOVERNANCE
SOLUTIONS FOR
INFORMATION SYSTEMS
ACCESS
INVESTOR PRESENTATION
May 2017
2
KEY SPEAKERS
Founder of Aurora, a services company
sold in 2003 to Business & DecisionFour years with Hachette Filipacchi Mediasas Management Controller, Asia-Pacific Project Manager (based in Hong Kong) and then Associate Publisher for the Group's Hong Kong and Chinese editions
Founder of multimedia communications agency, XLAB
Amaury RossetCo-Founder and Chief Administrative and Financial Officer
Jean-Noël de Galzain Co-Founder and Chairman of the Management Board
Données de l’entreprise
3
WALLIX, THE SPECIALIST IN PRIVILEGED ACCOUNT GOVERNANCE
Internal and
external users
Unauthorized users
Protecting against data leaks
Software solution
IDENTIFYTRACE MONITOR RECORD AUDITCENTRALIZE
Pirate users
Building a network of
trust
ALERT
4
SOLID FOUNDATIONS FOR LASTING GROWTH
420+active clients
71employees
140+resellers &
integrators in 25
countries
€7.4min turnover in
2016
INNOVATION
EVANGELISM
EXPANSION
Launch of WAB Suite, enrichment of the
offer and global deployment
First sales in
France and Benelux
Self-funded development of the
first software offering WAB
2003 - 2009
2009 - 2014
IPO
01A COMPLEX MARKET
ENVIRONMENT
SOLUTION DE CYBER-SÉCURITÉ ET DE GOUVERNANCE DES ACCÈS AU SYSTÈME D’INFORMATION
6
WALLIX, THE FRENCH EXPERTS IN CYBER-SECURITY
February 2017
“Banks from 40 countries hit by stealth malware attacks”
BFM Business 20/02/2017
Bourse et la vie TV 05/02/2017
Informatique News27/02/2017
September 2016
“In late August, Dropbox admitted hackers had stolen the
email addresses and passwords of 68 million users”
January 2017
“More than half of French companies have had to deal with a
cyber security incident within the last 12 months”
March 2017
“Insurance companies on constant alert amid explosion of
cyber attacks”
In 2019, the impact of cyber-attacks around the
world is estimated1 to reach:
$2.1 trillion
1 Source: Juniper research – May 2015
7
A TARGET MARKET WITH AN ANNUAL GROWTH RATE OF 20%
OUTSOURCING
DIGITALIZATION
REGULATION
82% of French companies use external providers,
with major groups (90%) slightly ahead of SMEs (77%)*
47% of companies use a Cloud** software suite
Vitally Important Operators (VIO) must comply with
the implementing decree of March 2015***
$ million
$-
$200
$400
$600
$800
$1 000
$1 200
2015 2016 2017 2018 2019 2020
Large entreprises Government sector SMEs
Global market for Privileged Access Management****
* Source: Xerfi-Precepta “BPO in France”, 2015
** Source: Netmediaeurope “Cloud Computing impact in organisations”, 2015
*** Sectors of activity: Health, Water, Food, Energy, Transport
**** Source: TECHNAVIO.COM “Global PAM Market”, 2016/2020
8
A CONDUCIVE REGULATORY FRAMEWORK
Obligation to install IT intrusion detection software
1st IMPLEMENTING
DECREE
12 “Vitally Important” sectors of activity
Application
No later than
May 2018
2014 2015 2016 2017 2018
FAILURE TO COMPLY: Fine of €150,000 for the head of the company + prison sentence
Entry into force
in H2 2016
Health*Water*Food*
Energy*Transport*
250 Operators of Vital Importance to protect in France
Entry into force
in H1 2017
FinanceIndustry
Audiovisual and informationElectronic communications
Nuclear
Next step:
Govt. civil services
Govt. military services
Judicial services
Space and Research
NIS DIRECTIVE(Network &
Information Security)Energy
TransportHealth
Financial services
GRDP(General Regulation on
Data Protection)Unified legal framework in
the European Union (promulgated in April 2016)
9
A UNIQUE POSITION ON THE MARKET
Traceability
Password management
Only fully CSPN-ANSSI
certified solution
022016 REVIEW
SOLUTION DE CYBER-SÉCURITÉ ET DE GOUVERNANCE DES ACCÈS AU SYSTÈME D’INFORMATION
11
AN EXHAUSTIVE & MATURE SOFTWARE SUITE
Medium-sized
companies and
local authorities
Cloud operators
Major corporates
and administrationsPASSWORD
MANAGEMENT
+
+
H1
20
16
H2
20
15
TRACEABILITY
AUDIT - RISK COMPLIANCE
PRIVILEGED USER
EXTERNAL SERVICE
12
REINFORCEMENT OF OUR CLOUD EXPERTISE
Launch of Cloud Bastion
& 1st Cloud revenues expected as of 2017
INTEGRATION IN THE GLOBAL
ECOSYSTEM
Agile and available
immediately
Optimizing scalability
Centralized deployment
Option to use hybrid cloud
environments
BENEFIT
ENVIRONMENTS
13
…CERTIFIED AND RECOMPENSED WITH PRESTIGIOUS LABELS
PRODUCT OF THE YEAR IN 2016
IDENTITY & ACCESS MANAGEMENT category
No. 1 solution in Europefor privileged account management
Rated “BEST BUY” by SC Magazine
WAB Suite
CSPN certification from the ANSSI
Best solution in 2016
IDENTITY & ACCESS MANAGEMENT category
14
REINFORCEMENT OF TOP/MIDDLE MANAGEMENT AND TEAMS
VP SALES FOR CENTRAL AND EASTERN
EUROPE
Appointed in March 2016
CHANNEL MANAGER FOR WESTERN AND
SOUTHERN EUROPE
Appointed in July 2016
PHILIPPE GUERBER
MARKUS WESTPHAL
VP PRODUCT MARKETING
Appointed in April 2016
EDWIGE BROSSARD
60 staff
31/12/2015
71 staff
31/12/2016
Strengthen visibility and
market positions in Europe
15
MARKETING: NEW BUSINESS VERTICALS TO STRENGTHEN OUR
POSITION AS EXPERTS
PRIORITY SECTORS
Finance / InsuranceIndustryHealth
CONDUCIVE
REGULATORY
FRAMEWORK
NIS / OVI
GRDP
PCI-DSS
BASEL I, II, III
Sarbanes-Oxley
Act-SOX
SOLVENCY 2
ISO-27001/17799
NERC CIP
SP-800-82
ISO 27000
NIS / OVI
GRDP
NIS / OVI
PGSSI-S / HIPPA
HDS
Potential market in France: over €50m
SOLID REFERENCES 70+ clients40+ clients50+ clients
Source : WALLIX
16
A GLOBAL REACH: THE BASES FOR LASTING DEPLOYMENT…
Opening of an
office in Munich
Negotiation of a
first partnership
Partnerships
signed
5076
149
2014 2015 2016
New organization
and UK
partnerships
North America
Central EuropeNorthern Europe
Partnerships
signed
MEA
17
…TO BOOST OUR BUSINESS MODEL BY
FOCUSING ON INDIRECT SALES
WAB Partner Program
Leverage sales whilst minimizing direct costs
CHALLENGE
RESOURCESSegmentation of market and
distribution via a network of partners
Elite System
Integrators Program
Clients
Premier System
Integrators Program
Managed Services
Providers Program
Sales &
Marketing
27 peopleSmall companies and Internet of Things
(via Cloud operators and IT services companies)
Medium-sized companies and
local authorities
Major corporates and
administrations
Tra
inin
g
18
CHANNEL: DEPLOYMENT OF A NEW PROGRAMME OF
STRATEGIC PARTNERSHIPS…
Objective: Create a strong
sales dynamic
Challenge:
Greater sales and technical
autonomy for Channel
partners
Objective: Bring added
value to products
Challenge:
Complete functional
coverage of WAB Suite with
software building blocks or
systems
Objective: Offer joint
interoperable solutions
Challenge:
Joint deployment of
complementary solutions for
WAB Suite
WAP-APP WAP-TECH WAP-CHANNEL
140+ PARTNERS IN FRANCE AND AROUND THE WORLD
19
WAB SUITE, A POWERFUL COMMERCIAL DRIVER
TO ACCELERATE OUR DEVELOPMENT
EXTENSION OF THE OFFER From traceability to PAM
GROWTH OF TARGET MARKET
Expansion from SMEs, to major corporate clients
UPGRADING OF PROJECTS Single site system,to global deployment
4
13
2015 2016
FIRST VISIBLE SUCCESS STORIES OF OUR STRATEGY
20
28 406 €
39 983 €
2015 2016
+41%
+325%
Dec.
2014
Dec.
2015
220 ACTIVECLIENTS
300 ACTIVECLIENTS
Dec.
2016
420+ACTIVECLIENTS
TURNOVER
POTENTIAL
AVERAGE SPENDING
CONTRACTS ABOVE €100,000
21
FINANCIAL INFORMATION
SOLUTION DE CYBER-SÉCURITÉ ET DE GOUVERNANCE DES ACCÈS AUX SYSTÈMES D’INFORMATION
03
22
French accounting standards
LICENSESMAINTENANCEMANAGED
SERVICES
Software sales: +53%
o/w Licenses: +61%
o/w Maintenance: +37%
Managed services: -49%
Sales France: +72%
Sales International: +28%
Change: 2016 vs 2015
In € thousand
STRONG INCREASE IN TURNOVER IN 2016: UP 39%
1 086
1 698
2 428
3 036
4 879
435
593
1 078
1 547
2 118
520
371
467
716
367
2012 2013 2014 2015 2016
2 041
2 662
3 972
5 295
7 364
+39%
Dec. 31, 2015 Dec. 31, 2016
Turnover 5,295 7,364
Other operating income
(capitalized production, subsidies, etc.)2,356 2,878
Total operating costs (8,725) - (12,007)
o/w other operating costs (2,418) (3,810)
o/w payroll (4,790) (6,515)
o/w depreciation, amortization and provisions
(1,143) (1,365)
Operating profit/(loss) (1,074) (1,765)
Extraordinary income and expenses 102 - (53)
Current income before tax (1,114) (1,683)
Net profit/(loss) (1,113) (1,683)
23
SIMPLIFIED INCOME STATEMENT
French accounting standardsConsolidated data (in € thousand)
Opening up of new markets:Continuation of sales and marketing efforts
Strengthening of teams to support the Group’s growth
Orders invoiced (deferred revenue): €3 million
Analysis
24
CASH FLOW STATEMENT
Consolidated data (in € thousand)
Dec. 31, 2015 Dec. 31, 2016
Gross cash flow 14 - 331
Change in working capital requirement 762 - 523
CASH FLOW LINKED TO OPERATIONS 775 - 854
Acquisitions of fixed assets (1,931) (2,630)
Disposals of fixed assets 8 392
CASH FLOW LINKED TO INVESTMENTS (1,924) (2,238)
Capital increase 8,905 30
New borrowings 479
Repayment of loans - 143 - 247
CASH FLOW LINKED TO FINANCING 8,762 262
CHANGE IN CASH FLOW 7,613 (2,830)
CASH AT YEAR END 8,767 5,938
Technological investments(including the acquisition of MLState) in order to maintain the Group’s competitive edge
New bank credit line to enhance financial flexibility
Strong cash position at end-December 2016
Analysis
French accounting standards
25
BALANCE SHEET
ASSETS Dec. 31, 2015 Dec. 31, 2016
Non-current assets 4,348 5,610
o/w intangible fixed assets 3,667 4,619
Current assets 12,674 12,159
o/w client and other receivables 2,093 4,699
o/w cash and cash equivalents 8,769 5,938
Total assets 17,022 17,769
LIABILITIES Dec. 31, 2015 Dec. 31, 2016
Equity 10,575 8,927
Provisions 161 237
Borrowings and financial debt 937 1,572
Trade and other payables 478 523
Other debt and accruals 4,871 6,620
Total liabilities 17,022 17,769
Equity stood at €8,927,000
Cash net of financial debt totaled€4,366,000
Analysis
Consolidated data (in € thousand)French accounting standards
26
04OUTLOOK
SOLUTION DE CYBER-SÉCURITÉ ET DE GOUVERNANCE DES ACCÈS AU SYSTÈME D’INFORMATION
27
ACCELERATION IN GROWTH CONFIRMED
Complete, certified and
all-in-one platform
Reinforced team
Strategic distribution
partnerships in the US and UK
A conducive regulatory
framework
Finance / InsuranceIndustry
Health
Objective: sustained organic growth in 2017
* Orders invoiced but not yet recognized in turnover at 12/31/2016 versus 12/31/2015.
Strengthening of commercial roadmap resulting in the
creation of priority business verticals and international
opportunities
forecast as from H2 2017
for new market segments
available to support business growth
in line with the development strategy
28
experiencing rapid growth
STRUCTURED ORGANIZATION
TARGET MARKET
CLOUD BASTION
GROWTH DRIVERS
RETURN TO EQUILIBRIUM
1
2
4
3
5
POSITIVE OUTLOOK
29
SHAREHOLDERS AND MARKET DATA
Market data
INNOVATIVECOMPANY
ISIN code: FR0010131409
Ticker: ALLIX
Share price: €14.00 (Open - 15/05/2017)
Market capitalization: €56,20 million
(at 15/05/2017)
Tracking analyst: Midcap Partners
Next publication
Breakdown of capitalAt 31 March 2017
FOUNDERS
EMPLOYEE
S &
TREASURY
SHARES
DIRECTORS
FLOAT
26,9%
21,9%
50,2%1%
2017 half-yearly turnover 27 July 2017