Alongside more customer wins and reduced operational costs, WALLIX appoints a new executive hire to drive its continued acceleration

WALLIX, a European cybersecurity software developer and expert in privileged access management (PAM), has reported its 2021 full-year earnings. Alongside the results, the company has announced the appointment of Frédéric Sarrat as Deputy Managing Director, to continue to drive and execute the company's growth plans.

Further to the company's FY21 turnover report earlier this year, which revealed a record number of new accounts and strong international growth with turnover rising 35% to €9.2 million in 2021, the full year earnings show continued investment in the partner network, with increased customer growth across EMEA.

In addition, the full year earnings show operating cash flow sharply improved. There was a significant reduction in the operating loss and a favourable €5.9 million change in working capital. Cash flows from investing activities amounted to a €5.6 million outflow, primarily related to product development R&D costs. Free cash flow was therefore positive at €0.6 million. As of December 31, 2021, gross cash and cash equivalents amounted to €22.7 million versus €23.2 million as of December 31, 2020. As WALLIX continues to grow, the company is still on track to invest an estimated €10 million in organic growth, nearly half of which will be completed in 2022.

To support the company on its next stage of growth WALLIX is continuing to invest and grow its team. Underpinning this, Frédéric Sarrat has been appointed as Deputy Managing Director. He will be responsible for Marketing, Sales, Support & Services, Product and R&D departments. Frédéric brings 20 years of successful development and transformation experience in the Telecom, Software and Security sectors. Most recently, Frédéric led the integration and transformation of IDEMIA, a global leader in security and identity technologies, and managed the consolidation and development of the group's digital activities.

Jean-Noël de Galzain, Chairman of the WALLIX GROUP Management Board, said: “This strong momentum and financial strength will further bolster our confidence as we enter a new phase of growth, driven by a bold strategy aimed at meeting the cybersecurity challenges related to the omnipresent digital transformation. In keeping with our vision of “PAM for all”, we are supporting these structural changes with innovative technology, providing companies worldwide with solutions to safeguard digital access for all users, including WFH employees, sensitive users both inside and outside the IT system, access to industrial systems and, in the future, connected objects. 

We are focusing on implementing our development plan and roadmap while at the same time continuing to support key accounts and the deployment of WALLIX solutions across all sectors through our network of 300 VADs, VARs and integrators. We are determined to make WALLIX a world leader in digital transformation security with the capacity to structure the cybersecurity sector in Europe, while also help build a safer, more responsible and trusted digital world, and make it accessible to as many people as possible.”