With new customers, a growing channel, and subscription volumes doubling WALLIX has achieved its growth plans with international turnover up 35% to €9.2 million

WALLIX, a European cybersecurity software developer and expert in privileged access management (PAM), has reported its full-year 2021 turnover.  

WALLIX maintained its growth trajectory in 2021 with turnover up 15% to €23.2 million, with brisk sales throughout the year and a record number of new accounts. A total of 581 new clients expanded the company’s client base by 44%, and international turnover rose 35% to €9.2 million in 2021, accounting for 40% of total business versus 34% in 2020. The group estimates orders carried over to the current fiscal year at around €2.0 million. 

The relevance of WALLIX’s expertise in business verticals, healthcare and industry in particular, and the expansion of the distributor and partner networks, including TechData’s partnership in Spain and the UK, and IT2trust in Scandinavia, contributed strongly to the group’s business growth over the year. In addition, WALLIX continued to invest in expanding its partner network in target markets, with 230 international partners now onboard who have enabled the sharp rise in sales.  

Alongside expected growth in France, WALLIX has continued to expand globally making significant momentum over the year in the European Union, the UK, and Africa-Middle East region. The group signed an increased number of major contracts in the international market, which generated invoices totaling €3.2 million for the year. WALLIX estimates potential turnover from supply contracts at €9.8 million over the next three years.  

License sales were up 11% YoY, and channel contributions were also responsible for strong growth in international markets. 2021 turnover from subscription contracts, including SaaS licenses and managed services, totaled at €1.5 million, a 90% increase from €0.8 million in 2020. Combined with the impact of the increase in clients served on maintenance turnover, recurring business rose 31% in 2021 to 48% of total business compared to 42% in 2020. As of December 31, 2021, WALLIX estimates the future value of subscription contracts billed in 2021 at €6.6 million over three years, versus €3.9 million as of December 31, 2020.  

As of December 31, 2021, gross cash and cash equivalents amounted to €22.7 million, versus €23.2 million as of December 31, 2020.  The group used no cash in H2 of 2021 - €22.7 million was amounted as of June 30, 2021. WALLIX's financial strength affords the group the flexibility required to self-fund investments under the UNICORN25 plan, and take advantage of acquisition opportunities.  

Similarly, to the first half of the year, WALLIX expects to see a further improvement in H2’s operating earnings over the previous year. However, given the postponement of orders towards the end of 2021 due to the Omicron variant, WALLIX does not expect to breakeven for the period. The current medium-term market outlook is particularly buoyant, forecasting an average annual growth of 21% and expected to reach $3.1 billion in 2025.  

Jean-Noël de Galzain, Chairman of the WALLIX GROUP Management Board, said: “We posted strong growth in 2021 and made significant progress on key indicators for WALLIX's future developments. As a result, we strengthened our client acquisition rate with nearly 600 new accounts opened this year, thanks to our comprehensive product portfolio and recognised technological leadership. The international segment, which currently accounts for 40% of our business, is growing strongly, driven by the global partner network we have built up. Our subscription offers increased sharply this year; this gradual transition towards a recurring business model, 48% of 2021 turnover, is a solid foundation for our medium-term growth ambitions. 

While 2021 revenue growth was slightly curtailed towards the end of the year due to orders postponed to first half 2022, this did not undermine the WALLIX’s excellent growth momentum, nor alter the achievement of the targets we set under the UNICORN25 plan presented in December 2021. This bold strategy aims to address the security challenges presented by digital transformation." 

The UNICORN25 plan has been scaled to enable WALLIX to reach turnover of €100 million by 2025.With UNICORN25, WALLIX is entering a new development phase that will enable the group to consolidate its leadership in access and identity security and play a unifying role as a leading cybersecurity player that guarantees protection for organisations in a digital first world.