![]() Transmit plans to use to proceeds to expand beyond the basics of a channel team and release a formal partner program, said Loonkar, who declined to disclose how many solution providers the company currently works with. ![]() Solution providers today account for 40 percent of Transmit’s sales, with financial services organizations based in North America contributing much of the company’s direct business, according to Loonkar. The company’s executive and director-level hires will be weighted toward Transmit’s go-to-market organization to support channel and international expansion, Loonkar said. Transmit works with big financial institutions like MassMutual, Citibank, UBS, Santander, JPMorgan Chase, and TIAA. The company was founded in 2014, and emerged from stealth in January 2017 with $40 million of self-financing. Transmit expects for the first time to have $100 million of annual recurring revenue (ARR) this year, and would like to eventually hit the $500 million ARR mark, according to Loonkar. “The markets really reward growth rates they don’t really reward being profitable.” “It comes down to simple demand,” Loonkar told CRN. The round was led by Insight Partners and General Atlantic, which both have experience supporting more mature companies. The Tel Aviv and Boston-based identity vendor plans to take advantage of its record-setting $543 million Series A funding to double its 240-person headcount by aggressively expanding its sales, marketing, services, and development teams, said Co-Founder and President Rakesh Loonkar. You can register for Transmit Security’s webinar here.Transmit Security has notched a $2.2 billion valuation and plans to double its headcount over the next year to drive more adoption of passwordless technology. During the webinar, they will share the findings from the report and demonstrate how organizations can deliver an improved customer experience, save money and create more secure systems using passwordless technology that leverages biometric-based security capabilities. ![]() Boodaei and Loonkar are both renowned cybersecurity entrepreneurs with more than two decades worth of experience in the security management space. It’s time to eliminate our dependency on outdated password technology and evolve to a place where passwords are no longer necessary.”īoodaei, along with Transmit Security President Rakesh Loonkar, will present the report findings during a webinar on April 6th at 11:00 a.m. “These horrible customer experiences are costing businesses an unimaginable amount of money, not to mention the revenue that’s lost due to password-sharing between consumers. Customers are dropping out of transaction processes - or failing to use a site at all - due to overly complicated, and oftentimes error-ridden, password systems,” says Transmit Security CEO and Co-Founder Mickey Boodaei. “The number of consumers getting blocked from their online accounts because of poor password experiences is staggering. And 64.5% will abandon the site if they are simply asked to create a username and login. Transmit Security’s data shows that 66% of users will leave a website if the registration process is too complex. In fact, for most customers the problems with passwords begin long before a failure. ![]() Worse, 92% of users will leave a website instead of recovering or resetting their login credentials. Transmit Security’s report revealed 55% of consumers have stopped using a website because the login process was too complex, and that 87.5% of consumers have found themselves locked out of an online account after too many failed login attempts. ![]() Traditional passwords also significantly impact customer experiences. ![]()
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