Analyst Jonathan Ho of William Blair & Company says Proofpoint Inc (PFPT) is a company in the cybersecurity space with a focus on e-mail filtering and advanced threat protection that has significant growth opportunity due to a number of factors.
“They have done an excellent job of taking share from incumbents based on an SaaS-oriented product and incorporating advanced threat detection features,” Ho said. “Many of Proofpoint’s standalone competitors have been acquired. This gives the company a focus advantage relative to broader IT players that have lost specific security focus, and we believe has really allowed them to gain share.”
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Ho says this success is due to Proofpoint management’s strong execution and the ability to gain share against traditional players like Cisco IronPort, Google Postini and Symantec.
“We think that Proofpoint’s advanced threat products, which are still in the relatively early stages of penetration, should present a significant growth opportunity that could potentially double the market size of what they are able to address today,” Ho said.
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