Description
Varonis Systems: A Smarter SaaS-Based Data Security Platform & Federal Playbook Are Upping The Ante!
Varonis Systems reported mixed results for the third quarter of 2025, reflecting both positive progress in its SaaS transition and challenges in its on-prem subscription business. The company completed its transition to a SaaS model quicker than anticipated, with 76% of its Annual Recurring Revenue (ARR) now deriving from SaaS. This strategic shift underscores Varonis’ focus on delivering simplicity and automated outcomes to its clients, predominantly benefiting those with a robust SaaS infrastructure. However, Varonis faced unexpected challenges in renewing contracts within its federal and non-federal on-prem subscription sectors towards the end of the quarter. This resulted in performance below expectations. The company attributed this strain to several factors, including weaker-than-expected renewals and sales processes that did not fully leverage the company’s comprehensive data security platform.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures
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