Varonis Systems, Inc.

VRNS

US9222801022

Software

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Nov. 28	Transcript : Varonis Systems, Inc. Presents at 2023 UBS Global Technology Conference, Nov-28-2023 12:15 PM	CI
Nov. 14	Morgan Stanley Adjusts Price Target on Varonis Systems to $45 From $42, Maintains Overweight Rating	MT

Official VARONIS SYSTEMS, INC. press release

Varonis : Piper Sandler Growth Frontiers Conference Transcript

September 13, 2023 at 08:56 am EDT

Corrected Transcript

12-Sep-2023

Varonis Systems, Inc. (VRNS)

Piper Sandler Growth Frontiers Conference

	Total Pages: 13
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Varonis Systems, Inc. (VRNS)	Corrected Transcript
Piper Sandler Growth Frontiers Conference	12-Sep-2023

CORPORATE PARTICIPANTS

Brian Vecci

Field CTO, Varonis Systems, Inc.

Tim Perz

Director-Investor Relations, Varonis Systems, Inc.

.....................................................................................................................................................................................................................................................................

OTHER PARTICIPANTS

Rob D. Owens

Analyst, Piper Sandler & Co.

MANAGEMENT DISCUSSION SECTION

Rob D. Owens

Analyst, Piper Sandler & Co.

All right. Well, welcome. I'm Rob Owens with Piper. And I cover security and infrastructure software for the firm and very pleased to welcome our final presentation of the day, I think it was my final, with Varonis. Brian, who is the Field CTO and Tim, who is the Director of IR. So gentlemen, welcome. Thank you. Thank you for coming down.

Brian Vecci

Field CTO, Varonis Systems, Inc.

Thank you.

Tim Perz

Director-Investor Relations, Varonis Systems, Inc.

Thank you. Thanks for having us.

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Varonis Systems, Inc. (VRNS)	Corrected Transcript
Piper Sandler Growth Frontiers Conference	12-Sep-2023

QUESTION AND ANSWER SECTION

Rob D. Owens

Analyst, Piper Sandler & Co.

So Varonis was founded - that's hard at this point - about 18 years ago, solving a really critical problem around data. And it only seems to be now that we finally are really starting to appreciate the data problem. Not that the company hasn't had success in the past, but if you look at the scale, there's never really been that inflection point. And so I would love to kind of track, and Brian, you've been here for a while, but just where - maybe I would you like your background too, I know you do a lot of these, but then...

Brian Vecci

Field CTO, Varonis Systems, Inc.

Sure.

Rob D. Owens

Analyst, Piper Sandler & Co.

...overall, where those customer conversations have been and kind of where they're going now?

Brian Vecci

Field CTO, Varonis Systems, Inc.

That's a big question.

Rob D. Owens

Analyst, Piper Sandler & Co.

It's a big question. I'm going to ask three, so.

Brian Vecci

Field CTO, Varonis Systems, Inc.

Yeah. So I've been at Varonis for 13 years now. And as you say, we've been around 17 - 18 years. We're a security software company. And we were founded, because companies really struggled with understanding what data they had, where it is, if any of it's at risk, exposed to the wrong people, they really struggled with catching threats to it, insider threats, outside attacks, and they really struggled even if they could find the problems with fixing them. So we created a platform, started in 2006 to solve these problems and answer these questions for on-premises file systems, because that's where the biggest problems were.

To answer your question what's changed or how have things evolved? You're right. The problem has gotten bigger. It's funny, I met a CISO who said it used to be we could use the ostrich defense, we could put our head in the sand, and if I didn't know about it, it wasn't going to hurt me. The advent of ransomware kind of killed that defense. These days, you need to understand what data you have. You need to protect it. And we're the only way to do it.

And what's changed is there's not just data in file systems anymore. There's data on premises, there's data in the cloud. Everything is connected together. It is so easy for anyone inside the company to share with anybody else

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Varonis Systems, Inc. (VRNS)	Corrected Transcript
Piper Sandler Growth Frontiers Conference	12-Sep-2023

inside the company or outside. Everybody uses cloud applications that are all connected together, so the threat surface is much bigger, the problem is much bigger, and every company has more of an incentive to solve it.

Rob D. Owens

Analyst, Piper Sandler & Co.

Are customers looking at this from a holistic standpoint, that would be my question, because if I look at all the different avenues of growing tech, whether it's been mobility or cloud or SaaS, I mean, sprawl, sprawl, sprawl, sprawl. And it feels like they've kind of piecemealed this together historically. And so where is the customer approach? And if we - all we talk about this platform in consolidation and security.

Brian Vecci

Field CTO, Varonis Systems, Inc.

Yes.

Rob D. Owens

Analyst, Piper Sandler & Co.

Have we hit that in data security yet?

Brian Vecci

Field CTO, Varonis Systems, Inc.

I think we've been building that for a long time.

Rob D. Owens

Analyst, Piper Sandler & Co.

Yeah.

Brian Vecci

Field CTO, Varonis Systems, Inc.

It's interesting, I don't think companies have really been piecing anything together. They've been - they thought they have. They've been trying to, but they simply haven't. And one thing that I've been repeating, another CISO said to us, I've got CrowdStrike on the endpoint, I've got Palo on the network, Varonis is data. There's nothing else for data. And you're right. Everybody wants to take a platform-based approach. And the fact that we protect data on premises and in the cloud, the fact that we protect files and databases and Amazon S3, which is object storage. It's big cloud storage. We protect sales force, we protect source code, we protect everything. And companies really want to take a more holistic approach because they haven't been focused on data security. They've been focused on perimeter security, which is really the devices and the networks, the firewalls, things like that. They haven't been focused on data, but now they are.

Rob D. Owens

Analyst, Piper Sandler & Co.

How do you think about newer models? We had a - I won't say which one, but a large SASE company presented earlier today, and they talked about two of their largest deals, very large deals being around data security and the fact they have roughly $200 million, $250 million in ARR, that's focused on data security. So what about the evolution of some of these newer models that are kind of promising complete visibility across the network and trying to approach it from that perspective.

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Varonis Systems, Inc. (VRNS)	Corrected Transcript
Piper Sandler Growth Frontiers Conference	12-Sep-2023

Brian Vecci

Field CTO, Varonis Systems, Inc.

It is easy to promise visibility. It's harder to deliver it. It's even harder to take visibility and turn that into a security outcome. What I mean is, you can find a problem, but how are you going to fix it? Every single security team is stretched incredibly thin. Nobody has all of the head count that they have open. Nobody can hire enough people. None of those people have enough hours in the day, the week or the year to solve all of the security problems. So when we talk about protecting data, it's not just visibility, it's we will automatically lock down exposure. We will reduce the time it takes to detect a threat and reduce dramatically the time it takes to investigate it.

We will even proactively call you when we see a threat because we're a SaaS now and we can do that. We couldn't do that in the past. So we focus for our customers on outcomes. It's not about specific features or functionality or even data sources that we provide visibility into it. What does it mean for your data to be protected? And we're really good at defining that, and we're really good at delivering it.

Rob D. Owens

Analyst, Piper Sandler & Co.

Let's talk about SaaS from two angles. Number one, what's inherent to either inherent challenges or differences in protecting SaaS data in SaaS-related applications? And what does SaaS mean for Varonis? And I think that if we just look at top of the funnel, which is probably getting sick of me asking this question every quarter, but I really think that's where we're starting to see some impact relative to just lowering the barriers to even trial, so.

Brian Vecci	A
Field CTO, Varonis Systems, Inc.

So, yeah, you just - once again, you asked about four different questions there. I'm going to start with the first part.

Rob D. Owens

Analyst, Piper Sandler & Co.

[indiscernible] (00:06:24). Yeah.

Brian Vecci

Field CTO, Varonis Systems, Inc.

What does SaaS mean for data in the cloud mean for us? And one way to think about cloud data or anything in the cloud is it's data that's on somebody else's Internet connected computer. That's what the cloud means. And when you put data in the cloud, you can get a lot of value out of it. You can be so much more productive. Who wants to live in a world where all of your data is stored in your laptop? And if you lose that, you lose everything. You want to live in a world where you have to connect to a VPN or private network and launch software so that you can actually do any work. These days, I can do anything that I need to from my phone. Right?

Rob D. Owens

Analyst, Piper Sandler & Co.

You don't work for a bank, do you?

Brian Vecci

Field CTO, Varonis Systems, Inc.

Yeah. Yeah. I did work for a bank.

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Varonis Systems Inc. published this content on 13 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 September 2023 12:55:07 UTC.

Latest news about Varonis Systems, Inc.

Transcript : Varonis Systems, Inc. Presents at 2023 UBS Global Technology Conference, Nov-28-2023 12:15 PM	Nov. 28	CI
Morgan Stanley Adjusts Price Target on Varonis Systems to $45 From $42, Maintains Overweight Rating	Nov. 14	MT
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Morgan Stanley Adjusts Price Target on Varonis Systems to $42 From $39, Maintains Overweight Rating	Nov. 07	MT
Varonis Systems, Inc. Expands Microsoft Exchange Online Protection to Prevent Sensitive Email Exposure	Nov. 07	CI
Varonis Systems Insider Sold Shares Worth $4,950,000, According to a Recent SEC Filing	Nov. 06	MT
UBS Adjusts Varonis Systems Price Target to $38 From $35, Maintains Buy Rating	Oct. 31	MT
Stephens Adjusts Price Target on Varonis Systems to $40 From $37, Maintains Overweight Rating	Oct. 31	MT
Sector Update: Tech Stocks Mixed Premarket Tuesday	Oct. 31	MT
Wedbush Raises Varonis Systems' Price Target to $35 From $32 Reflecting Higher Multiple, Keeps Neutral Rating	Oct. 31	MT
Varonis Systems' Q3 Non-GAAP Net Income Rises, Revenue Falls; Q4 Outlook Issued, 2023 Guidance Revised	Oct. 30	MT
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Earnings Flash (VRNS) VARONIS SYSTEMS Reports Q3 EPS $0.08, vs. Street Est of $0.03	Oct. 30	MT
Transcript : Varonis Systems, Inc., Q3 2023 Earnings Call, Oct 30, 2023	Oct. 30	CI
Varonis Systems, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	Oct. 30	CI
Varonis Systems, Inc. Provides Earnings Guidance for the Fourth Quarter and Full Year of 2023	Oct. 30	CI
North American Morning Briefing : Rate Decisions, -2-	Oct. 30	DJ
JPMorgan Upgrades Varonis Systems to Neutral From Underweight, Adjusts Price Target to $35 From $27	Oct. 27	MT
RBC Lifts Price Target on Varonis Systems to $40 From $35, Keeps Outperform Rating	Oct. 23	MT
North American Morning Briefing : Bank Earnings, -2-	Oct. 17	DJ
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North American Morning Briefing : Middle-East -2-	Oct. 16	DJ
Barclays Upgrades Varonis Systems to Overweight From Equalweight, Adjusts Price Target to $37 From $35	Oct. 13	MT
Transcript : Varonis Systems, Inc. Presents at Citi?s 2023 Global Technology Conference, Sep-06-2023 02:30 PM	Sep. 06	CI

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Company Profile

Varonis Systems, Inc. (Varonis) is a provider of data security and analytics. The Company's software products and services allow enterprises to manage, analyze, alert and secure enterprise data. It is focused on protecting enterprise data, including sensitive files and emails; confidential customer, patient and employee data; financial records; strategic and product plans; and other intellectual property. The Varonis data security platform helps enterprises protect data against cyberattacks from both internal and external threats. The Company's products include DatAdvantage, including the Automation Engine; DatAlert, including Varonis Edge; DataPrivilege, Data Classification Engine, including Policy Pack and Data Classification Labels; Data Transport Engine, and DatAnswers. The Company's products address additional important use cases, including data protection, data governance, zero trust, cybercrime, compliance, data privacy, classification and threat detection and response.

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Software

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2023-12-07 - Barclays Global Technology Conference

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C-

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OUTPERFORM

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43.08USD

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37.00USD

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-14.11%

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Varonis Systems, Inc.

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VRNS

US9222801022

Software

Varonis : Piper Sandler Growth Frontiers Conference Transcript

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