CENTENNIAL, Colo., May 22, 2018 (GLOBE NEWSWIRE) -- VirtualArmour International Inc. (OTCQB:VTLR) (CSE:VAI) (3V3:F), a premier cybersecurity managed services provider, has promoted Russ Armbrust to chief executive officer (CEO) and Andrew Douthwaite to the new position of chief technology officer (CTO).
Armbrust previously served as vice president of sales, with Douthwaite serving as vice president of managed services. The company has made these appointments in light of its expanding customer base and the rapidly-growing interest in its managed service offerings. They also better align its management structure to address customer service activities and prepare for future growth.
Since Armbrust joined VirtualArmour, he demonstrated strong leadership skills and client service capabilities that have helped broaden the company’s market reach and accelerate product development. The company recently reported revenue grew by 18% in 2017 to $10.5 million, with managed and professional services revenue up 35% to $2.8 million. The record growth reflects the addition of 34 new enterprise clients across multiple industries while maintaining an industry-leading 100% customer retention rate.
“Our growth also reflects how the threats to corporate cybersecurity are intensifying around the world, and our technology has and must continue to remain ahead of the curve,” commented Armbrust. “Appointing Andrew to the new position of CTO demonstrates our commitment to this critical effort. He has been instrumental in advancing the engineering activity at our U.S. and UK offices, and has been playing a key role in overseeing our security operations centers. Under Andrew’s leadership in this key area of our business, we can support stronger growth in our higher-margin managed services business as we expand into new geographic markets.”
Before joining VirtualArmour, Armbrust served as vice president of business development at Axis Technical Group, a Microsoft Gold Partner and trusted business IT advisor to leading companies in the mortgage, title, healthcare, oil and gas, and financial services industries. Earlier, he served as vice president of operations and later as vice president of business development at Seeing Machines, a world leader in computer vision technologies.
After joining VirtualArmour in 2007 as a senior engineer, Douthwaite was promoted to director of engineering services in 2012 and then to vice president of managed services in 2015. Based out of VirtualArmour’s UK office, he has led the growth in the company’s managed services business from two to more than 30 managed service customers. Earlier, he was a web developer at TeleWare after beginning his career as a software developer at Intex. He holds a computing and software engineering degree from Leeds Beckett University.
About VirtualArmour
VirtualArmour is a global cybersecurity and managed services provider that delivers customized solutions to help businesses build, monitor, maintain and secure their networks.
The company maintains 24/7 client monitoring and service management with specialist teams located in its U.S. and UK-based security operation centers. Through partnerships with best-in-class technology providers, VirtualArmour delivers leading hardware and software solutions for customers that are both sophisticated and scalable, and backed by industry-leading customer service and experience. VirtualArmour’s proprietary CloudCastr client portal and prevention platform provides clients with unparalleled access to real-time reporting on threat levels, breach prevention and overall network security. VirtualArmour services a wide range of clients, which include Fortune 500 companies and several industry sectors in over 30 countries across five continents. For further information, visit www.virtualarmour.com .
Important Cautions Regarding Forward Looking Statements
This press release may include forward-looking information within the meaning of Canadian securities legislation and U.S. securities laws. This press release includes certain forward-looking statements concerning the opening of Cybersecurity Academies in the U.S. and England, the future performance of our business, its operations and its financial performance and condition, as well as management’s objectives, strategies, beliefs and intentions. The forward-looking information is based on certain key expectations and assumptions made by the management of VirtualArmour. Although, VirtualArmour believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information as VirtualArmour cannot provide any assurance that it will prove to be correct.
Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including stronger growth in our higher-margin managed services business as we expand into new geographic markets, competitive risks and the availability of financing. These forward-looking statements are made as of the date of this press release and VirtualArmour disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Company Contact Russ Armbrust CEO VirtualArmour International Inc. Tel (720) 644-0913 Email Contact
Investor Relations: Ronald Both or Grant Stude CMA Tel (949) 432-7566 Email Contact
