Sales of Theta Lake's archiving solution results in triple-digit percentage growth
Recent fines for compliance shortcomings have spurred companies into purchasing Theta Lake’s Archive Integrations solution.
The communications compliance company has seen year-over-year triple-digit percentage growth in annual recurring revenue for the first half of the fiscal year, gaining new customers in North America, Europe, and the UK.
Theta Lake has now met the objectives it set out following series B financing it received in March from UC companies, which include Cisco, Zoom, Salesforce, and RingCentral.
Devin Redmond, CEO and co-founder of Theta Lake, said:
“This growth demonstrates Theta Lake’s ability to deliver on our clear promise to the market, customers, and investors that rely on us to thoughtfully scale our resources, talent, and expertise.
“I am excited by our strategic additions to the Theta Lake team from many of the other market leaders in the enterprise information archiving, surveillance, security, and DLP spaces, as well as adding talent from the unified communications space.
“This cross-section of expertise and depth in experience across segments aligns with our vision of building a company that provides modern technology solutions for today’s communication compliance and security needs with a vision for the future.”
Archive Integrations records chat, video, audio, and more, across platforms, including Microsoft Teams, Zoom, Webex Meetings, Webex Teams, Slack, and RingCentral. These recordings can then be stored in company archives with a copy in Theta Lake for compliance purposes.
Another key product Theta Lake has to meet compliance needs is its Compliance and Archiving Suite, which provides archiving for video marketing, video conferencing, and audio. It also offers automatic policy detection for regulatory risks and more.
According to Theta Lake, new integrations and hires, plus a flurry of awards, including Best Use of AI at the UC Awards 2022, result from meeting its objectives.
Theta Lake has added integrations with Cisco, Microsoft, Zoom, Salesforce, and RingCentral to capture unified phone and SMS capture and provide selective capture of meetings communications.
A new integration partnership was created with Movius to record voice, SMS, and WhatsApp communications.
The new Chief Revenue Officer at Theta Lake, Chris Hasenbein, said: “Theta Lake has become the destination for those in the know on where compliance is going.
“The ability to help organizations quickly and simply bridge the coverage gaps of their legacy compliance solutions for modern UC tools by connecting modern chat, selective aspects of meeting content, and mobile messaging provides instant, and compelling value.
“Providing customers that immediate value while helping them modernize their overall compliance infrastructure is the ideal situation for me to build a customer-focused and centric organization.”
As well as a new CRO, the company also says it has added “dozens” of new employees across a number of departments, including Kathryn Lodato, who is taking over as the global director of product marketing.
Theta’s Lake’s Head of Product, Dan Nadir, recently explained how its compliance solution could ease Teams user experience, allowing them to communicate and collaborate as normal while its compliance technology runs in the background.
Theta Lake also took part in a UC Today round table on ‘Keeping your Teams Compliant’.
There are a number of compliance regulations relating to communications systems, including MiFID II, Dodd-Frank, MAR, SEC Rule 17a-4, FINRA rule 2210 and more.
In essence, these regulations oblige companies to capture and store employee communications to ensure best practices.
Although the majority of the regulations were brought into effect years or even decades ago, many companies are still not effectively meeting these requirements.
Regulators have started dishing out unprecedented fines, which is making companies across all verticals take these regulations more seriously, increasing sales of compliance solutions.
Well-known examples of recent fines include Morgan Stanley being made to pay $200 million for misuse of personal devices.
JP Morgan was also fined $200 million after it was discovered that executives were using their personal phones for business communications.
Bank of America and Citigroup have also put aside millions of dollars to cover regulatory fines.
In November last year, Stacey English, The Director of Market Intelligence at Theta Lake, warned that regulators are taking these compliance failures seriously and that “technology itself doesn’t excuse lapses.” Companies are ultimately responsible for ensuring they capture, archive, and supervise business communications.