Commvault Cloud secures GovRAMP high-level authorization

TINTON FALLS, N.J. - Commvault (NASDAQ: CVLT), a global provider of cyber resilience solutions with a market capitalization of $7.28 billion and impressive gross profit margins of 82%, has achieved GovRAMP Authorized status at a High impact level for its Commvault Cloud services, the company announced today. According to InvestingPro data, the company has demonstrated strong financial performance with revenue growth of 15% over the last twelve months. This authorization marks a significant milestone for state and local government agencies, along with educational institutions (SLED), enabling them to manage sensitive data with the assurance of stringent security standards.

The GovRAMP program, which assesses the security of cloud services based on NIST 800-53 Rev. 5 controls, has recognized Commvault as the sole cyber resilience vendor to hold GovRAMP Authorized at a High impact level, as well as FedRAMP High Authorization and FIPS 140-3 validation. This achievement comes as the company’s stock has delivered an impressive 68% return over the past year, reflecting strong market confidence in its strategic initiatives. This combination of certifications positions Commvault distinctively in the public sector market, offering a level of security that meets the demanding needs of U.S. federal, state, local, and educational entities.

Michael Carroll, Area Vice President at Commvault, emphasized the importance of this achievement, stating, "Being the only vendor to secure GovRAMP Authorized at a High impact level, FedRAMP High, and FIPS 140-3 authorizations demonstrates our unique ability to support the most rigorous security demands of public sector organizations as they accelerate cloud transformations and bolster cyber resilience."

The GovRAMP Authorized status of Commvault Cloud promises enhanced security, verification assurance, and organizational trust for SLED organizations. It simplifies procurement and implementation for agencies requiring authorized solutions while enabling the adoption of advanced, secure cloud solutions for cyber resilience.

Customers like Phillip Winder, Chief of Information Technology at the State of Delaware Department of Corrections, have praised Commvault’s solutions for enhancing their cyber resilience and setting a new standard for innovation in security.

Commvault’s announcement coincides with its participation as an exhibiting sponsor at Carahsoft’s annual RSA Public Sector Day at the RSAC™ Conference, offering an opportunity for attendees to learn more about its cyber resilience offerings.

The GovRAMP Authorized status is effective immediately for U.S.-based SLED customers seeking Commvault Cloud services. Further details can be found on the Commvault Government page. This news is based on a press release statement from Commvault. For investors seeking deeper insights, InvestingPro offers comprehensive analysis and 14 additional investment tips for Commvault, which is currently trading above its Fair Value. A detailed Pro Research Report is available, providing essential intelligence for informed investment decisions.

In other recent news, CommVault Systems reported impressive financial results for the third quarter of 2024, exceeding analyst expectations with an earnings per share (EPS) of $0.94, surpassing the forecasted $0.87. The company achieved a total revenue of $263 million, which outperformed the anticipated $245.93 million, marking a 21% year-over-year increase. Subscription revenue was a significant contributor, rising by 39%, while SaaS Annual Recurring Revenue (ARR) saw a 75% increase at constant currency. DA Davidson reiterated a Buy rating for CommVault, maintaining a $195 price target, highlighting the company’s potential to sustain mid-to-high teens ARR growth. The firm noted CommVault’s stock as undervalued compared to its peers, despite a recent pullback. In corporate developments, CommVault appointed Bill O’Connell as Chief Security Officer and Ha Hoang as Chief Information Officer, both bringing extensive experience in cybersecurity and cloud strategy. These appointments are expected to bolster CommVault’s position in cyber resilience and data protection.

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